Jim Cramer's top 10 things to watch in the stock market Wednesday

Published Wed, Aug 23 20239:27 AM EDT

My top 10 things to watch Wednesday, Aug. 23 The Dow , the S & P 500 and the Nasdaq are set to open slightly higher as investors look forward to Wednesday's after-the-bell earnings from Club name Nvidia (NVDA). The AI chip powerhouse hit an all-time high in Tuesday's session before closing down more than 2.5%. Nvidia, which more than tripled in 2023, had been in a bit of a slump from mid-July into August. According to Morgan Stanley research analysts, Apple (AAPL) is now most under-owned large-cap U.S. tech stock, and Meta Platforms (META) is the most over-owned. Both Club names. Footlocker (FL) disaster. Falling quarterly sales and guidance cut for the second time this year. The Club stock down 30%. Fortunately, it has a credit line. Unfortunately, it has a huge amount of inventory and a bad July. No dividend going forward. Peloton (PTON) posts a much wider quarterly loss than expected and cuts forward guidance . The stock tanks 30%. Bank of America downgrades Tuesday's earnings disasters Dick's Sporting Goods (DKS), which saw shares plunge 24% on Tuesday and drop nearly 2% early Wednesday. Wedbush downgrades, too. Kohl's (KSS) delivers second-quarter earnings and revenue beats. Maintained full-year numbers. Shares get a bump. Better story than Macy's (M), which warned and saw its stock tank 15% on Tuesday and slide modestly early Wednesday. Lowe's (LOW) gets price target bumps on Wall Street after Tuesday's quarterly earnings beat and revenue match. For "Mad Money" on Tuesday evening, CEO Marvin Ellison told me about the company's plans to expand its offerings in rural areas. Last week, Home Depot's (HD) quarter was not as bad as feared. Goldman Sachs (GS) ends Summer Fridays, saying it wants employees back in the office five days a week. The mandate comes as CEO David Solomon has been under pressure recently over consumer banking problems, criticism about his leadership style, and his hobby as a DJ. Raising Amazon (AMZN). Retail margins has legs and AWS cloud unit is turning corner, according to Loop Capital. The analysts raised the Club stock's price target to $200 per share from $180. Keeps buy rating. Salesforce (CRM): Summer of stabilization as artificial intelligence center stage. Stay bullish, says Stifel. AI momentum pricing increases. 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.

My top 10 things to watch Wednesday, Aug. 23

The Dow, the S&P 500 and the Nasdaq are set to open slightly higher as investors look forward to Wednesday's after-the-bell earnings from Club name Nvidia (NVDA). The AI chip powerhouse hit an all-time high in Tuesday's session before closing down more than 2.5%. Nvidia, which more than tripled in 2023, had been in a bit of a slump from mid-July into August.
According to Morgan Stanley research analysts, Apple (AAPL) is now most under-owned large-cap U.S. tech stock, and Meta Platforms (META) is the most over-owned. Both Club names.
Footlocker (FL) disaster. Falling quarterly sales and guidance cut for the second time this year. The Club stock down 30%. Fortunately, it has a credit line. Unfortunately, it has a huge amount of inventory and a bad July. No dividend going forward.
Peloton (PTON) posts a much wider quarterly loss than expected and cuts forward guidance. The stock tanks 30%.
Bank of America downgrades Tuesday's earnings disasters Dick's Sporting Goods (DKS), which saw shares plunge 24% on Tuesday and drop nearly 2% early Wednesday. Wedbush downgrades, too.
Kohl's (KSS) delivers second-quarter earnings and revenue beats. Maintained full-year numbers. Shares get a bump. Better story than Macy's (M), which warned and saw its stock tank 15% on Tuesday and slide modestly early Wednesday.
Lowe's (LOW) gets price target bumps on Wall Street after Tuesday's quarterly earnings beat and revenue match. For "Mad Money" on Tuesday evening, CEO Marvin Ellison told me about the company's plans to expand its offerings in rural areas. Last week, Home Depot's (HD) quarter was not as bad as feared.
Goldman Sachs (GS) ends Summer Fridays, saying it wants employees back in the office five days a week. The mandate comes as CEO David Solomon has been under pressure recently over consumer banking problems, criticism about his leadership style, and his hobby as a DJ.
Raising Amazon (AMZN). Retail margins has legs and AWS cloud unit is turning corner, according to Loop Capital. The analysts raised the Club stock's price target to $200 per share from $180. Keeps buy rating.
Salesforce (CRM): Summer of stabilization as artificial intelligence center stage. Stay bullish, says Stifel. AI momentum pricing increases.

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.