My top 10 things to watch for Wednesday, Aug. 21: 1. Wall Street was eyeing a slightly positive open after moderate losses on Tuesday ended an eight-day winning streak by the S&P 500 and Nasdaq. Investors await the minutes of the Fed’s latest meeting on Wednesday afternoon, hoping for further signals on how deep the September rate cut will be. The market odds are for a quarter-percentage point move. 2. Club name TJX Companies beat quarterly forecasts on profit and sales. The off-price retailer behind TJ Maxx, Marshalls and HomeGoods raised its full-year forecast but fell slightly short of expectations. Shares rose over 3%. 3. Target was the big winner. Shares rose over 14% after the big-box retailer beat expectations on profit and sales for the quarter. CEO Brian Cornell said customers were reacting to the May price cut on 5,000 items. 4. Macy’s shares fell more than 7% after the department store chain beat earnings forecast but missed on revenue. The company lowered its full-year revenue forecast. Bloomingdale’s and Bluemercury are outperforming Macy’s. 5. Walmart sold its $3.7 billion stake in Chinese online retailer JD.com. The American retail giant will continue the partnership, however. The weirdest part: The move sent JD.com shares down 8%. That makes me think that maybe the entire market in China is overly inflated. Walmart shares rose 1%. 6. Citigroup opened a positive catalyst watch on Gap, which also owns Banana Republic, Old Navy and Athleta. The stock gained 2.5%. I’ll interview Gap CEO Richard Dickson when the retailer reports its results on August 29. 7. Bank of America downgraded American Express to hold from buy. Analysts cited subdued consumer spending as the reason. However, they still like it over the long term, which is why I say: Why downgrade it? 8. BofA raised its price target on Palo Alto Networks to $400 per share from $370, recognizing the cybersecurity stock’s recent run-up. Analysts maintained their hold rating, saying the company “continued to report some negative aspects for a few quarters that continue to weigh on the investment case.” Palo Alto extended its recent stock rally on Tuesday on the back of solid earnings this week. Club stock was essentially flat on Wednesday. 9. Ford said Wednesday it is delaying production at a new plant in Tennessee to make a next-generation all-electric pickup truck. It is also scrapping plans for a three-row electric SUV. Ford said it will favor hybrids instead. Shares rose about 1%. We sold the rest of our Ford position on August 5. 10. Medtronic received several price target increases after its earnings report on Tuesday. Baird rose to $90 per share from $82 but maintained its hold rating. Wells Fargo rose a dollar to $106 and maintained its overweight rating. Its neuromodulation business was a highlight this quarter. Sign up for my free email newsletter, Top 10 Morning Thoughts on the Market (you can find a full list of Jim Cramer’s Charitable Trust stocks here). As a subscriber to CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. After sending a trade alert, Jim waits 45 minutes before buying or selling a stock from his charitable trust’s portfolio. If Jim has discussed a stock on television, he will wait 72 hours after the trade alert is issued before executing the trade. THE INVESTING CLUB INFORMATION DESCRIBED ABOVE IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY AND OUR DISCLAIMER. NO FIDUCIARY OBLIGATION OR DUTY EXISTS OR IS CREATED BY RECEIVING INFORMATION RELATED TO THE INVESTING CLUB. NO PARTICULAR RESULT OR PROFIT IS GUARANTEED.
My top 10 things to see on Wednesday, August 21
1. Wall Street expected a slightly positive opening after modest losses on Tuesday ended an eight-day winning streak for the S&P500 And NasdaqInvestors are awaiting the minutes of the Fed’s latest meeting on Wednesday afternoon, hoping for further clues as to how large the September rate cut will be. Market forecasts suggest a quarter-percentage point move.
2. Club name TJX Companies The company beat quarterly results on profit and revenue. The discount retailer behind TJ Maxx, Marshalls and HomeGoods raised its full-year forecast but fell slightly short of expectations. Shares rose more than 3%.
3. Goal was the big winner. Shares rose more than 14% after the wholesaler beat expectations on profit and sales in the quarter. CEO Brian Cornell said customers were responding to the company’s price cut on 5,000 items in May.
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