10 things to watch in the stock market Wednesday
Tesla electric cars are stationed in a storage area in the Zeebrugge port, northern Belgium on June 21, 2024.
John Thys | AFP | Getty Images
The top 10 things to watch Wednesday, July 3
1. Stocks are little changed ahead of the holiday shortened trading session, following back to back positive days for the S&P 500, which closed above 5,500 for the first time Tuesday.
2. Tesla stock is working on it sixth straight session of gains, helped by Tuesday’s better-than-expected delivery numbers for the second quarter.
3. Constellation Brands missed sales estimates by $10 million in its quarterly report before the bell, but posted a big beat on earnings per share — $3.57 vs. estimates of $3.46. Beer net sales rose 8%, depletions gained 6.4% and shipment volumes were up 7.6%. Most impressive: Beer margins of 40.6%. Wine and spirits were weak but there was no change to the full-year outlook. The company also bought back $200 million in shares.
4. Loop Capital laid out the case for owning Meta over Alphabet. Who says you can’t own both?
5. Pepsico‘s price target was lowered to $190 from $200 at Cowen, which cited some weakness in salty snacks. However, the research firm maintained its buy rating.
6. Jefferies raised its price target for Eli Lilly to $1,041 from $1,015 following Tuesday’s FDA approval of donanemab, its Alzheimer’s treatment.
7. Loops Capital raised its price target for off-price retailer TJX to $125 from $115. The firm said its quarter-end round of store checks showed “better performance.”
8. Lululemon‘s price target was lowered to $470 from $505 at Baird, but kept its outperform rating. The firm also cut its price target for Nike to $92 from $115 and maintained its buy.
9. BTIG started coverage of MGM Resorts with a buy and a $52 price target. Cheap valuation but the group has been so hated.
10. Dell added to Bank of America’s U.S. 1 List, taking over Amphenol‘s spot. Amazon remains on the list.
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.
