My top 10 things to keep an eye on Friday 16th June 1. Cava (CAVA) success: doubling on the first day of trading. Add to that another 3% early Friday. As predicted, the well-received Mediterranean restaurant chain will open the floodgates for the IPO here. In the food and beverage space, Club owns Starbucks (SBUX), and we explored how the coffee giant could increase profits by using AI chatbots at its drive-thru windows. 2. The Dow, S&P 500 and Nasdaq are set for a slightly higher open. At Thursday’s close, the S&P 500 and Nasdaq were at their highest levels since April 2022. The Dow has more work to do to catch up. So far this week, the 30-stock moving average is up 1.6%. The S&P 500 and Nasdaq are up about 3% and 4%, respectively, this week. Wall Street largely took the “hawkish pause” in the Fed’s rate hikes on Wednesday with ease. 3. Adobe (ADBE) receives an avalanche of price target increases from Wall Street research firms after the software giant behind Photoshop and many other creative packages delivered a solid quarterly increase and forecast upgrade. Adobe shares have soared since partnering with club name Nvidia (NVDA) in late March to develop generative AI models for developers and marketers. 4. Morgan Stanley research analysts replace club name Advanced Micro Devices (AMD) with Nvidia as top pick in semiconductors. The company raised the NVDA price target from $400 to $500 per share. Retains the Overweight (Buy) rating. The demand for AI training continues to grow. Saw it with Adobe. But Morgan Stanley still sees AMD as a buy option and raised its price target to $138 from $97. 5. iRobot (IRBT) shares rose 18% early Friday after the UK competition regulator gave club name Amazon (AMZN) approval to buy the Roomba vacuum cleaner. US regulators are also reviewing the deal. 6. The club that owns Meta Platforms (META) receives a price target increase from $300 to $320 per share from Bank of America, which also retains a buy rating. The analysts point to the accelerated growth of Meta compared to the competition. 7. Wedbush raises price target on club name Palo Alto Networks (PANW) from $225 to $290 per share. Keeps the Outperform (Buy) rating. Analysts see the growth of cloud cybersecurity as a key catalyst. 8. Bank of America raised its price target on Club Caterpillar (CAT) stock from $250 to $283. BofA analysts stand by their buy rating ahead of their meeting next week with company officials, including CEO Jim Umpleby. At the club’s monthly meeting in June this week, we examined our four industrial stocks, including CAT. They all quietly came to life. 9. Price target increases for Lennar (LEN), including UBS rising from $127 to $150 per share and keeping buy rating. Cash flow and low debt. Ready to build more homes but has built less so far in 2023 than last year amid fears of a recession. 10. SoFi (SOFI) was downgraded to Neutral from Buy on both Bank of America and Piper Sandler. But analysts at both companies are raising their price target. Sofi shares have doubled since we spoke to CEO Anthony Noto in Santa Barbara about three weeks ago. (For a full list of Jim Cramer’s Charitable Trust stocks, click here.) As a CNBC Investing Club subscriber with Jim Cramer, you’ll receive trade alerts before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling any stock in his charitable foundation’s portfolio. When Jim spoke about a stock on CNBC television, he waits 72 hours after the trade alert is issued before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY, ALONG WITH OUR DISCLAIMER. THE RECEIVING OF YOUR INFORMATION PROVIDED IN CONNECTION WITH THE INVESTMENT CLUB SHALL HAVE NO FOCUS OBLIGATION OR DUTY. NO PARTICULAR RESULTS OR PROFITS ARE GUARANTEED.
My top 10 things to see on Friday June 16th
1. Success of Cava (CAVA): doubling on the first day of trading. Add to that another 3% early Friday. As predicted, the well-received Mediterranean restaurant chain will open the floodgates for the IPO here. In the food and beverage space, Club owns Starbucks (SBUX), and we explored how the coffee giant could increase profits by using AI chatbots at its drive-thru windows.
2. The Dow, S&P 500 and Nasdaq are likely to open slightly higher. At Thursday’s close, the S&P 500 and Nasdaq were at their highest levels since April 2022. The Dow has more work to do to catch up. So far this week, the 30-stock moving average is up 1.6%. The S&P 500 and Nasdaq are up about 3% and 4%, respectively, this week. Wall Street largely took the “hawkish pause” in the Fed’s rate hikes on Wednesday with ease.
3. Adobe (ADBE) is getting an avalanche of price target increases from Wall Street research firms after the software giant, which powers Photoshop and many other creative suites, reported a solid quarterly increase in hit and forecast numbers. Adobe shares have soared since partnering with club name Nvidia (NVDA) in late March to develop generative AI models for developers and marketers.
4. Morgan Stanley research analysts replace club name Advanced Micro Devices (AMD) with Nvidia as top pick in semiconductors. The company raised the NVDA price target from $400 to $500 per share. Retains the Overweight (Buy) rating. The demand for AI training continues to grow. Saw it with Adobe. But Morgan Stanley still sees AMD as a buy option and raised its price target to $138 from $97.
5. iRobot (IRBT) shares rose 18% early Friday after the UK competition regulator gave club name Amazon (AMZN) approval to buy the Roomba vacuum cleaner. US regulators are also reviewing the deal.
6. Club holding company Meta Platforms (META) has received a price target increase from $300 to $320 per share from Bank of America, which also maintains its buy rating. The analysts point to the accelerated growth of Meta compared to the competition.
7. Wedbush is raising its price target on club name Palo Alto Networks (PANW) to $290 per share from $225. Keeps the Outperform (Buy) rating. Analysts see the growth of cloud cybersecurity as a key catalyst.
8th. Bank of America raised its target price on Club Caterpillar (CAT) stock to $283 from $250. BofA analysts stand by their buy rating ahead of their meeting next week with company officials, including CEO Jim Umpleby. At the club’s monthly meeting in June this week, we examined our four industrial stocks, including CAT. They all quietly came to life.
9. The target price on Lennar (LEN) is raised, including raising UBS’s value to $150 per share from $127 and keeping the Buy rating. Cash flow and low debt. Ready to build more homes but has built less so far in 2023 than last year amid fears of a recession.
10 SoFi (SOFI) was downgraded to neutral from buy at both Bank of America and Piper Sandler. But analysts at both companies are raising their price target. Sofi shares have doubled since we spoke to CEO Anthony Noto in Santa Barbara about three weeks ago.
(For a full list of Jim Cramer’s Charitable Trust stocks, click here.)
As a CNBC Investing Club subscriber 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 any stock in his charitable foundation’s portfolio. When Jim spoke about a stock on CNBC television, he waits 72 hours after the trade alert is issued before executing the trade.
THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY, ALONG WITH OUR DISCLAIMER. THE RECEIVING OF YOUR INFORMATION PROVIDED IN CONNECTION WITH THE INVESTMENT CLUB SHALL HAVE NO FOCUS OBLIGATION OR DUTY. NO PARTICULAR RESULTS OR PROFITS ARE GUARANTEED.