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

1. The 10-year Treasury yield rallies ahead of Wednesday’s record $42 billion auction of those notes. The Dow, the S&P 500 and the Nasdaq are set to open higher as Wall Street goes for back-to-back gains.
2. New York Community Bancorp shares jump 10% after the troubled regional bank promotes its nonexecutive chairman to executive chairman, effective immediately. The move comes are the stock has been battered by worries about commercial real estate losses. Late Tuesday, Moody’s cut NYCB’s credit rating two notches to junk status.
3. Morgan Stanley comes out swinging for regionals KeyBanc, FITB, CMA in wake of NYCB fiasco. MTB and favorite HBAN, which I love.
4. Is this new streaming sports package skinny bundle made for Apple’s Vision Pro? Disney‘s ESPN, Fox, and Warner Bros. Discovery strike a deal to form a new company to deliver their channels that carry sports directly to consumers later this year. Club name Disney issues earnings after the closing bell Wednesday. (Fellow Club name Wynn Resorts also reports Wednesday evening.)
5. Major Eli Lilly price target boosts after Tuesday’s blowout earnings, including our Club PT that went to $750 per share from $630. Analysts seemed to be clueless about how big GLP-1s can really be. They were incredulous about positive data on tirzepatide (the active ingredient in the Zepbound weight loss and Mounjaro diabetes drugs) to treat a condition associated with liver disease.
6. Ford was huge because the crossroads have been reached. No more losing money on vehicles. The struggling stock pops more than 5.5% on Wednesday, the morning after the automaker’s quarter beat on earnings and revenue. Outlook exceeded estimates as cost cuts and higher profits from its commercial car business are expected to more than offset the losses from electric vehicles.
7. Cosmetics battle: e.l.f versus Club name Estee Lauder is revealing the consumer is price sensitive, ELF, and doesn’t see the value proposition in, EL, even as EL is no longer as expensive if it really inflected. CEO Fabrizio Freda said Estee Lauder has on Tuesday as the company released a better than excepted quarter.
8. Chipotle Mexican Grill is value and fresh. Unlike McDonald’s, there’s no degradation as you move down the ladder of wealth. So is MCD is about no value proposition at any price? Damning. The changing of the guard to the healthy? Chipotle shares up on strong quarter.
9. As good as Chipotle is, the parent of Taco Bell, KFC and Pizza Hut missed the quarter. Yum Brands CEO David Gibbs said on the post-earnings conference call: “Sales trends decelerated during the quarter in several markets as a result of the conflict in the Middle East.” McDonald’s and Club name Starbucks also cited the Israel-Hamas war as a headwind.
10. Uber‘s quarter crushes estimates on earnings-per-share and revenue. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) up 93% year over year. Gross bookings for Mobility and Delivery segments up 29% and 19%, respectively.

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.