My top 10 things to watch Wednesday, Dec. 3 1. Stocks reversed course this morning and were headed for a lower open after a report in The Information said that Microsoft was lowering AI software sales quotas. Elsewhere, ADP data for November showed U.S. companies cut 32,000 workers versus estimates for a gain of 40,000. The market believes the Fed will cut interest rates next week. If that happens, it would be the third rate cut this year. 2. CrowdStrike ‘s beat-and-raise quarter last night was not enough to power shares higher. The stock, off 1% this morning, was still up more than 20% since the previous print back in August. Nothing new here on the stock. It often sells down after earnings and tends to be higher a month later. Business is good at this Club name. 3. Did Amazon Web Services just leapfrog Alphabet ‘s Google Cloud and Microsoft’s Azure with its innovations for business-to-business and the gravitation from on-premise to the cloud? AWS CEO Matt Garman was on “Mad Money” last night in a two-parter: watch here and here . Garman’s keynote yesterday at the AWS Re:Invent Conference talked about a two-track strategy of custom chips and Nvidia . The Club owns Amazon , Microsoft and Nvidia. 4. Lloyd Yates, CEO of NiSource , was on CNBC early morning, talking about a huge contract the energy company signed with Amazon. Yates said Amazon, as part of the deal, will be paying a fee that will go back to the company’s retail customers, resulting in energy cost savings. PG & E said the same. Are the critics of these kinds of deals lying? Kind of. 5. UBS raised its price target on Oklo to $95 from $65, and kept a hold rating on shares. Analysts say Oklo is a winner of the generational build-out of nuclear power. I say good luck. The only small-scale nuclear reactor story that works is Club name GE Vernova . 6. Marvell Technology shares surged nearly 10% after the chipmaker posted an extraordinary earnings report last night. Management expects data center revenue to jump 25% during the company’s fiscal year 2026. Marvell is the winner in the glass versus copper fight in the data center. The company also announced plans to acquire startup Celestial AI for at least $3.25 billion, which will be accretive in a short time and is about the great scale-up for racks and how glass will win. 7. Macy’s posted a blowout third quarter this morning, which featured its strongest sales growth in over three years. Bloomingdale’s had the best performance among all of Macy’s brands. Watch “Macy’s Reimagine 125,” a key part of the company’s turnaround strategy that includes renovating 125 locations to drive sales. Macy’s CEO Tony Spring is winning right now. Still, the stock tumbled roughly 4% on management’s cautious tone around the holiday shopping season. 8. JPMorgan downgraded Wendy’s to hold from buy, and cut its price target to $9 from $12. Analysts want a more defined business strategy from management, and argue that the chances of a turnaround for Wendy’s U.S. market are very low within the next three years. Shares of the food chain are down 2% early this morning. 9. GitLab shares plunged over 10% despite posting a double-digit jump in revenue and better-than-expected adjusted earnings. Net income, however, swung to a loss. Mizuho cut its GitLab price target to $47 from $52, citing the “mixed” report and a now “fairly balanced risk/reward profile” for shares. In enterprise software, the Club owns Salesforce , which will report results this evening. 10. Okta ‘s price target at Stifel was cut to $121 from $130. Analysts, who kept a buy rating, cited guidance for current remaining performance obligations, which was above the identity security company’s estimates, but below consensus. Shares were down nearly 5%. 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 Wednesday
Dec 3, 2025
