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

1. Wall Street was little changed heading into Monday’s open after U.S. stocks increased for the week, led by the Nasdaq‘s weekly advance of nearly 2.4%. The stronger jobs report Friday threw another wrench into the Federal Reserve interest rate cut guessing game. In my Sunday column, I reflected on a bad market call 25 years ago to remind me to look for what can go right.
2. In the week ahead, the consumer price index is out Wednesday morning and the Fed ends its June policy meeting Wednesday afternoon. After the bell that same day, Club name Broadcom reports earnings.
3. Nvidia‘s 10-for-1 stock split happened after Friday’s close and trades split-adjusted Monday. Splits often breed some selling. There were lots of Wall Street price target hikes including Susquehanna going to $145 per share to $120. The analysts said they are not worried about chip transitions as shipping of the H200 began last month and Blackwell starts in second half. Nvidia shares were a couple of dollars below its June 5 record close.
4. Susquehanna also raised its Advanced Micro Devices price target to $200 per from $185, saying server channel checks positive. Morgan Stanley, however, downgraded AMD to its hold-equivalent equal weight rating. The analysts said artificial intelligence expectations are too high. They prefer Nvidia and Broadcom.
5. Club name Apple holds its annual Worldwide Developer Conference on Monday. That’s when the tech giant is expected to unveil its AI strategy for the flagship device that accounts for about half of overall revenue. The key to how successful the next iPhone iteration will be a revamped Siri.
6. Club name Eli Lilly closed Friday at another record high ahead of Monday’s FDA advisory meeting on donanemab, its experimental Alzheimer’s drug. Donanemab is expected to be approved. Lilly investors are more interested in GLP-1s such as Zepbound for weight loss and Mounjaro for diabetes.
7. Roaring Kitty, a.k.a Keith Gill, versus Ryan Cohen? GameStop CEO Cohen needs the stock higher to gun SPAC. Keith needs it higher to make money. However, Cohen must sell because the company is a moribund homage to video games. After Keith’s livestream Friday, GameStop closed down nearly 40% but still way up for the year after recent spikes higher. Who is the “Dumb Money” this time? The shorts again? Cohen? Keith?
8. Big call: Bernstein said Elon Musk pay package at Tesla is unlikely to pass because passive investors will vote against it. Worth about $56 billion, the plan faces 25% nay from passives. If it were to fail Tesla’s share count would go down dramatically. Bernstein kept its sell rating on Tesla.
9. Citi sees a mixed setup into Oracle‘s quarter. The enterprise software maker reports earnings after Tuesday’s closing bell. The Citi analysts dropped their price target to $128 per share from $133. It’s a hard call because huge data center play versus Cerner, which is looking increasingly like a mistake.
10. Melius Research lowered its Adobe price target to $457 per share from $510. Adobe reports earning after Thursday’s close. Is this the unwinding of software as a service since 2010s? Enterprise software peaking? Nvidia can allow you to simulate, test, and deploy faster.

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