My top 10 things to watch Thursday, April 23 1. Stock futures are modestly lower this morning after the S & P 500 and tech-heavy Nasdaq closed yesterday at record highs on an Iran war ceasefire extension. The market is still overbought but the rally hasn’t quit. 2. The star of last night’s earnings: Texas Instruments . Yes, really. The overhang on its industrial business is gone, and its data center business is ramping, growing 90% year over year. Strong second-quarter guide too. This is no longer a hated stock. Barclays upgraded to hold from sell. Bank of America went to buy from hold. Shares are flying more than 10% premarket. 3. Messy quarter from Club name Honeywell , sending shares down over 5% this morning. Kneejerk reaction. Go ahead and sell the stock. This quarter is not that important in the grand scheme because we own the stock for its long-awaited aerospace spin-off. We finally have an official date for that: June 29. A little earlier than expected. 4. ServiceNow shares are getting crushed after a noisy earnings report, down almost 14% premarket. CEO Bill McDermott told me business is “doing great,” but the market clearly disagrees. Lots of questions: Did growth really slow but it was masked by acquisitions? Were the costs of AI too high? Is its AI strategy “too” successful that it lost seats? KeyBanc lowered its price target to $85 from $115. Jefferies went to $135 from $175. 5. IBM’s first-quarter results seemed fine, but the market seems focused on the decelerating revenue growth. Total revenue was up 9% this quarter versus 12% in Q4. Software revenue growth also slowed to 11% from 14%. Will Anthropic’s AI tools eliminate grunt work that clients usually pay IBM for? Hard bear thesis to disprove. IBM shares are sinking over 7% this morning. 6. Tesla’s first-quarter earnings beat consensus and revenue barely missed. Profits were helped by one-time benefits related to tariffs and warranties. Adjusted gross margins were very good. FSD subscription rates were also good. But Tesla’s full-year capex guide went up $5 billion to $25 billion, adding pressure to free cash flow. Of course, this story is about more than cars. CEO Elon Musk predicted Tesla’s humanoid robot will be its biggest product ever. 7. Musk also said Tesla will become the first major customer for Intel’s advanced 14A manufacturing process to make chips at its Terafab project. Big deal for Intel , who is trying to compete with Taiwan Semi to become a leading foundry. Shares of Intel are up nearly 2% premarket. I’ve believed in Intel CEO Lip-Bu Tan since he took over last year. 8. Lam Research beat on the top and bottom lines. Current quarter guide was also strong, but the stock isn’t doing much this morning. Perhaps a breather makes sense for a name up 55% already in 2026. Lam makes equipment used to produce semiconductors, especially red-hot memory chips. No surprise: Lam booked record DRAM revenue in the quarter. Barclays kept its hold rating but went to $275 from $255. 9. Strong start to the year for American Express . The company delivered a much better-than-expected first quarter this morning. Revenues rose 10% to $18.9 billion. Management reaffirmed its full-year outlook, forecasting 9% to 10% revenue growth. Credit losses were also low. We own rival Capital One for the Club. 10. Southwest Airlines turned in a decent first quarter last night, but its earnings guidance for the current period was hurt by higher fuel costs . For now, Southwest left its full-year EPS outlook unchanged. On the other hand, American Airlines cut its 2026 profit outlook this morning. American CEO Robert Isom told CNBC that merging with rival United would be “bad for customers.” Sign up for my Top 10 Morning Thoughts on the Market email newsletter for free (See here for a full list of the stocks at Jim Cramer’s Charitable Trust.) As a subscriber to the CNBC Investing Club 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 a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
Jim Cramer’s top 10 things to watch in the stock market Thursday
Apr 23, 2026
