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Jim Cramer's 10 Things to Watch in the Stock Market on Wednesday
My top 10 things to see Wednesday July 24
- Another day of unease in the market as the S&P 500 And Nasdaq Small-cap stocks are about to open lower. There are still voices calling for selling large-cap tech and buying small-cap stocks, even though the latter have little value at present.
- Club Outfit Alphabet Stocks are down after earnings, but the report isn't exactly bad. Some might say YouTube ads are weak, but I'd say Google Cloud is killing it and its search business is doing very well. Analysts have tried to trip up management by saying its big AI spend isn't worth it, but that's fine. Just let the stock go down.
- Actions of Visa Earnings are also down. China has been miserable, and payment volumes have slowed slightly in recent weeks compared to the end of the quarter. Visa can continue to give you double-digit EPS growth, but it is compounded by special factors, as growth has slowed in China and the US.
- You're here Tesla is down after weaker-than-expected profits and a second straight quarter of declining auto revenue. People want bigger cars and are still unimpressed by Tesla's driver-assistance system called Full Self Driving and autonomous vehicles, which CEO Elon Musk wants to talk about. Tesla's energy business posted record profits.
- Musk also shouted out on behalf of the Club Nvidia Elon Musk said during the earnings call that he was “incredibly impressed” with the execution and quality of the leading AI chipmaker’s hardware. However, Musk said Tesla needs to redouble its efforts on its in-house Dojo supercomputer because it’s too difficult to secure enough Nvidia chips given the fervent demand from other customers. Tesla is expanding its data center that will house 50,000 of Nvidia’s H100 chips, Musk said.
- Nothing good in Texas Instruments“The quarter was marked by a 1% gain, although shares of the chipmaker are up more than 1%. There are still many weak sectors, including the auto sector, which is down nearly 5%. At least the contempt for Wall Street seems to be over. In May, activist hedge fund Elliott Management bought a multibillion-dollar stake in Texas Instruments.
- GE VernovaThe second quarter results are looking very good. The energy company, which was spun off from what is now GE Aerospace In April, the group raised its 2024 guidance due to gas turbines. Although wind is its most challenging segment at the moment, management reaffirmed that it would be profitable next year. Its electrification segment also performed very well.
- Sherwin-Williams The paint maker raised its price targets in response to its earnings release on Tuesday. It raised its 2024 profit forecast. I wonder how much of that is due to the desire to sell a home. A surge in existing home inventory and a lack of transactions, which is what happens at the top.
- Vertiv Vertiv had a solid quarter of growth and expansion. Vertiv's data center business, which is a major beneficiary of AI investments, is still very strong, which we've also heard from Google. Vertiv, one of the hottest AI players earlier this year, has seen its stock cool off since late May. But it's still up nearly 90% year to date.
- Club Name Danaher Danaher also saw a wave of price increases after its strong results on Tuesday. The stock climbed more than 5% as the company's main bioprocessing unit saw increased demand. In our full quarterly analysis for Club members, we also raised our price target. It's great to see Danaher, which has managed its business well, finally back on track.
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