Top 10 things to watch Wednesday, May 31
1. The last day of the month. The Republican-controlled House vote on the debt ceiling deal is scheduled for Wednesday night, the day after the Rules Committee recess. The Democratic-controlled Senate is coming. The default deadline is Monday.
2. Wall Street is set to open lower yet NasdaqIt marked the third consecutive session of gains and its highest close since August. Back above 13,000. Buoyed by the recent buying spree in AI-related stocks like Club name nvidia (NVDA), which on Tuesday briefly traded above a market cap of $1 trillion. A very narrow climb in NVDA and fellow club holdings apple (AAPL) and Amazon (AMZN) as well Tesla (TSLA). All retreat early.
3. “Stay long,” says Citi to Nvidia. It maintains a Buy rating and a price target of $420 per share. Bank of America raised the price target for NVDA to $500 from $450. BofA analysts cite product announcements at a computer conference in Taiwan over the long weekend.
4. Matt Murphy, CEO of Marvell Technology on Mad Money, says the chip maker is getting more and more orders every day for the plumbing work needed for generative AI. Marvel (MRVL), a former club stock, now in the bullpen, will have a 100% CAGR (Compound Annual Growth Rate). Marvell, like Nvidia, has had a run of late. They both take breaths. This is our stock of other chips advanced micro devices (AMD), which we trimmed down on Tuesday. trimmed Meta platforms (dead). We still love both but it would be wise to take some profit after the big rallies.
5. Target price increases for Microsoft (MSFT): Credit Suisse to $420 per share from $350 and Piper Sandler to $400 per share from $348. AI tailwinds can accelerate growth. Both research stores maintain an equivalent buy rating.
6. Bernstein raised his target price on Amazon to $140 from $125. Maintains a Superior (Buy) rating. Much of what analysts call “untapped potential”.
7. Enrique Lloris, CEO, Inc HP (HPQ), the bottom in PC calls Mad Money. He says that the second half will be much stronger than the first. HP released a quarterly earnings miss. Hewlett-Packard Corporation (HPE) also missed out on revenue. Shares of both, which are separate publicly traded companies, have fallen precipitously.
8. JPMorgan Chief Executive Jamie Dimon is in China for a Bloomberg conference that the uncertainty there is “to some degree” caused by the Chinese government. Is the government there in trouble? Do we have to trade with them as much? They didn’t get the powerful Nvidia H-100 chip to power the AI, don’t forget that. Tesla CEO Elon Musk is also visiting China, meeting government officials there.
9. Manufacturing activity in China contracted in May more quickly than expected as the post-Covid recovery in the world’s second-largest economy continues to falter. Oil prices are falling due to concerns about demand. The same goes for oil stocks, including the club’s holdings Coterra Energy (CTRA), Pioneer Natural Resources (PXD) f Halliburton (Hal)
10. Goal (TGT) f kohl (KSS) come down. Kohl’s now has a file The problem of the month of pride After backlash over Target’s transgender-friendly swimwear. Bud Light’s marketing campaign with a passing influencer led to boycotts and increased sales at rival brewers like Club name zodiac brands (STZ).
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