Jim Cramer’s 10 things to watch in the stock market on Wednesday

1. of S&P 500 and Nasdaq The index is on track for another positive day after halting a three-session losing streak on Tuesday. Nvidia surged nearly 7%, helping lift the index after several weak days. DowThe five-day winning streak ended on Tuesday. We will be holding our monthly meeting for Investment Club members on Thursday at noon ET, ahead of the release of the Fed’s favorite inflation gauge on Friday.
2. FedEx The company had a huge fourth quarter, sending its stock soaring nearly 14%. How did CEO Raj Subrahmanyam do it? The key was cutting costs and streamlining operations. The delivery giant also plans to buy back another $2.5 billion worth of stock this year. It will be interesting to see if FedEx sells its cargo division, which is trading at a discount.
3. Electric vehicle startup Rivian Automotive The $5 billion investment from Volkswagen de-risked the financing. Rivian’s shares surged 35%. The partnership aims to develop next-generation EV architecture and software-defined vehicle technology. The initial $1 billion will be in the form of unsecured convertible notes.
4. City have raised their target price for the club’s shares NVIDIA The stock has risen to $150 from $126 a share and we maintained our buy recommendation. Nvidia holds its annual meeting on Wednesday. The high-flying stock has been through some turmoil recently. Investors will be watching to see what other moves CEO Jensen Huang has in store.
5. Bank of America raises price target for club name Amazon The firm raised its price target on the stock to $220 from $210 a share, arguing that the e-commerce giant can make its delivery network more efficient, even as it has made steady progress in delivery in recent years, which could boost profitability and further contribute to the company’s 44% rise in shares over the past year.
6. carnival The company reported better-than-expected quarterly profit and revenue, and also issued a bullish outlook for the current quarter and full year. The news sent the company’s shares up 8.7% on Tuesday afternoon. Highlights included a sharp increase in cruise bookings through 2026 and dollar value per passenger. The company’s shares received multiple price target raises on Wednesday.
7. Southwest The company lowered its earnings outlook and its shares fell more than 4.5%. The airline cited changing booking patterns as the reason. Southwest Airlines reported a bigger-than-expected quarterly loss and weaker-than-expected revenue.
8. DA Davidson made a bold decision. Home DepotThe firm upgraded its rating on the stock to buy from neutral and raised its price target to $395 a share from $352. Analysts see same-store sales bottoming out and core profit margins stabilizing.
9. Pool Corporation Shares fell 8% on Tuesday after the pool equipment wholesaler reported disappointing quarterly results and lowered its earnings outlook, raising questions about other companies tied to home improvement spending and the state of the housing market more generally. As of Wednesday’s open, the company’s shares were down 22% this year.
10. After the close of trading on Wednesday, earnings included: micron and NikeTD Cowen cut its price target on Nike to $89 per share from $91. The analysts maintained their hold rating and said trends are softening. Micron’s price target was raised on Monday.

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