Jim Cramer's top 10 things to watch in the market Wednesday: Fed's Powell, data on Alzheimer's drug, tech earnings

Published Wed, Nov 30 20229:00 AM EST

My top 10 things to watch Wednesday, Nov. 30, 2022 It's the last day of November, and the Dow and S & P 500 are poised to log their second straight month of gains. The Nasdaq , ahead of Wednesday's trading, is around breakeven for the month. December is often bullish. Santa rally ahead? Wall Street's direction could be swayed when Federal Chairman Jerome Powell speaks Wednesday afternoon and Friday's monthly employment report. The market wants to see if it's right to be betting on a smaller 50-basis-point interest rate hike at the Fed's upcoming December meeting. Disaster du jour: CrowdStrike (CRWD) slammed roughly 18% in premarket trading after the cybersecurity company's disappointing quarter. Most of Wall Street just cutting price targets but Stifel downgrades to hold from buy. By contrast, cloud HR solutions provider WorkDay (WDAY) jumps 9% in the premarket after the company reported a better-than-expected quarter. It also boosted guidance and announced a $500 million buyback. Barclays raises its price target on Massachusettes-based Biogen (BIIB) to $313 per share from $275 but keeps an equal weight (hold) rating. Analysts there say positive full drug trial results on lecanemab, an experimental Alzheimer's treatment from Biogen and Tokyo-based Eisai, "should further de-risk approval." I continue to think that Club holding Eli Lilly (LLY) has a better safety profile and better plaque reduction in early indications on donanemab, its Alzheimer's drug in clinical trials. DoorDash (DASH) joins many other tech firms, announcing layoffs . The online delivery service says Wednesday it's cutting 14% of its workforce, 1,250 jobs. Big exit packages. Club holding Salesforce (CRM) is set to report fiscal third-quarter 2023 financial results after the closing bell Wednesday. I'll be looking to see how the enterprise software maker has weathered gathering macroeconomic headwinds. JMP Securities says: Keep the faith in Amazon Web Services as cloud innovation continues. Analysts there keep a $140-per-share price target on Club holding Amazon (AMZN) and an outperform (buy) rating. Mizuho cuts price target on Alphabet (GOOGL) to $135 per share from $140; keeps buy rating. Estimates are too high without cost reduction. But I get that and I think the Google parent will do it or at least reverse recent hires. Citi likes Club holding Ford (F). Ridiculous price target boost by $1 per share to $14, which is just 25 cents below Tuesday's close. Citi keeps its neutral rating. Still keep. Atlantic Equities says there's "no easy fix" at Club holding Disney (DIS) for returning CEO Bob Iger. Analysts there keep a neutral (hold) rating and a $107-per-share price target. Citi raises price target on Domino's Pizza (DPZ) to $441 per share from $407. Lots of idiosyncratic levers. We had them on "Mad Money," and they seem pretty darned confident. On the show Wednesday evening, Hormel Foods (HRL), just issued a terrible forecast. (Jim Cramer's Charitable Trust is long LLY, CRM, AMZN GOOGL, F and DIS. See here for a full list of the stocks.) 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.

U.S. Federal Reserve Board Chairman Jerome Powell speaks during a news conference at the headquarters of the Federal Reserve, July 27, 2022 in Washington, DC.

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