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

1. The Dow early Thursday was leading the way lower as it has done in recent sessions. Dow stock and Club name Salesforce’s post-earnings plunge was accounting for the bulk of the 300-point drop in the premarket. The Dow, S&P 500 and Nasdaq were all looking at back-to-back losses if the morning trading holds at the close. Club name Costco reports earnings after the bell.

2. Salesforce‘s latest quarter and guidance Wednesday evening showed us the enterprise software slowdown is real. Shares fell 15%. While overdone, stocks are not rewarded for slowing growth. We kept our 2 rating and cut the Club’s price target to $300, from $340. Buzzwords from the post-earnings call: “constrained” sales cycle, “budget scrutiny,” and “measured buying environment.”

3. Best Buy shares jumped roughly 7%, gaining momentum after artificial intelligence computers and devices were cited as expected sales drivers on the electronics retailer’s post-earnings call. Quarterly profit beat but revenue missed. Same-store sales missed. Management lowered their full-year capital expenditures forecast.

4. Shares of embattled Foot Locker popped 12% after the sneaker retailer beat on quarterly earnings, matched on revenue, and reported a smaller-than-feared drop on same-store sales. Guidance was pretty good as signs that CEO Mary Dillon’s turnaround is beginning to take hold.

• I’ll be talking about Costco, Salesforce, Best Buy and Foot locker as well as the 29 other stocks in the Investing Club’s portfolio at our May Monthly Meeting at noon ET.

5. Shares of Kohl’s sank more than 20% after the department store chain reported a per-share quarterly loss of 24 cents when a 4-cent profit had been expected. Revenue also missed. Kohl’s also cut its forward outlook.

6. UiPath disaster: Shares plummeted more than 30% early Thursday after CEO Rob Enslin resigned effective June 1. Co-founder Daniel Dines will step back into the role. Dines had stepped down as co-CEO at the end of January. There were multiple analyst downgrades of the enterprise automation and AI software maker. UiPath cut guidance after a better than expected reported quarter.

7. Goldman Sachs started Club names Abbott Labs with a buy and GE Healthcare with a hold. The analysts see accelerated growth medical technology. The Club added more shares of Abbott and GEHC on Wednesday.

8. Goldman Sachs revised its 2030 sales forecast for GLP-1 obesity drugs to $130 billion, up from last year’s $100 billion prediction. As a result, the analysts upped their price target on Club name Eli Lilly to $785 per share from $740 — well below where the stock closed Wednesday. Goldman kept its hold-equivalent rating on Lilly, which has a duopoly on the GLP-1 market with Danish rival Novo Nordisk.

9. Hospitals are doing well. JPMorgan upped its price target on Tenet Healthcare to $140 a share from $107, while keeping its buy-equivalent rating on the hospital and surgical center operator.

10. McDonald’s U.S. President Joe Erlinger put out an open letter about inflation, saying the price of a Big Mac in America was $4.39 in 2019 and now $5.29. That’s 21% inflation. Erlinger was pushing back against social posts and media reports that McDonald’s says have exaggerated its price increases.

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