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

1. The S&P 500 on Wednesday will make another attempt to break its losing streak that’s now up to three straight sessions. I’ve been saying one or even no Federal Reserve interest rate cuts this year. It’s now being acknowledged by the Fed.
2. United Airlines delivers nice figures on every line. Especially seats. Reports a much narrower quarterly per-share loss and better-than-expected revenue. Cuts aircraft-delivery expectations due to Boeing problems. United shares are soaring 5%.
3. Club name Abbott Laboratories issues better-than-expected first-quarter earnings per share of 98 cents. It also beats on revenue of $9.96 billion. Raises the low end of full-year EPS range and organic sales growth ex-Covid testing.
4. Club name Eli Lilly‘s weight loss drug Zepbound shows promise as a sleep apnea treatment in late-stage trials. Reduction up to 63%. The active ingredient in Zepbound, tirzepatide, is being tested to treat all kinds of conditions besides obesity and diabetes.
5. Bank pecking order after first-quarter earnings: Morgan Stanley, Goldman Sachs, Wells Fargo, Citigroup, Bank of America and JPMorgan. Morgan Stanley and Wells Fargo are Club stocks.
6. Semiconductor equipment maker ASML orders plunge. Could it be it has as many as they need and can’t build out anymore? Of course, it will be considered a sign of less demand for Club name Nvidia. But Nvidia is rationed.
7. Barclays raises Club name Broadcom price target to $1,500 per share from $1,405. The chipmaker shares have been a bit of a laggard of late.
8. Wells Fargo hikes Club name Microsoft price target to $480 per share from $460. The analysts see a stable and improving backdrop for cloud. Meanwhile, Truist likes Club names Amazon, Meta Platforms and Alphabet ahead of earnings.
9. Wells Fargo raises Devon Energy price target by $1 per share to $60. Newfound loved stock. Total turn by the Street. The analysts also hike Club name Coterra Energy price target to $36 from $34. Buy onshore oil production estimate.
10. JPMorgan cuts 3M price target to $110 per share from $118. Keeps neutral. We don’t own 3M. But an industrial stock we do own is Honeywell. Deutsche Bank recently downgraded it for doing too many things. Here’s how we think it can back on track.

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