Jim Cramer’s top 10 things to watch in the stock market Thursday

By News Room Last updated Oct 17, 2024

My top 10 things to watch Thursday, Oct. 17 1. Taiwan Semiconductor Manufacturing Company reported a true blowout quarter. All you need to know from TSMC: “Our customer’s demand far exceeds our ability to supply.” Confirms that one customer, presumably Nvidia , has insane demand, and it’s just beginning. 2. TSMC shares surged roughly 10% on Thursday, pulling Club names Nvidia, Advanced Micro Devices and Broadcom along for the ride. TSMC’s results are a refutation of semiconductor equipment maker ASML , which knocked down chip stocks Tuesday. 3. Riding the chip and broad tech stock rally, Wall Street was heading for a higher open that would add to Wednesday’s bounce-back rally from the prior session’s sharp declines. The Dow eked out a new record-high close. We held our October Monthly Meeting on Wednesday and talked about what levels we would buy more Disney and provided the latest on the 32 other stocks in the Club portfolio. 4. The increase in September retail sales signaled that consumer spending was still robust. There were fewer than expected jobless claims reported last week. The numbers, which support the case that the economy is holding up, did dampen slightly the near lock on expectations for 50 basis points of Fed interest rate cuts by year-end. The Fed started its monetary policy easing with a 50 basis point rate cut in September. 5. Mizuho raised its price target on big data security company Palantir by $14 per share to $30 but that was still roughly $12 below Wednesday’s closing price. The analysts kept their underperform sell rating on mixed signals. For the Club portfolio, we own Palo Alto Networks and CrowdStrike in cybersecurity. 6. Mizuho hiked its Meta Platforms price target to $650 per share from $600 ahead of earnings, which are set for release on Oct. 30. The analysts called the Club stock the “top pick” among digital advertising platforms. Mizuho kept its PTs unchanged on fellow Club names Alphabet and Amazon but were more cautious. 7. Mizuho increased its Eaton price target to $365 per share from $355. The analysts see business for the Club holding trending stronger. We like Eaton for how it can help equip data centers being built out and retrofitted for AI with power solutions. 8. JPMorgan cut its price target on Club solar company Nextracker price target to $58 per share from $62. The analysts see clean energy tilting negative. As we said during Wednesday’s meeting, you can’t buy this one right now. 9. Abbott Laboratories got multiple price target bumps on Wall Street after a great quarter. However, be careful. The Club holding will likely lose its current court case over allegations of adverse effects of its specialized infant formula for premature babies. That’s because the recent FDA comments favoring Abbott are not allowed to be included. 10. Big earnings Thursday night: Netflix . There are very high expectations. The stock has gained 44% in 2024, roughly double the S & P 500 ‘s year-to-date advance. 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.

My top 10 things to watch Thursday, Oct. 17

1. Taiwan Semiconductor Manufacturing Company reported a true blowout quarter. All you need to know from TSMC: “Our customer’s demand far exceeds our ability to supply.” Confirms that one customer, presumably Nvidia, has insane demand, and it’s just beginning.

2. TSMC shares surged roughly 10% on Thursday, pulling Club names Nvidia, Advanced Micro Devices and Broadcom along for the ride. TSMC’s results are a refutation of semiconductor equipment maker ASML, which knocked down chip stocks Tuesday.

3. Riding the chip and broad tech stock rally, Wall Street was heading for a higher open that would add to Wednesday’s bounce-back rally from the prior session’s sharp declines. The Dow eked out a new record-high close. We held our October Monthly Meeting on Wednesday and talked about what levels we would buy more Disney and provided the latest on the 32 other stocks in the Club portfolio.

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