My top 10 things to watch Tuesday, July 29 1. Novo Nordisk shares sank more than 20% this morning after the maker of Ozempic cut its full-year guidance and named a new CEO. The company cited “persistent use of compounded GLP-1s.” Club name Eli Lilly , which competes with Mounjaro and Zepbound, saw its stock drop 4% following the Novo Nordisk news. Lilly reports earnings Aug. 7. 2. Also in the Club portfolio, Starbucks is set to report earnings after this afternoon’s closing bell. We want to hear about how CEO Brian Niccol’s turnaround efforts are going. We have faith in Niccol’s ability to right the ship based on his overhaul of Chipotle. However, it looks like Starbucks is going to be a much harder turn . 3. UnitedHealth reported a dramatic guide down but forecast a return to growth in 2026. Doesn’t seem like a trusted forecast. The troubled company reported its mixed quarter just days after it said it was cooperating with the Justice Department investigation into its Medicare billing. The Dow stock, already on a slide since April, dropped roughly 1.5% this morning. 4. Merck , also a Dow stock, dropped 4% after the drugmaker announced a goal of $3 billion in cost cuts by the end of 2027. The company is positioning ahead of blockbuster cancer drug Keytruda patent expiration in 2028. Merck also reported lower-than-expected quarterly revenue, the first miss since April 2021, and narrowed its full-year guidance. 5. Boeing was a Dow stock winner this morning after cutting quarterly losses and reporting the most deliveries of planes since 2018. Revenue beat expectations. CEO Kelly Ortberg said “change takes time,” but he sees 2025 as “our turnaround year.” The stock rose nearly 1% this morning, adding to its more than 30% year-to-date gains. 6. Procter & Gambl e shares gained nearly 2% after the consumer products giant beat on quarterly earnings and revenue. P & G announced fiscal 2026 guidance that included a $1 billion drag due to higher costs from tariffs. It also cited unfavorable commodity costs, higher net interest expense and core effective tax rates. The company also announced a CEO transition. 7. Union Pacific has agreed to buy smaller rival Norfolk Southern in a $85 billion deal. If approved, the combined company would be the nation’s first coast-to-coast freight rail operator. There are reports that this deal has prompted competitors BNSF, owned by Berkshire Hathaway , and CSX to explore merger options. 8. Wall Street was on track for a higher open, which would add to yesterday’s 15th record close of the year for the S & P 500 . The United States and China resumed trade talks today after the weekend announcement of a trade deal between the U.S. and the European Union. Last week, President Donald Trump unveiled a trade deal with Japan. 9. Club name Nvidia , according to Reuters, has placed orders with its manufacturer, Taiwan Semi , for 300,000 China-specific H20 chips. The report indicated that Nvidia won’t be relying on just its stockpile of these chips, which this month got approval from the Trump administration to sell in China again. 10. Wells Fargo raised its price target on Club name Amazon to $245 a share from $238. OK, this is the kind of fatuous PT boost based totally on conjecture that gets you in trouble because it presumes a great quarter. Amazon reports earnings after Thursday’s close. 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.
