My top 10 things to watch Friday, Sept. 12 1. Markets were relatively muted on Friday. But it has been a strong week, with the S & P 500 hitting new highs in response to economic data that suggests the Federal Reserve will need to be more aggressive with interest rate cuts over the next few months. 2. Morgan Stanley economists now expect the Fed to cut rates by 25 basis points at its next four meetings – September, October, December, and January 2026. They previously expected 25 basis point cuts in September and December. 3. Adobe shares rose this morning after the software company delivered a beat and raise. Adobe reported revenue of $5.99 billion versus estimates of $5.91 billion and adjusted earnings per share (EPS) of $5.31 versus $5.18. 4. Nvidia and OpenAI are expected to announce tens of billions of dollars in data center investments in the United Kingdom next week. In other news, Super Micro Computer said it has begun volume shipments of Nvidia Blackwell Ultra. 5. Microsoft and OpenAI have reached an agreement that moves OpenAI closer to restructuring as a for-profit company. Microsoft shares rose slightly. 6. Applied Materials was downgraded to neutral from an outperform buy rating at Mizuho on China competition risk. The analysts prefer Lam Research and raisesd their price target on Lam to $130 from 120. 7. Barclays downgraded Corona and Modelo brewer Constellation Brands to equal weight hold from overweight buy, and Molson Coors to an underweight sell from equal weight on concerns over beer trends. 8. Warner Bros. Discovery surged nearly 29% yesterday and another 8%-plus this morning after it was reported that Paramount Skydance was preparing an offer that could come as early as next week. 9. JPMorgan said that Boeing shares dropped late Thursday after CEO Kelly Ortberg said the aircraft maker was falling behind on certification for the 777x. Ortberg’s comments were made at the Morgan Stanley Laguna Conference. JPMorgan said it’s not good news, but a delay is not surprising and doesn’t change the program’s cash flow trajectory over the next few years. They reiterated their overweight buy rating and $251 price target. We agree the selloff represents an opportunity. The stock, our newest Club position, was stable this morning. 10 . Shares of RH fell more than 9.5% this morning after the luxury home furnishing company lowered its revenue outlook for the year. The company now sees revenue increasing 9% to 11% this year, versus prior the expectations of 10% to 13% growth. RH also lowered its adjusted operating margin outlook after quarterly results missed expectations. 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.
