My Top 10 Things to Watch Monday, October 28th 1. Wall Street is heading for a strong move to open the new week of trading, but earnings and key forecasts for some of the most influential technology companies The bulk of this will be economic reports. Stocks were rising on Monday due to the oil market. 2. How much will oil fall? West Texas Intermediate crude oil futures, the US oil benchmark, have fallen 6% to around $67 per barrel. The decline is believed to have been caused by Israeli airstrikes over the weekend that avoided Iranian oil facilities. In early October, WTI settled around $77 and then began a downward trend. 3. McDonald’s stock rose slightly after the company announced that the Quarter Pounder burger would be returned to the menus of nearly 900 restaurants affected by the deadly E. coli outbreak. This product will not be served with julienned onions while the investigation into the source continues. The controversy has put pressure on fast-food stocks in recent days and could present a buying opportunity ahead of Tuesday’s earnings. 4. Boeing began selling $19 billion in stock to strengthen its financial position amid concerns about a credit rating downgrade. The latest challenge for the struggling aircraft maker is a prolonged machinists’ union strike that halted production of its 737 MAX last month. Boeing stock has fallen 40.5% since the beginning of the year. 5. As I mentioned in my Sunday column for Investing Club subscribers, this is a week packed with earnings. Thursday night’s Apple might be the most difficult of them all. The shortfall to estimates is widely reported, but that’s not the point. Analysts are likely to continue downgrading the club’s stock, so be prepared. My mantra of “own, don’t trade” has become a winning strategy. 6. Wells Fargo raised its price target on Spotify from $420 to $470 per share and reiterated its Buy rating. Analysts said the audio streaming giant’s gross profit should be able to expand further than consensus. Spotify has hardly been overlooked, with its stock price doubling so far in 2024. 7. This is always the time to buy the club name Home Depot. I would like to participate before the housing cycle gets into full swing. TD Cowen raised its price target on the company to $460 per share from $440 per share, citing an aging housing inventory and favorable demographic trends as Millennials seek housing and older generations stay in their homes and need to maintain their homes. He cited four factors that will encourage future housing improvements, including housing dynamics. Remodel and renovate. 8. Wolf Research upgraded Club Holding Dover from a hold rating to a buy rating. Analysts said they now have increased confidence that the conglomerate’s growth rate could put it in the top half of its peer group by the second half of 2025. The company also highlighted the realignment of Dover’s portfolio towards better growth areas, which the company has been touting since acquiring the stake earlier this year. 9. Stifel lowers Colgate-Palmolive’s rating due to concerns that Colgate-Palmolive’s organic growth will slow in coming quarters, limiting its ability to achieve higher valuations. The company currently has a hold rating and a price target of $101 per share, down from a buy rating of $105. I liked Colgate stock. Because that was extremely rare for a quality brand. 10. Benchmark raised its price target on Tractor Supply from $280 to $310 per share and maintained its Buy rating on the rural lifestyle-focused retailer. The company’s earnings report last week was really impressive, and I think it’s a good stock to buy as I’m expecting good numbers going forward. Sign up for free for my Top 10 Morning Thoughts on the Markets email newsletter (See here for a complete list of Jim Cramer Charitable Trust stocks.) Jim Cramer’s CNBC Investment Club As a subscriber, you can receive trade alerts. Before Jim trades. After Jim sends a trade alert, he waits 45 minutes before buying or selling stocks in his charitable trust’s portfolio. If Jim talks about a stock on CNBC TV, he will issue a trade alert and then wait 72 hours before executing the trade. The above investment club information is subject to our Terms of Use and Privacy Policy, along with our disclaimer. No fiduciary duties or obligations exist or arise from your receipt of information provided in connection with the Investment Club. No specific results or benefits are guaranteed.
Traders work on the floor of the New York Stock Exchange on April 26, 2023, in New York City.
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My Top 10 Noteworthy Monday, October 28th
1. Wall Street is heading for a strong start to the new week, dominated by earnings from the most influential tech companies and major economic reports. Stocks were rising on Monday due to the oil market.
2. How much will oil fall? West Texas Intermediate crude oil futures, the US oil benchmark, have fallen 6% to around $67 per barrel. The decline is believed to have been caused by Israeli airstrikes over the weekend that avoided Iranian oil facilities. In early October, WTI settled around $77 and then began a downward trend.
3. McDonald’s stock rose slightly after the company announced that the Quarter Pounder burger will be back on the menus of nearly 900 restaurants affected by the deadly E. coli outbreak. While the investigation into the cause of the outbreak continues, this product will not be served with julienned onions. The controversy has put pressure on fast-food stocks in recent days and could present a buying opportunity ahead of Tuesday’s earnings.
