My Top 10 Things to Watch Wednesday, October 9th 1. The S&P 500 is little changed after a day of rebounding gains of nearly 1%. Tuesday’s market rally was driven in part by a rebound in oil prices, which had been rising due to tensions in the Middle East. Crude oil prices fell slightly on Wednesday morning. 2. The Department of Justice is considering asking a federal court to break up Google. The Justice Department’s announcement late Tuesday follows an August ruling that deemed Alphabet Inc.’s search giant a “monopoly.” I’m not a fan of the Justice Department’s proposed remedies. They seem overly punitive and designed to hold the company back. We have Alphabet in our club portfolio. 3. Tesla will hold its highly anticipated robotaxi event on Thursday night. I think this is big. Tesla’s presentation will also spotlight the broader state of self-driving cars. Currently, Alphabet Inc.’s Waymo is the only commercial robotaxi service operating in the United States. 4. JP Morgan raised the price target for GE Vernova from $240 to $285 per share and maintained the buy rating. Analysts see the company as a major beneficiary of the need to expand U.S. power demand. The stock price has already more than doubled since the spin-off in April, but it’s worth noting that the investor event on December 10th will be the trigger for the stock price rise. 5. Don’t look now. Nvidia ended Tuesday’s trading at its highest price since July and is currently roughly 2% below its all-time closing price set on June 18th. Supporting the 4% gain in Tuesday trading were upbeat comments from the company’s management. Nvidia’s AI Summit in Washington. 6. The AI boom continues apace, with semiconductor manufacturing giant Taiwan Semiconductor Manufacturing Co. announcing on Wednesday that sales in September rose nearly 40% year-on-year. TSMC makes chips for club names such as Nvidia and Apple. 7. KeyBanc raised MetaPlatform’s price target from $560 to $655 per share and maintained a buy rating. This is my third PT hike this week. The reason is basically the same. If the online advertising business is strong, it should continue to grow steadily next year. Piper Sandler’s survey of teens suggests that Mehta’s use of Instagram is on the rise. Surveys among teenagers were also lukewarm about Apple’s iPhone 16. 8. Hurricane Milton, currently a Category 5 monster, is expected to make landfall as a Category 3 near the Tampa area as early as Wednesday night. Milton and recovering from Hurricane Helen in less than two weeks means the club’s name is Home Depot. Loop Capital upgraded Home Depot’s investment rating to “buy” and raised its price target by $100 per share to $460. 9. Is Honeywell really reaping the rewards? I think the club-name advanced materials division it plans to spin off could be worth more. Some estimates say it is worth $10 billion on its own. We upgraded Honeywell to a Buy rating of 1. 10. JMP Securities raised Goldman Sachs’ price target from $525 to $550 per share. Analysts maintained their Buy rating on Goldman ahead of its Oct. 15 earnings release. We own Morgan Stanley and reported on October 16th. This article has been widely published in newspapers. I’ll wait and see, but I wish I had gone to Goldman instead. The company also owns Wells Fargo, which releases its quarterly results on Friday morning. 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.
Top 10 to watch on Wednesday, October 9th
1. The S&P 500 is little changed a day after rebounding nearly 1%. Tuesday’s market rally was driven in part by a rebound in oil prices, which had been rising due to tensions in the Middle East. Crude oil prices fell slightly on Wednesday morning.
2. The Department of Justice is considering asking a federal court to break up Google. The Justice Department’s announcement late Tuesday follows an August ruling that deemed Alphabet Inc.’s search giant a “monopoly.” I’m not a fan of the Justice Department’s proposed remedies. They seem overly punitive and designed to hold the company back. We have Alphabet in our club portfolio.
3. Tesla will hold its highly anticipated robotaxi event on Thursday night. I think this is big. Tesla’s presentation will also spotlight the broader state of self-driving cars. Currently, Alphabet’s Waymo is the only commercial robotaxi service operating in the United States.
