My top 10 things to watch Thursday, Sept. 4 1. Wall Street was headed for a mixed open this morning after the August ADP report job growth at U.S. companies was much slower expected. Private payrolls increased by just 54,000 for last month versus estimates of 75,000 additions. Will tomorrow’s government employment report show the same thing? The market has nearly 100% odds on Fed interest rate cut at its Sept. 16-17 meeting. 2. Salesforce shares are tumbling 5% despite better-than-expected quarterly numbers. What’s the meaning of a beat-and-raise when investors fear AI will cannibalize your core business? Agentforce is very good, but if it’s enabling the Club name to cut jobs, how can its customers not be doing the same, having less need for its other applications? Negative mix shift. 3. Lead times for Club name Nvidia’s chips are “stretched but stable,” as demand still outweighs available supply, according to JPMorgan. That’s based on a meeting analysts had with an Nvidia executive. They also said Nvidia’s inventory build in Q2 was to support the Blackwell Ultra ramp, not the result of paused orders for its predecessor. Our other chipmaker, Broadcom , reports earnings after today’s market close. 4. C3.ai reported significant quarterly misses. Huge losses and slowing growth. A new CEO has been appointed. Full-year guidance was withdrawn. KeyBanc cut its price target on the enterprise software company to $10 from $18 and kept its underweight sell rating. Shares of C3.ai tanked nearly 15%. 5. Another rough one this morning was design software maker Figma . Shares sank 14% to $58 and change In its first earnings report since going public in July, Figma did not impress, fueling worries that AI competitors could take business. Figma shares, even with today’s losses, were still up nearly 80% from their offering price. 6. MoffettNathanson upgraded Apple to neutral from sell, putting a $225 price target on the Club stock. The analysts, who had been huge bears, said the “worst-case scenarios are off the table,” regarding tariff risks and the Google antitrust remedy. Meanwhile, UBS said App Store revenue in August increased by 11%, down from the 13% gain in the prior month. 7. Quantinuum, the quantum computing firm majority owned by Club name Honeywell , closed a $600 million financing round that values the company at $10 billion. The venture capital arm of Nvidia participated in the round. Quantum is a buzzy technology, with major long-term potential. 8. Barclays raised its Macy’s price target to $15 from $12 but kept a hold rating. Analysts said the retailer’s guidance still embeds caution even after good quarterly numbers. I don’t get this at all. On “Mad Money” with me last night , CEO Tony Spring talked about the sustainability of the turn. I think the non-believers will be wrong. 9. Texas Roadhouse , a Club name, has been clubbed by high beef prices. Relentless price increases. Extraordinary. So, Evercore ISI downgraded the stock to hold from buy. This one is tough. Longest period of underperformance. Should we sell it? Hold it? Buy it? We will discuss it today. 10. Big call: Barclays raised its price target on UnitedHealth to $362 from $337 and kept its overweight buy rating. Is the worst over? The analysts said it looks like investor sentiment has bottomed, and they see catalysts ahead around upcoming final pricing on Medicare Advantage and Obamacare plans. 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.
