My top 10 things to watch Wednesday, Aug. 13 1. AI computing provider CoreWeave’s quarterly results were good, but I’d wait for the expiration of the lockup later this week, which may invite huge selling given the stock is up 272% from its IPO price. While some might say its $30.1 billion backlog is a bit light, that could be misleading because of capacity constraints. 2. Wall Street is headed toward a modestly higher open this morning after the S & P 500 and Nasdaq closed yesterday at records. What’s next for the market? I’m breaking it all down tomorrow during the Investing Club’s August Monthly Meeting at noon ET. 3. Major insider buying at Eli Lilly after the Club stock’s sell-off on disappointing obesity bill data. CEO Dave Ricks bought $1 million worth of stock in the open market. Chief Scientific Officer Dan Skovronsky spent $643,000 on shares. A pair of board members also bought stock, as did another executive. Highly unusual, but a show of confidence. 4. Here we go: Piper Sandler upped its price target on Club name Nvidia to $225 a share from $180 ahead of earnings in two weeks. Analysts say demand is still strong relative to supply and they noted estimates on the Street aren’t factoring in any China contributions. Is a parabolic move incoming? 5. Another upgrade of Palo Alto Networks , this time courtesy of Deutsche Bank. Analysts took the Club stock to buy from hold and lifted their price target to $220, arguing concerns about the CyberArk acquisition are overblown. That’s the same case we made when we bought more stock Monday. 6. Cava shares tanked 24% this morning after the fast-casual restaurant chain lowered its full-year same-store sales, or comps, growth guidance. Comps in Q2 bucked the industry trend of declines but the 2.1% gain was only about a third of what analysts had expected. I like the stock on this weakness. They had a bad vintage of stores last year and this year will get better. 7. Stifel cut its price target on Club name Salesforce to $325 from $375 but kept its buy rating. The analysts cited multiple compression and the tough environment emerging for enterprise software firms. Earlier this week, Melius Research sounded the alarm with its “AI ate software” note, and we called out the negative implications for Salesforce. 8. Total mortgage application volume increased 10.9% from the previous week. Lower home loan rates didn’t help purchase demand much, with apps only rising 1%, according to weekly data from Mortgage Bankers Association. Refinancing was the story, up 23% for the week. Homeowners were looking for savings and willing to take on riskier adjustable-rate mortgages. 9. UBS analysts raised their price target on Hasbro to $88 from $82 and maintained their buy rating. They cited the toy company’s “solid” quarter and momentum of Wizards of the Coast fantasy and science fiction themed games. The segment Wizards and digital gaming saw second-quarter revenue crush estimates. 10. Apparel firms Hanesbrands and Gildan Activewear are merging. The deal values Hanesbrand at an enterprise value of $4.4 billion. Club name Goldman Sachs was the lead advisor for Hanesbrand. The rebound in dealmaking continues. 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.
