My top 10 things to watch Wednesday, Aug. 21 1. Wall Street was looking at a slightly positive open after modest losses Tuesday broke an eight-session winning streak for the S & P 500 and Nasdaq . Investors are waiting to see the minutes from the Fed’s latest policy meeting Wednesday afternoon. They are hoping to glean further signals on how big September’s interest rate cut will be. Market odds favor a quarter-point move. 2. Club name TJX Companies delivered quarterly beats on earnings and revenue. The off-price retailer behind T.J. Maxx, Marshalls and HomeGoods raised full-year guidance, though it was a tad short of expectations. Shares jumped more than 3%. 3. Target was the big winner. Shares surged more than 14% after the big box retailer beat on earnings and revenue for the quarter. CEO Brian Cornell said customers are responding to the May rollback of prices on 5,000 items. 4. Macy’s shares sank more than 7% after the department store chain beat on earnings but missed on revenue. The company cut itsfull-year sales forecast. Bloomingdale’s and Bluemercury are doing better than the Macy’s nameplate. 5. Walmart blew out of its $3.7 billion stake in Chinese online retailer JD.com. However, the American retail giant will continue the partnership. Strangest thing: The move knocked JD.com stock down 8%. It’s making me think that perhaps the whole market in China is wildly inflated. Walmart shares rose 1% 6. Citi opened a positive catalyst watch for Gap , which also owns Banana Republic, Old Navy and Athleta. The stock gained 2.5%. I am going to interview Gap CEO Richard Dickson when the retailer reports earnings on Aug. 29. 7. Bank of America downgraded American Express to a hold from buy. The analysts cited muted consumer spending. They still like it longer term, however, for which I say: Why downgrade it? 8. Palo Alto Networks price target at BofA increased to $400 per share from $370, in recognition of the cybersecurity stock’s recent surge. The analysts kept their hold rating, saying the company “continued flagging a few negatives for a few quarters that keep tainting the investment case.” Palo Alto on Tuesday extended its recent stock rally on this week’s solid earnings. The Club stock was basically flat Wednesday. 9. Ford announced Wednesday that it’s delaying production of a new plant in Tennessee to produce a next-generation all-electric pickup truck. It’s also canceling plans for a three-row electric SUV. Ford said it will instead prioritize hybrids. Shares rose about 1%. We sold off the rest of our Ford position on Aug. 5. 10. Medtronic picked up multiple price target bumps after its earnings report Tuesday. Baird goes to $90 a share from $82, but kept its hold-equivalent rating. Wells Fargo went up a dollar to $106 and maintained its overweight rating. Its neuromodulation business was a standout in the quarter. 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 Wednesday, Aug. 21
1. Wall Street was looking at a slightly positive open after modest losses Tuesday broke an eight-session winning streak for the S&P 500 and Nasdaq. Investors are waiting to see the minutes from the Fed’s latest policy meeting Wednesday afternoon. They are hoping to glean further signals on how big September’s interest rate cut will be. Market odds favor a quarter-point move.
2. Club name TJX Companies delivered quarterly beats on earnings and revenue. The off-price retailer behind T.J. Maxx, Marshalls and HomeGoods raised full-year guidance, though it was a tad short of expectations. Shares jumped more than 3%.
3. Target was the big winner. Shares surged more than 14% after the big box retailer beat on earnings and revenue for the quarter. CEO Brian Cornell said customers are responding to the May rollback of prices on 5,000 items.
4. Macy’s shares sank more than 7% after the department store chain beat on earnings but missed on revenue. The company cut itsfull-year sales forecast. Bloomingdale’s and Bluemercury are doing better than the Macy’s nameplate.
5. Walmart blew out of its $3.7 billion stake in Chinese online retailer JD.com. However, the American retail giant will continue the partnership. Strangest thing: The move knocked JD.com stock down 8%. It’s making me think that perhaps the whole market in China is wildly inflated. Walmart shares rose 1%
6. Citi opened a positive catalyst watch for Gap, which also owns Banana Republic, Old Navy and Athleta. The stock gained 2.5%. I am going to interview Gap CEO Richard Dickson when the retailer reports earnings on Aug. 29.
7. Bank of America downgraded American Express to a hold from buy. The analysts cited muted consumer spending. They still like it longer term, however, for which I say: Why downgrade it?
8. Palo Alto Networks price target at BofA increased to $400 per share from $370, in recognition of the cybersecurity stock’s recent surge. The analysts kept their hold rating, saying the company “continued flagging a few negatives for a few quarters that keep tainting the investment case.” Palo Alto on Tuesday extended its recent stock rally on this week’s solid earnings. The Club stock was basically flat Wednesday.
9. Ford announced Wednesday that it’s delaying production of a new plant in Tennessee to produce a next-generation all-electric pickup truck. It’s also canceling plans for a three-row electric SUV. Ford said it will instead prioritize hybrids. Shares rose about 1%. We sold off the rest of our Ford position on Aug. 5.
10. Medtronic picked up multiple price target bumps after its earnings report Tuesday. Baird goes to $90 a share from $82, but kept its hold-equivalent rating. Wells Fargo went up a dollar to $106 and maintained its overweight rating. Its neuromodulation business was a standout in the quarter.
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.)
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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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