Here are 10 things to watch in the stock market Monday
Our top 10 things to watch Monday, Feb. 9 1. The S & P 500 is headed for a relatively muted open on Monday following Friday’s huge rally. Bitcoin pulled back slightly after rebounding above $70,000. 2. Melius Research downgraded Club holding Microsoft to a hold from buy in a critical piece. Analysts say that CEO Satya Nadella has “lost the AI narrative” and that the stock is too expensive based on the company’s new free cash flow estimates. 3. Shares of Club name Eli Lilly and rival Novo Nordisk jumped in premarket trading after Hims & Hers said Saturday that the company will not sell its copycat weight-loss pill following FDA scrutiny and a lawsuit from Novo. Eli Lilly also announced that it’s buying biotech Orna Therapeutics for up to $2.4 billion. 4. Kroger stock advanced nearly 7% in the premarket after The Wall Street Journal reported that the grocery store giant is preparing to announce ex- Walmart executive Greg Foran as its new CEO. Foran was most recently the CEO of Air New Zealand . Prior to that, he served as CEO of Walmart’s U.S. division for six years. 5. D.A. Davidson upgraded Oracle to a buy from a hold, with an $180 price target. The analysts said the market reflects risks in its OpenAI relationship, adding that OpenAI is capable of meeting its obligations to Oracle based on recent funding talks. 6. Cleveland-Cliffs ‘ stock dropped nearly 4% this morning after the company missed fourth-quarter revenue and adjusted EBITDA estimates. 7. Monday.com shares fell by more than 10% this morning after the first-quarter and full-year revenue forecasts missed the Street’s estimates. It will be interesting to see if this drags the entire group lower or if there is some separation. 8. JPMorgan nudged up price targets on a bunch of banks. Bank of America was lifted to $61.5 from $61. Citi was raised to $134 from $130 apiece. Wells Fargo ‘s PT went to $99.5 from $99. The analysts liked the group as beneficiaries of sector rotation, solid economic trends, and steady fundamentals. Of that group, we own Wells Fargo. Our other bank names are Goldman Sachs and Capital One . 9. There was a big weekend feature in The Wall Street Journal on Club name Corning and its rise to become an “AI superstar.” Shares were up nearly 2% premarket. 10. Robinhood was upgraded to buy from hold at Wolfe Research following its recent pullback. The stock took a hit amid a major sell-off in the cryptocurrency market. 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.
