My top 10 things to watch Thursday, Nov. 20 1. The S & P 500 and Nasdaq were headed for sharply higher opens this morning as Nvidia ‘s stellar quarter reignited confidence in the artificial intelligence trade. The results boosted chip stocks, including Club holding Broadcom , which rose 4%, along with AI industrial plays, like Club name Eaton, which jumped more than 2%. On the economic data front, the shutdown-delayed September jobs report showed that the U.S. economy added way more nonfarm payrolls than expected. 2. Nvidia stock surged 5% this morning after the chipmaker last night answered its critics . It wasn’t some circular, so-called Lazy Susan, AI spending show. Nvidia customers are making money like there’s no tomorrow. The list of clients is so much bigger than the hyperscalers. Naysayers are missing the point: Nvidia aims to be the hardware platform for the software platform of the world. 3. Club holding Palo Alto Networks last night posted a better-than-expected quarter and raised full-year guidance. The cybersecurity giant won some huge contracts while waiting for its CyberArk acquisition to close. Palo Alto announced plans to buy AI observability platform Chronosphere in a $3.35 billion deal. Annual recurring revenue, a key metric, was also strong. The company’s results were terrific. 4. Block unveiled a three-year financial outlook , calling gross profits increasing in the mid-teens annually. This is an accelerated growth path back to the Rule of 40. CashApp’s 58 million users and a killer app for Square will lead to faster growth. Block isn’t a cryptocurrency play. Mizuho raised its price target on the stock to $100 from $88 following yesterday’s investor day. 5. Abbott Laboratories announced plans today to acquire cancer test maker Exact Sciences in an all-cash deal worth $21 billion. Exact Sciences shares skyrocketed 18% on the news, while Abbott stock was flat. This acquisition marks a big foray for Abbott into cancer screening with preventative diagnostic devices. 6. IBM and portfolio name Cisco announced today a quantum computing partnership. The companies said that within five years, they want to prove that quantum computers can be networked. Cisco has been working on quantum networking and IBM has been working on a quantum computer that it hopes to be operational by 2029. Both stocks were higher this morning as were pure play quantum names like D-Wave and Rigetti . 7. Citi cut its Williams-Sonoma price target to $188 from $202. The analysts, who kept their hold rating, updated their models after the household goods company reported a better-than-expected quarter yesterday but said the current quarter will see bigger tariff headwinds. CEO Laura Alber told me last night on “Mad Money” that she hopes for “stability at the end of the year.” 8. Walmart posted a better-than-expected third quarter this morning, boosted by double-digit growth in its e-commerce business. The retailer raised its sales and earnings outlook as well. The stock rose more than 3% on the print. The Club owns Costco , whose stock has been struggling. I see Costco as a buy . 9. Club holding TJX received several massive price target increases. Bank of America took its PT to $168 from $160, and maintained a buy rating. Analysts cited yesterday’s beat-and-raise and said TJX’s consistency is “rare and should allow for continued multiple expansion.” The Club raised its price target on TJX to $160 from $150. 10. There was a flood of Target price target cuts from Wall Street analysts. Bernstein, which kept its sell rating, reduced its PT to $80 from $87. Target saw deceleration in brick-and-mortar and e-commerce. As I said yesterday , Target needs a reboot, and TJX is best in class. Target shares were up modestly this morning after dropping nearly 3% on a disappointing quarter. 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
