My top 10 things to watch Wednesday, Nov. 5 1. Democrats had a big election night in the country’s three most contested races. Democratic socialist Zohran Mamdani won the New York City mayoral race. In New Jersey, Democrat Mikie Sherrill won the gubernatorial race. In Virginia, Democrat Abigail Spanberger won to become the commonwealth’s first-ever female governor. 2. Media reports indicated yesterday that Club name Eli Lilly and peer Novo Nordisk may soon ink a deal with the White House over GLP-1 pricing. If true, the drugmakers will offer reduced prices for the lowest doses of their blockbuster GLP-1 treatments in exchange for obesity coverage in Medicare and Medicaid programs. This morning, Novo Nordisk lowered the growth outlook for its weight loss drugs. 3. The S & P 500 and Nasdaq were headed for a pretty flat open as AI-stock valuation worries persisted. Many artificial intelligence-related names were down this morning. On the data side, ADP reported that U.S. companies added a greater-than-expected 42,000 jobs in October. Investors will also be watching the Supreme Court arguments on tariffs. 4. Axon shares were tanking 17% this morning after the taser and body camera company missed on quarterly earnings due to tariffs. How about the threat from Motorola , which launched artificial intelligence-assisted body camera solutions in April? 5. Advanced Micro Devices posted a good quarter that beat on the top and bottom lines. The chip stock was down nearly 3% today because the company’s adjusted gross margin guidance met, but did not beat. Still, Citi raised its AMD price target to $260 from $215. Roth Capital hiked its PT to $300 from $200. 6. Arista Networks beat on quarterly earnings and revenue. The data center cloud company’s conservative guidance hit the stock, though. Melius Research, however, said it is about shortages. Do not slam the stock on this. Shares sank 10% this morning. 7. Skyworks Solutions had a pretty good quarter. The forecast was weaker, but the stock held up this morning. What matters is its merger with Qorvo to create a powerhouse in radio frequency technology for wireless devices. Skyworks CEO Phil Brace will be on “Mad Money” tonight. 8. Cava reported a disappointing quarter late yesterday as casual diners tighten their belts and visit restaurants less frequently. I think it’s because of the ongoing government shutdown, which is now a problem. Cava stock dropped more than 5% this morning. Our restaurant stock is Texas Roadhouse , which reports earnings tomorrow evening. 9. McDonald’s missed on quarterly earnings and revenue but delivered a beat on same-store sales. The Dow stock rose modestly. McDonald’s has been warning about a pullback in consumer spending for a year or so. And lately, restaurant chains have been feeling it. The sector has been horrible. 10. Pinterest shares plunged more than 19% this morning after the company posted a lackluster third-quarter report last night. What really disappointed me, however, was the fourth-quarter revenue outlook range. At the midpoint, it missed during the crucial holiday season. 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.
