My top 10 things to watch Tuesday, June 4 Wall Street is heading for a lower open after a mixed session Monday, in which the S & P 500 and Nasdaq rose but the Dow fell. Weak manufacturing data weighed on stocks in the first trading day of June. Citi talked about Coterra Energy merging with Devon Energy . We own Coterra for the Club and think that the deal makes sense. The oil industry has seen a recent wave of consolidation but neither name has paired off yet. Citi put out an outrageous $1-per-share price target bump to $244 on Honeywell after it closed the purchase of Carrier’s security business. Honeywell needs to do more good deals like this and shed low-performing businesses. Barclays said the reported layoffs at Club name Microsoft shows that the software, AI and cloud giant is committed to profitability. Bank of America added Club name Nvidia to its “US 1 List” of marque buy ideas. Chipmaker Marvell Technology was removed. Separately, Mizuho raised its Nvidia price target to $1,275 per share from $1,180. The analysts also kept their buy rating, citing AI chip dominance and the upcoming 10-for-1 stock split making the share price more accessible to individual investors. Intel CEO Pat Gelsinger said at the Computex conference that Moore’s Law about circuits on a single chip doubling every two years at minimally increased costs is not dead as Nvidia CEO Jensen Huang has declared. Intel also announced new AI data center chips, going after Nvidia and Advanced Micro Devices. Gitlab delivered an upside surprise quarter. And yet, there were still price target cuts on the development security and operations stock. Shares were down more than 2% early Tuesday. Oregon jury decided J ohnson & Johnson must pay $260 million to a mesothelioma victim of talc: $60 million in compensatory damages and a whopping $200 million in punitive. Some 61,000 plaintiffs have to vote on a package that would end all lawsuits. It needs 75%. I think the company can get it. Barclays cut its Stanley Black & Decker price target to $86 per share from $100 and went to a hold rating from a buy. The analysts cited sluggish consumer activity. Last week, during our May Monthly Meeting , I pointed out that Club name Stanley Black & Decker is a buy, as far as I’m concerned. But holding it back are fund managers reluctant to go early before Fed interest rates cuts, which should boost the stock. Piper Sandler raised its Bank of America price target to $37 per share from $35. The analysts said interest income could inflect more positively. However, they kept their sell-equivalent underweight rating. In financials, we own Wells Fargo and Morgan Stanley for the Club. 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.
My top 10 things to watch Tuesday, June 4
Wall Street is heading for a lower open after a mixed session Monday, in which the S&P 500 and Nasdaq rose but the Dow fell. Weak manufacturing data weighed on stocks in the first trading day of June.
Citi talked about Coterra Energy merging with Devon Energy. We own Coterra for the Club and think that the deal makes sense. The oil industry has seen a recent wave of consolidation but neither name has paired off yet.
Citi put out an outrageous $1-per-share price target bump to $244 on Honeywell after it closed the purchase of Carrier’s security business. Honeywell needs to do more good deals like this and shed low-performing businesses.
Barclays said the reported layoffs at Club name Microsoft shows that the software, AI and cloud giant is committed to profitability.
Bank of America added Club name Nvidia to its “US 1 List” of marque buy ideas. Chipmaker Marvell Technology was removed. Separately, Mizuho raised its Nvidia price target to $1,275 per share from $1,180. The analysts also kept their buy rating, citing AI chip dominance and the upcoming 10-for-1 stock split making the share price more accessible to individual investors.
Intel CEO Pat Gelsinger said at the Computex conference that Moore’s Law about circuits on a single chip doubling every two years at minimally increased costs is not dead as Nvidia CEO Jensen Huang has declared. Intel also announced new AI data center chips, going after Nvidia and Advanced Micro Devices.
Gitlab delivered an upside surprise quarter. And yet, there were still price target cuts on the development security and operations stock. Shares were down more than 2% early Tuesday.
Oregon jury decided Johnson & Johnson must pay $260 million to a mesothelioma victim of talc: $60 million in compensatory damages and a whopping $200 million in punitive. Some 61,000 plaintiffs have to vote on a package that would end all lawsuits. It needs 75%. I think the company can get it.
Barclays cut its Stanley Black & Decker price target to $86 per share from $100 and went to a hold rating from a buy. The analysts cited sluggish consumer activity. Last week, during our May Monthly Meeting, I pointed out that Club name Stanley Black & Decker is a buy, as far as I’m concerned. But holding it back are fund managers reluctant to go early before Fed interest rates cuts, which should boost the stock.
Piper Sandler raised its Bank of America price target to $37 per share from $35. The analysts said interest income could inflect more positively. However, they kept their sell-equivalent underweight rating. In financials, we own Wells Fargo and Morgan Stanley for the Club.
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.)
What Investing Club members are reading right now
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.
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