My top 10 things to watch Monday, Aug. 11 1. Melius Research’s Ben Reitzes downgraded Adobe to sell from hold, arguing that an AI-driven multiple contraction phase is in the early innings for software-as-a-service (SaaS) companies. That includes the likes of Atlassian and Club stock Salesforce . It can still get worse for these names, Reitzes said. Huge call. 2. The U.S. government is reportedly going to take a 15% cut on Nvidia and AMD chip sales to China, in exchange for Washington approving export licenses. Why such an unusual agreement? Is it to make sure China knows who is boss? Nvidia shares were slightly lower this morning. 3. Intel CEO Lip-Bu Tan is going to see President Donald Trump at the White House today, The Wall Street Journal reported . Can he talk Trump out of his demand that Tan be fired? Tan’s venture capital firm Walden International did investment in hundreds of Chinese companies as well as American firms. 4. Wall Street is set for a modestly higher open this morning after a winning week, thanks in large part to Club name Apple’s historic rally. I explored what drove that and where it goes from here in my Sunday column for Investing Club subscribers . 5. A few post-earnings price target cuts for Under Armour , including at UBS, which went to $7.50 a share from $8. The analysts, who kept their buy rating, acknowledged tariffs are really hurting the apparel maker. But they expect a strong fundamental turnaround next fiscal year. Citi is more circumspect. 6. Deutsche Bank is the latest shop to slash its price target on Club name Eli Lilly after last week’s obesity pill data letdown. The analysts went to $900 from $1,010 but maintained their buy rating. Still reeling from that disappointment. Lilly shares fell another 2% Friday after Thursday’s 14% tumble. 7. Susquehanna axed its price target on Fortinet to $80 from $110 following the cybersecurity company’s earnings report contained some disappointing commentary on the firewall refresh cycle. Club-owned cyber firms CrowdStrike and Palo Alto Networks are much better companies. 8. Shares of TKO Group and Paramount Skydance rose this morning after announcing a media rights deal. Fresh of its Skydance merger, Paramount said it’s paying $7.7 billion over seven years for the U.S. rights to UFC. 9. Citi is bullish on AI computing provider CoreWeave ahead of earnings Tuesday and its share lockup expiration on Friday. Analysts argued CoreWeave’s strong fundamentals will be able to absorb the additional stock that could enter the market. 10. Morgan Stanley upgraded e.l.f. Beauty to an overweight buy rating from equal weight, arguing consensus profit estimates look too low. The cosmetics maker is expanding its presence across the Sephora footprint and earnings could get a nice boost. 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.
