CNBC Investing Club

Jim Cramer's top 10 things to watch in the market Monday: Industrials, Salesforce activists, semis

My top 10 things to watch Monday, Jan. 23

1. Stocks on offense. Or has speculation taken over just like two years ago? Anniversary this week of January 2021 epic short-squeeze of GameStop (GME). Don't be fooled by tech sideshow, as I wrote Sunday in my weekly commentary. The Nasdaq is on a three-week win streak. The Dow Jones Industrial Average and the S&P 500 dropped for the first week in three. I like industrials.

2. Another activist investor, Elliott Management, takes a big stake in Club holding Salesforce (CRM), according to media reports. What do they really want? Co-founder and soon-to-be sole CEO Marc Benioff under siege or do they love the company? Starboard Value, and two others, are already in there. Remember, huge Covid pandemic ramp-up from 49,000 employees in 2020 to 80,000. So, already announced 10% staff cut not enough.

3. More tech layoffs: Spotify (SPOT) cuts 6% of its workforce — about 600 positions. Head of content and advertising Dawn Ostroff out. Earnings-per-share not impacted. Not much besides Joe Rogan podcast working in talk.

4. PayPal (PYPL) earnings may be derisked, says Bernstein. Multiple is under siege given the competition, and I think the numbers are still too high. The Wall Street Journal reports on new competition from large bank creating their own digital wallet, which would also go after Apple Pay.

5. Barclays likes component semiconductor companies, including Club holding Qualcomm (QCOM). Goes to overweight from equal weight (buy from hold); raises price target to $150 per share from $120. Same upgrade for Club holding Advanced Micro Devices (AMD); PT increase to $85 from $70. Barclays keeps a buy on Club holding Nvidia (NVDA); raises PT to $250 from $170.

6. Club holding Ford (F) will have to