My top 10 things to watch Monday, May 20 1. Welcome to Nvidia week: The chipmaker’s highly anticipated quarterly earnings report hits Wednesday after the bell. Several research firms lifted their price targets heading into the print, including Barclays (to $1,100 from $850) and Stifel (to $1,085 from $910). In my Sunday column , I looked at the moment Nvidia became the leader in artificial intelligence and what it needs to deliver this week to stay on top. 2. Palo Alto Networks and TJX Companies also report results this week. Palo Alto is looking to rebound from a disappointing January quarter after announcing its new bundling strategy, while TJX is set up to benefit from consumers turning more cautious and seeking better deals. In addition, housing reports on Wednesday and Thursday should shed more light on how the Fed’s battle with inflation is going. 3. Morgan Stanley analyst Mike Wilson finally turns bullish — is this the bearish sign you have been waiting for? One of the more prominent bears on Wall Street boosted his price target for the S & P 500 to 5,400 from 4,500, a 20% hike, Bloomberg reports . He now sees robust EPS plus modest earnings compression. A humbling capitulation. 4. Shares of industrial giant Johnson Controls jumped 5% after Bloomberg reported that Elliott Management has built a $1 billion stake. Johnson produces fire detection, refrigeration and HVAC. An amalgam of Trane Technologies , Carrier and Honeywell . 5. Red Lobster filed for Chapter 11 bankruptcy protection on Sunday and said it would reduce its number of locations and sell most of its assets. CNBC reported last month the seafood chain was seeking a buyer . 6. Commodity short squeeze: gold and silver continue to rally. 7. Toast : Mizuho is worried about a decline in hospitality — hotels and restaurants — and reiterates its hold rating on shares. 8. e.l.f Beauty ‘s price target was lowered to $151 from $167 at Stifel, which reiterated its hold rating. The firm sees a lower multiple as a result of category dynamics. 9. Analog Devices reports tomorrow. Street is bullish. Stifel took its price target to $240 from $220. Barclays went to $210 from $185. 10. Rubrik was initiated with a buy at Citi. The analyst said the enterprise software company can disrupt a “sleepy” $30-billion market for backup and recovery and storage. 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.
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My top 10 things to watch Monday, May 20
1. Welcome to Nvidia week: The chipmaker’s highly anticipated quarterly earnings report hits Wednesday after the bell. Several research firms lifted their price targets heading into the print, including Barclays (to $1,100 from $850) and Stifel (to $1,085 from $910). In my Sunday column, I looked at the moment Nvidia became the leader in artificial intelligence and what it needs to deliver this week to stay on top.
2.Palo Alto Networks and TJX Companies also report results this week. Palo Alto is looking to rebound from a disappointing January quarter after announcing its new bundling strategy, while TJX is set up to benefit from consumers turning more cautious and seeking better deals. In addition, housing reports on Wednesday and Thursday should shed more light on how the Fed’s battle with inflation is going.
3. Morgan Stanley analyst Mike Wilson finally turns bullish — is this the bearish sign you have been waiting for? One of the more prominent bears on Wall Street boosted his price target for the S&P 500 to 5,400 from 4,500, a 20% hike, Bloomberg reports. He now sees robust EPS plus modest earnings compression. A humbling capitulation.
4. Shares of industrial giant Johnson Controls jumped 5% after Bloomberg reported that Elliott Management has built a $1 billion stake. Johnson produces fire detection, refrigeration and HVAC. An amalgam of Trane Technologies, Carrier and Honeywell.
5. Red Lobster filed for Chapter 11 bankruptcy protection on Sunday and said it would reduce its number of locations and sell most of its assets. CNBC reported last month the seafood chain was seeking a buyer.
6. Commodity short squeeze: gold and silver continue to rally.
7. Toast: Mizuho is worried about a decline in hospitality — hotels and restaurants — and reiterates its hold rating on shares.
8.e.l.f Beauty‘s price target was lowered to $151 from $167 at Stifel, which reiterated its hold rating. The firm sees a lower multiple as a result of category dynamics.
9.Analog Devices reports tomorrow. Street is bullish. Stifel took its price target to $240 from $220. Barclays went to $210 from $185.
10.Rubrik was initiated with a buy at Citi. The analyst said the enterprise software company can disrupt a “sleepy” $30-billion market for backup and recovery and storage.
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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