10 things to watch in the stock market Friday, including bank earnings and portfolio stock price target bumps

Published Fri, Apr 12 20248:58 AM EDT

10 things to watch Friday, April 12 The market is looking lower Friday, one day after a strong rebound in stocks, especially tech. Bank earnings appear generally solid. The 10-year Treasury yield is lower, but oil is jumping on concerns about escalated tensions in the Middle East this weekend. Strong quarter JPMorgan $4.44 per share vs. $4.11. Better than expected revenues. Return on tangible common equity 21% vs. 20% expected. Non-interest expenses were less than expected. There is a 19-cent impact from a FDIC special assessment. The only issue was that it didn't raise its net interest income outlook for the year. The stock is lower. Good quarter from Club name Wells Fargo , too. The bank reports $1.26 in earnings per share vs. $1.11 expected. Repurchased $6.1 billion in shares and still has plenty of excess capital. There is a 6-cent impact from the FDIC special assessment. No raise to the net interest income outlook guide – lots of moving parts. Expense outlook unchanged, and 12.3% return on tangible common equity. The stock is relatively flat. Citigroup beats on both the top and bottom line. EPS $1.58 vs. $1.23, and 7.6% return on tangible common equity. No change to full year adjusted expense outlook. The stock is higher. A round of price target increases on Constellation Brands after its strong quarter and upside guide Thursday. BMO goes to $315 per share and Jefferies raises to $314. Following the release and conference call, we reiterated our buy-equivalent 1 rating on shares and raised our price target to $300 from $270. Shares of Advanced Micro Devices and Intel slide on a report that China has told its telecom carriers stop buying American chips for telecom systems by 2027. Arista Networks is doubled downgraded to sell at Rosenblatt on skepticism around its AI opportunity. Bold call on a stock you have not wanted to bet against. A couple more price target cuts on Tesla . Wells Fargo research analysts to $120 per share from $125 and Citi to $180 from $196. Wedbush's Dan Ives says robotaxi is "not the answer for now," and he'd rather see a low cost EV. JPMorgan research analysts lower Boeing price target to $210 per share from $230 following its Q1 delivery announcement but keeps its overweight buy-equivalent rating. BMO starts coverage on the Novo Nordisk shares with a buy-equivalent outperform rating and a $163 per share price target. BMO also raised Club name Eli Lilly target to $900 from $865. The analysts see good things ahead for both companies as early to the emerging GLP-1 diabetes and obesity treatment 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.

10 things to watch Friday, April 12

The market is looking lower Friday, one day after a strong rebound in stocks, especially tech. Bank earnings appear generally solid. The 10-year Treasury yield is lower, but oil is jumping on concerns about escalated tensions in the Middle East this weekend.
Strong quarter JPMorgan $4.44 per share vs. $4.11. Better than expected revenues. Return on tangible common equity 21% vs. 20% expected. Non-interest expenses were less than expected. There is a 19-cent impact from a FDIC special assessment. The only issue was that it didn't raise its net interest income outlook for the year. The stock is lower.
Good quarter from Club name Wells Fargo, too. The bank reports $1.26 in earnings per share vs. $1.11 expected. Repurchased $6.1 billion in shares and still has plenty of excess capital. There is a 6-cent impact from the FDIC special assessment. No raise to the net interest income outlook guide – lots of moving parts. Expense outlook unchanged, and 12.3% return on tangible common equity. The stock is relatively flat.
Citigroup beats on both the top and bottom line. EPS $1.58 vs. $1.23, and 7.6% return on tangible common equity. No change to full year adjusted expense outlook. The stock is higher.
A round of price target increases on Constellation Brands after its strong quarter and upside guide Thursday. BMO goes to $315 per share and Jefferies raises to $314. Following the release and conference call, we reiterated our buy-equivalent 1 rating on shares and raised our price target to $300 from $270.
Shares of Advanced Micro Devices and Intel slide on a report that China has told its telecom carriers stop buying American chips for telecom systems by 2027.
Arista Networks is doubled downgraded to sell at Rosenblatt on skepticism around its AI opportunity. Bold call on a stock you have not wanted to bet against.
A couple more price target cuts on Tesla. Wells Fargo research analysts to $120 per share from $125 and Citi to $180 from $196. Wedbush's Dan Ives says robotaxi is "not the answer for now," and he'd rather see a low cost EV.
JPMorgan research analysts lower Boeing price target to $210 per share from $230 following its Q1 delivery announcement but keeps its overweight buy-equivalent rating.
BMO starts coverage on the Novo Nordisk shares with a buy-equivalent outperform rating and a $163 per share price target. BMO also raised Club name Eli Lilly target to $900 from $865. The analysts see good things ahead for both companies as early to the emerging GLP-1 diabetes and obesity treatment market.

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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.