Jim Cramer’s top 10 things to watch in the stock market Wednesday
My top 10 things to watch Wednesday, Sept. 3 1. Google will not have to divest its Chrome browser as a remedy to the search monopoly ruling, nor will it be banned from making payments for default placement on other firms’ devices. Big win for Google. Why did it happen? Because of the rise of AI chatbots like ChatGPT since the case began. Alphabet shares are up more than 5% this morning. Lots of analyst price target hikes too. 2. The remedy decision is also a big win for Club name Apple , with shares up almost 4%. Apple gets free money from Google, reportedly more than $20 billion a year, just so Google can be the default on Apple’s over 2.35 billion active devices. There is no clear winner so far in AI, but whoever decides to pay Apple the most will win. It’s all about leverage. 3. The strength in Alphabet and Apple shares are giving a lift to Nasdaq and S & P 500 futures, putting the indexes on pace for a positive day after yesterday’s slide. The 30-stock Dow , which has less tech exposure, is set to open flat. 4. Chinese President Xi Jinping said the rejuvenation of China is “unstoppable” as the country held a military parade with Russia’s Vladimir Putin and North Korea’s Kim Jong Un in attendance. How about unstoppable spending on the People’s Liberation Army? President Donald Trump accused the trio of conspiring against the U.S. 5. Can the cybersecurity cohort including Club names Palo Alto Networks and CrowdStrike come back to life? Perhaps Zscaler’s quarter with very good annual recurring revenue can help catalyze that. Analysts from BMO, KeyBanc and JPMorgan raised their price targets. 6. Signet Jewelers joins the value plays as the Kay, Zales, and Jared nameplates surged in its fiscal second quarter. Very impressive resurgence led by CEO J.K. Symancyk, who has been in the job less than a year. Despite steep tariffs on imports from India, a big diamond exporter, Signet raised its guidance. Bank of America went to $100 a share from $90 but kept its neutral rating. 7. HubSpot , a provider of customer relationship management software, was upgraded to a buy-equivalent rating from market perform at Bernstein. Could this help revive the entire group of seat-based enterprise software stocks weighed down by AI fears? We’ll find out tonight when its larger rival and Club stock Salesforce reports. It’s down almost 25% year to date. 8. A wave of price target cuts for Modelo brewer Constellation Brands after horrendous numbers including at BofA, Deutsche Bank and Morgan Stanley. Even with the stock’s struggles this year, the company is still worth over $26 billion. I’m not sure that should be the case with sales coming down. Molson Coors , which had more revenue in its last fiscal year, has a roughly $9.5 billion market cap. 9. Shares of Macy’s surged after the retailer’s results came in much better than expected and it raised its earnings and revenue outlook. Bloomingdale’s continues to perform well with strong same-store sales growth, while a group of 125 Macy’s stores that are the focus of turnaround efforts outperformed the broader brand. 10. Truist raised its price target on the hotel chain Marriott to $278 from $273 but kept its hold rating. While down year to date, this stock has been a consistent winner with remarkable long-term growth. Truist also lowered its PT on the hated Airbnb by $2 to $104 and maintained its sell rating. Sign up for my Top 10 Morning Thoughts on the Market email newsletter for free (See here for a full list of the stocks at Jim Cramer’s Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
