My top 10 things to watch Monday, Nov. 24 1. The S & P 500 was headed for a higher open early this morning as the stock market attempted to rally during this shortened holiday trading week. It’s a rebound that started on Friday after dovish remarks from New York Fed President John Williams boosted hopes of a December interest rate cut. Government shutdown-delayed September data on retail sales and producer prices will be released this week. This is also the final trading week of November — and as of Friday’s close, the S & P 500 lost 3.5% for the month. A lower November would make it back-to-back negative months. Reminder: The stock market is closed on Thursday for Thanksgiving. Trading will resume on Black Friday, the unofficial start of the holiday shopping season, but with an early close at 1 p.m. ET. 2. Salesforce CEO Marc Benioff over the weekend said Google’s Gemini 3 is much better than OpenAI’s ChatGPT. “I’ve used ChatGPT every day for 3 years. Just spent 2 hours on Gemini 3. I’m not going back,” Benioff wrote on X yesterday. I think this is the big story right now, as I wrote in my Sunday column . Google-parent Alphabet has been on a tear, up roughly 60% year to date. Is ChatGPT a has-been? This is a breakout that could challenge ChatGPT very soon. Salesforce is a Club stock. 3. Novo Nordisk stock plunged more than 10% to a four-year low this morning after the pharmaceutical giant didn’t meet its goal in a highly anticipated trial for Alzheimer’s disease. The trial tested whether semaglutide, an ingredient in Novo’s GLP-1s Wegovy and Ozempic, helped slow down the impact of the most common form of dementia. Club holding Eli Lilly is a rival to Novo, with its blockbuster weight-loss drugs Mounjaro and Zepbound. 4. Bernstein raised its price target on Eli Lilly to $1,300 from $1,100, and kept a buy rating on the stock. Analysts say the expected upcoming launch of Lilly’s oral GLP-1 drug, called Orforglipron, will lead to an earnings upside over the next two years. Bernstein also cited the U.S. drugmaker’s expansion overseas and the Trump administration’s GLP-1 pricing deal. 5. Merck stock was upgraded to a buy from a hold at Wells Fargo. Analysts, who raised their price target to $125 from $90, predict more revenue upside for Merck due to progress in the drugmaker’s development pipeline and new launches. It’s dawning on the analysis that Merck and the entire pharma sector are doing better than expected. 6. Wedbush said this morning that Carvana is the used car king. The analysts said the stock’s recent underperformance is an opportunity, upgrading their rating on shares to a buy from hold and hiking their price target to $400 from $380. I think Carvana could own the market. I wish I had emphasized this in my new book, “How to Make Money in Any Market.” 7. JPMorgan increased its price target on Iren to $39 from $28 but kept its sell rating. Shares of the Australia-based data center company have gained more than 330% year to date. The sell was right, but the PT bump shows the call was made too early. Iren’s facilities are used for bitcoin mining and AI cloud services. 8. Citizens JMP raised its Lemonade price target to $80 from $60 and maintained its buy rating. The analysts said the digital insurance provider is in it for the long run and is gaining share. The stock has advanced more than 80% year to date. Lemonade shares jumped 34% on Nov. 5 alone, after better-than-expected quarterly results. 9. Goldman Sachs started coverage of Waste Management with a buy rating and a $256 price target. The analysts said that the company has good organic growth and a solid track record. I think this stock, which trades at a discount to its rivals, can work in this market. 10. Citi initiated coverage of Cadence Design with a buy rating and a $385 price target. The analysts said the company, which makes software for chip design and verification, is the backbone of the next growth phase of AI. Cadence has notable partnerships with Taiwan Semi and Club name Nvidia. 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.
