Top 10 to Watch Thursday, October 24 CNBC’s Matthew J. Belvedere wrote this dispatch with assistance from Jeff Marks. 1. The S&P 500 was trying to end a three-session losing streak. Stocks took some comfort from lower bond yields, which have been rising recently despite the Fed’s monetary easing. Bond traders are pushing yields higher, suggesting central bankers are being too aggressive in cutting interest rates by a steep 0.5 percentage point in September. 2. Tesla shares surged 14.5% after the EV maker posted quarterly earnings per share (EPS) results, leading the Nasdaq to move closer. Although sales were disappointing, Elon Musk’s prediction that next year’s “automotive growth rate” would be between 20% and 30% prompted investors to buy. He cited “lower vehicle prices” and “the advent of autonomous driving.” 3. Club Industrial stocks Honeywell and Dover fell after reporting quarterly results. Honeywell raised the lower end of its full-year profit forecast, but lowered its sales outlook. Dover’s guidance was confusing as it was updated to reflect business discontinuances and divestitures. 4. Nvidia CEO Jensen Huang said long-time Taiwanese manufacturing partner TSMC helped fix design flaws that “caused yield declines” in next-generation Blackwell AI chips. Hiccups were disrupting production. Nvidia announced that it will hold an AI summit in India and supply AI chips to Indian companies. 5. Semiconductor equipment maker Lam Research posted better quarterly profits and sales, sending its stock price up 5%. The results contrasted with the slump at peer ASML, which dragged the sector overall down last week, before TSMC’s strong performance provided a boost. 6. Oppenheimer raised its price target on Salesforce from $300 to $330 per share and maintained an outperform buy rating. Analysts cited a survey of 33 Salesforce customers’ technology priorities. Results were mixed, they said, but the club pointed to industry and macro forces that should help name Salesforce in the future. 7. Boeing machinists rejected a new labor contract that included a 35% wage increase over four years. The strike has been going on for more than five weeks, further halting Boeing’s aircraft production. 8. Southwest Airlines and Elliott Investment Management announce settlement agreement to avoid boardroom dispute. Instead, the activist investor group added board seats and hastened the retirement of executive chairman Gary Kelly. However, the agreement means CEO Bob Jordan will remain in his role. Southwest also reported quarterly EPS and revenue beats. 9. United Parcel Service stock soared 8.5% after the company reported third-quarter revenue and revenue beats. U.S. parcel delivery revenue exceeded expectations. The International, Supply Chain and Cargo segments were in line with expectations. 10. T-Mobile reported third-quarter core adjusted EBITDA of $8.24 billion, beating expectations. EPS and revenue were similar. Total wireless net growth also exceeded expectations. The company has raised its forecast for full-year net postpaid customer growth. EBITDA represents earnings before interest, taxes, depreciation, and amortization. Sign up for free for my Top 10 Morning Thoughts on the Markets email newsletter (See here for a complete list of Jim Cramer Charitable Trust stocks.) Jim Cramer’s CNBC Investment Club As a subscriber, you can receive trade alerts. Before Jim trades. After Jim sends a trade alert, he waits 45 minutes before buying or selling stocks in his charitable trust’s portfolio. If Jim talks about a stock on CNBC TV, he will issue a trade alert and then wait 72 hours before executing the trade. The above investment club information is subject to our Terms of Use and Privacy Policy, along with our disclaimer. No fiduciary duties or obligations exist or arise from your receipt of information provided in connection with the Investment Club. No specific results or benefits are guaranteed.
Jensen Huang, CEO of Nvidia, speaks at the launch of the supercomputer Gefion, a new AI supercomputer created in collaboration between EIFO and NVIDIA, at the Wilhelm Lauritsen Terminal in Kastrup, Denmark, on October 23, 2024.
Ritzau Scanpics | Mads Klaus Rasmussen | Via Reuters
Top 10 to watch on Thursday, October 24th
CNBC’s Matthew J. Belvedere wrote this message with assistance from Jeff Marks.
1. S&P500 He was trying to end a three-session losing streak. Stocks took some comfort from lower bond yields, which have been rising recently despite the Fed’s monetary easing. Bond traders are pushing yields higher, suggesting central bankers are being too aggressive in cutting interest rates by as much as half a percentage point in September.
2. tesla The stock jumped 14.5% and was in the lead. Nasdaq The trend started to rise after EV manufacturers posted higher quarterly earnings per share (EPS). Although sales were disappointing, Elon Musk’s prediction that next year’s “automotive growth rate” would be between 20% and 30% prompted investors to buy. He cited “lower vehicle prices” and “the advent of autonomous driving.”
3. Club Sangyo Co., Ltd. honeywell and dover It fell after the quarterly results were announced. Honeywell raised the lower end of its full-year profit forecast, but lowered its sales outlook. Dover’s guidance was confusing as it was updated to reflect business discontinuances and divestitures.
