April 12, 2024

Jim Cramer’s top 10 things to watch for in the stock market Wednesday

My top 10 things to watch on Wednesday April 3

  1. Wall Street extends Tuesday’s losses as bond yields remain higher. Stronger than expected hiring trends last month at US companies, according to the latest data from ADP. Members can read our commentary on how to decide when/if to buy the dips.
  2. Atlanta Federal Reserve President Raphael Bostic sees just one rate cut this year. He believes the move, if it were to happen, would happen in the fourth quarter. Bostic expresses concern about the rate of inflation. I said the Fed won’t cut spending anytime soon because of the strong economy.
  3. Has Nelson Peltz lost his fight? Disney board seats? Looking forward to it. The shareholder vote will conclude on Wednesday during the annual meeting. The shares have rallied nicely since he pushed Disney to shape up. On Monday after that run we reduced our position.
  4. Deutsche Bank increases club name Procter & Gamble price target from $170 to $175 per share. Keeps a Buy rating ahead of quarterly results later this month. Channel controls look solid.
  5. Club name Eaton is being called a catalyst buy at Deutsche Bank ahead of month-end earnings reports. The analysts expect a beat and raise. In a commentary on Tuesday, we talked about Eaton and two other Club Industrials getting positive mentions.
  6. Gordon Haskett puts up a “yellow flag”. Costco, downgrade to accumulate from buy. I think this is an opportunity to buy Club shares. Gordon Haskett analysts left their Costco price target unchanged at $775 per share.
  7. Gordon Haskett takes Five below down to accumulate and lowers the price target from $210 to $200 per share. The retailer had a weak quarter.
  8. Gordon Haskett takes Lowe’s but leaving the price target unchanged at $245. This call on the eve of the gardening season seems questionable.
  9. Alphabet Wells Fargo receives a lower price target from $144 per share to $141. The analysts use a hold equivalent rating. This is about search problems. On Monday we shortened Alphabet, together with Disney.
  10. Citi Questions Intel‘s goals for the foundry operations, calling them “questionable.” Shares of Intel fell more than 5% after the chipmaker announced a widening operating loss in its manufacturing operations.

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