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


My top 10 things to watch Tuesday, Nov. 7

  1. Wall Street is set for lower a open after the Nasdaq had its first seven-session winning streak since January. The Dow and the S&P 500 were up for six days in a row. Going into Tuesday trading, the S&P 500 Short Range Oscillator, which I have trusted for decades, remained overbought. (We’ve arranged for Club members to get a deal on the Oscillator.)
  2. Bond-buying continues, which pushes yields lower. Tamer yields after the 10-year Treasury recently topped 5% have supported this stock run. U.S. oil prices are down 2% below $80 per barrel. Mixed China economic data offsets Saudi Arabia and Russia extending their production cuts. Natural gas sinks nearly 4%.
  3. Club name Coterra Energy (CTRA) delivers a quarterly earnings beat and guidance raise. Very strong numbers for natural gas for the three months ended Sept. 30. Coterra is 50/50 nat gas and oil. Overall Q3 revenue slight miss. But still strong cash flow generation on the back of better-than-expected production.
  4. Club name Emerson Electric (EMR) shares were down more than 5.5% early Tuesday after the industrial automation company misses on fiscal 2023 fourth-quarter earnings and revenue. Fiscal 2024 Q1 adjusted earnings guidance: $1 per share to $1.05, below estimates by 2 cents on the low end.
  5. Wells Fargo says it is time to buy Club name Humana (HUM), whose stock has come down a great deal. Price target hike to $592 per share from $541. We like this call. Humana is one of the three stocks we’re considering buying more of.
  6. Barclays takes Corona and Modelo beer maker Constellation Brands (STZ) to $293 per share from $280. It’s been a tough road and Analyst Day was considered disappointing because nothing strategic was announced.
  7. Uber (UBER) bookings look good in the third quarter. Earnings before interest, taxes, depreciation, and amortization (EBITDA) $1.09 versus $1.02 expected. Revenue of $35.2 billion also beat estimates.
  8. WeWork (WE) is prepackaged and probably will not put pressure on the commercial real estate sector. We still don’t know who owns the bad properties. But it does not seem to be Vornado (VNO) or SL Green (SLG). Once valued at $47 billion, WeWork files for bankruptcy.
  9. RBC Capital initiates Home Depot (HD) and Lowe’s (LOW) with holds. Highly unusual because usually one is liked. Barclays cuts HD price target and says that it might miss the quarter. Home Depot reports earnings Nov. 14. Lowe’s results are out Nov. 21.
  10. Oppenheimer hikes Walmart (WMT) price target to $185 per share from $175. The analysts see broad-based demand. WMT issues quarterly results Nov. 16.

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