My top 10 things to watch Thursday, Aug. 24 Nvidia (NVDA) is triumphant. Another blowout quarter and once again showing why it’s an “own it, don’t trade it” stock. Big guidance raise. Shares surged 8% early Thursday, set to open at a fresh all-time high above $500. Needless to say, our current $450-per-share price target will be revised higher. Avalanche of PT increases on Wall Street. The Nasdaq is set for a higher open, supported by Nvidia’s beat and stock pop that added more fuel to the artificial intelligence trade. Ahead of the release, Morgan Stanley’s analysis found that Nvidia was among the most under-owned stocks. The tech-heavy index surged more than 1.5% on Wednesday. Three-session winning streak. The Dow and S & P 500 also closed higher. Economic numbers: July durable goods orders dropped 5.2% versus 4.1% decline expected. Jobless claims were 230,000 for the week ended Aug. 19 versus 240,000 expected. Multiple price target hikes for cloud services provide Splunk (SPLK) after beating on quarterly earnings and revenue late Wednesday, plus rosy guidance. The stock jumps 13% early Thursday on the news. Estee Lauder (EL) downgraded to market perform from outperform (hold from buy) at Bernstein, which cuts price target on the stock to $160 from $230. Endless downgrades. But that’s what is needed to form a base. Last week, delivered weaker-than-expected guidance . Burlington Stores (BURL) earnings-per-share of 60 cents in the second quarter includes expenses related to taking over some Bed Bath & Beyond leases. Not clear how that compares to 44-cent estimate. Revenue matched. In off-retail, we own TJX Companies (TJX), which delivered a great quarter last week. Dollar Tree (DLTR) lowers forward guidance for its third quarter. The stock drops 7% on the news. Also, unfavorable shrink (theft and damaged goods) trends. The company, which also owns Family Dollar, says more traffic to stores but consumer spend less. Strapped shoppers blamed, in part, for terrible financials Wednesday at Club stock Foot Locker (FL). Shares under pressure Thursday, one day after sinking 28%. We downgraded Foot Locker to our 4 rating, which means do nothing until more information. We also suspected our price target. Lots of Wall Street analyst PT cuts on Foot Locker. Wedbush upgrades AMC Entertainment (AMC) to neutral from underperform (hold from sell) and raises price target to $19 per share from $2. That follows a reverse 10-to-1 stock. So-called APE shares transforming into common stock, a year after they began trading. Peloton (PTON) down again Thursday, one day after shedding more than 22% on a much wider quarterly loss than expected and cuts forward guidance. Tons of price target cuts on Wall Street. 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 Thursday, Aug. 24
Nvidia (NVDA) is triumphant. Another blowout quarter and once again showing why it’s an “own it, don’t trade it” stock. Big guidance raise. Shares surged 8% early Thursday, set to open at a fresh all-time high above $500. Needless to say, our current $450-per-share price target will be revised higher. Avalanche of PT increases on Wall Street.
The Nasdaq is set for a higher open, supported by Nvidia’s beat and stock pop that added more fuel to the artificial intelligence trade. Ahead of the release, Morgan Stanley’s analysis found that Nvidia was among the most under-owned stocks. The tech-heavy index surged more than 1.5% on Wednesday. Three-session winning streak. The Dow and S&P 500 also closed higher.
Economic numbers: July durable goods orders dropped 5.2% versus 4.1% decline expected. Jobless claims were 230,000 for the week ended Aug. 19 versus 240,000 expected.
Multiple price target hikes for cloud services provide Splunk (SPLK) after beating on quarterly earnings and revenue late Wednesday, plus rosy guidance. The stock jumps 13% early Thursday on the news.
Estee Lauder (EL) downgraded to market perform from outperform (hold from buy) at Bernstein, which cuts price target on the stock to $160 from $230. Endless downgrades. But that’s what is needed to form a base. Last week, delivered weaker-than-expected guidance.
Burlington Stores (BURL) earnings-per-share of 60 cents in the second quarter includes expenses related to taking over some Bed Bath & Beyond leases. Not clear how that compares to 44-cent estimate. Revenue matched. In off-retail, we own TJX Companies (TJX), which delivered a great quarter last week.
Dollar Tree (DLTR) lowers forward guidance for its third quarter. The stock drops 7% on the news. Also, unfavorable shrink (theft and damaged goods) trends. The company, which also owns Family Dollar, says more traffic to stores but consumer spend less.
Strapped shoppers blamed, in part, for terrible financials Wednesday at Club stock Foot Locker (FL). Shares under pressure Thursday, one day after sinking 28%. We downgraded Foot Locker to our 4 rating, which means do nothing until more information. We also suspected our price target. Lots of Wall Street analyst PT cuts on Foot Locker.
Wedbush upgrades AMC Entertainment (AMC) to neutral from underperform (hold from sell) and raises price target to $19 per share from $2. That follows a reverse 10-to-1 stock. So-called APE shares transforming into common stock, a year after they began trading.
Peloton (PTON) down again Thursday, one day after shedding more than 22% on a much wider quarterly loss than expected and cuts forward guidance. Tons of price target cuts on Wall Street.
(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.
