10 things to watch in the stock market, including LLY, AMZN, META, F

1. U.S. stocks are little changed early Wednesday, one day after a strong rally sent to the S&P 500 to a new record close. Investors get February’s producer price index on Thursday following a slightly hotter-than-expected consumer price index on Tuesday.
2. Eli Lilly teams up with Amazon’s pharmacy unit to deliver patients drugs like Zepbound through its LillyDirect service. Zepbound for weight loss and Mounjaro for diabetes share the same active ingredient, tirzepatide, and are part of an emerging class of drugs referred to as GLP-1s.
3. Bank of America increases Nvidia price target to $1,100 per share from $925 as part of its preview of the AI chip powerhouse’s GTC developers conference next week. BofA also raises red-hot server maker Super Micro Computer price target to $1,280 from $1,040.
4. TikTok ban legislation hits the House floor on Wednesday. The bill, which is expected to pass, would force the social media platform’s Chinese owner ByteDance to sell its U.S. assets or get banned. The prospects in the Senate were still uncertain Tuesday. A ban of TikTok would certainly help Club name Meta Platforms’ Reels short-term video feature.
5. General Electric is selling another round of GE Healthcare shares. The secondary offering was upsized to 14 million shares from the original offering size of 13 million. Frustratingly, GEHC is down 4%. But we can make the argument that getting through the sales diminishes an overhang. The Club stock took off in mid-February after the previous secondary.
6. Morgan Stanley’s Adam Jonas upgrades his view on the auto industry to attractive from in-line (buy from hold) on the pivot to capital efficiency and return over aggressive spending on EVs and autonomous vehicles. “Auto demand trends strongly support our ICE elongation thesis,” Jonas wrote, a thesis that plays into the hand of legacy internal combustion engine makers like General Motors and Club name Ford. Morgan Stanley has its buy-equivalent overweight rating on both. Jonas is still overweight Tesla.
7. Wells Fargo downgrades Tesla to underweight from equal weight (sell from hold) and cuts price target slashed to $125 per share from $200. The analysts’ view: Tesla’s price cuts on electric vehicles are not helping volumes enough.
8. Citigroup opens a 30-day positive catalyst watch on Constellation Brands. The analysts see easy comparisons in March and potential of further gains in spring shelf space reset as positive catalysts. Citi expects to see an acceleration in beer trends over the next three Nielsen scanner data releases. The Club holding behind Mexican beer brands Corona, Modelo and Pacifico is set to report earnings next month.
9. Citi upgrades steelmaker Nucor to buy and downgrades industry peer Cleveland-Cliffs to neutral.
10. Dollar Tree disappoints, missing fourth-quarter earnings per share estimates by 11 cents and provides softer first-quarter guidance. The stock is down 11% following the release.

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