A customer walks through a Home Depot store on February 20, 2024 in Austin, Texas.
Brandon Bell | Getty Images
Top 10 things to watch on Tuesday, May 14th
1. The S&P 500 is expected to open in calm trading after a higher-than-expected wholesale inflation report for April. The producer price index rose 0.5% from the previous month, while the Dow Jones expected a 0.3% rise. Bonds haven’t moved much on this report. This is likely because the March PPI was initially reported to have increased by 0.2%, but has since been revised to a decline of 0.1%. The release of the Consumer Price Index on Wednesday morning will be the main event of the week.
2. Meme stocks are back. Shares of video game retailer GameStop soared 130% in premarket, and movie theater chain AMC rose 110%. Both companies posted big gains on Monday following Roaring Kitty’s post about X, which was credited with leading the dramatic short squeeze in stocks in 2021. I thought the CEOs of GameStop and AMC should sell and risk the wrath of the SEC. I now own $1 billion worth of stock. In the end, AMC acted on the move and was found to have raised $250 million on Monday.
3. home depot On Tuesday, it reported a lack of sales growth as many customers postponed housing projects due to rising interest rates. But was it really a failure, or did we all know it was going to be a failure, given the very low home sales rate? Coil springs once the rates drop? Maybe that’s why the stock price didn’t crash. The home improvement retailer reaffirmed its full-year outlook.
Four. JP Morgan has been upgraded planet fitness The company expressed confidence in its long-term growth, partly due to an increase in pricing for new members to the gym chain. I wish I could be very positive.
Five. roblox RothMKM downgraded the stock from buy to hold, citing the company’s disappointing first-quarter bookings and downward revision of its 2024 outlook. The company said it needed more confidence in management’s ability to restore and sustain 20% annual sales growth. I was surprised by the Roblox results last week.
6. Jefferies adjusts price target based on club name constellation brand Shares rose from $314 to $311 per share, suggesting an increase of about 20% from Monday’s closing price. Analysts say that despite the changes, Modelo and Corona’s parent companies are doing well and they like the strategy. In the same memo, the company upgraded Sam Adams parent company Boston Beer to an acquisition target, based on its semi-annual distributor survey.
7. Wells Fargo is Nvidia Price target: $970 per share to $1,150 per share. The leading AI chip maker has had some PT declines recently, but concerns about its May 22nd earnings report have not helped much. Stocks have been essentially flat over the past week.
8. Games Global, which develops and distributes online casino-style games, has filed to withdraw its initial public offering. Are tough times coming for IPOs? How is that possible when the market is so high?
9. Steifel lowers price target ulta beauty The company raised its per-share sales forecast to $475 from $565 and lowered its same-store sales forecast, citing weakening beauty trends for mass-market beauty products. I still think the Kohl’s/Sephora partnership is gaining market share.
Ten. Cowen raises price target gap $24 to $21, representing an increase of nearly 8% from Monday’s closing price. Analysts rate the stock as a Hold. The parent company of Old Navy and Banana Republic is doing very well, and I think this stock is worth buying.
Sign up for my top 10 morning thoughts on the market free email newsletter
(look here (For a complete list of Jim Cramer’s Charitable Trust stocks, see here).
Subscribers to Jim Cramer’s CNBC Investing Club receive trade alerts before Jim Cramer makes a trade. After Jim sends a trade alert, he waits 45 minutes before buying or selling stocks in a charitable trust’s portfolio. If Jim talks about a stock on CNBC TV, he will issue a trade alert and then he will wait 72 hours before executing the trade.
The above investment club information is subject to our Terms of Use and Privacy Policy, along with our disclaimer. No fiduciary duties or obligations exist or arise from your receipt of information provided in connection with the Investment Club. No specific results or benefits are guaranteed.
