Jim Cramer’s top 10 things to watch in the stock market Monday
Tech giants Apple, Nvidia, Amazon, Alphabet, Microsoft, Meta Platforms and Tesla, along with Advanced Micro Devices, Oracle, and Adobe, have all experienced a surge in their stocks as the race to capture artificial intelligence continues. Meanwhile, cruise line operator Carnival has been upgraded to overweight by JPMorgan analyst Matthew Boss, with a new price target of $16, up from $11. Citi, however, is negative on regional banks, opening a “90-day negative catalyst watch” on U.S. Bancorp shares. Stocks to watch include Tesla, Biogen, and Amazon, with trade alerts and recommendations available to subscribers of the CNBC Investing Club with Jim Cramer.
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10 things to watch in the stock market on Monday according to Jim Cramer
Here are the top 10 things to watch in the market on Monday, June 12:
1. On Monday morning, Apple, Nvidia, Amazon, Alphabet, Microsoft, Meta Platforms, and Tesla, along with Advanced Micro Devices, Oracle, and Adobe, are all experiencing price surges as the race to capture artificial intelligence continues.
2. Cruise line operator Carnival has been upgraded to overweight from neutral by JPMorgan analyst Matthew Boss, who has also raised its price target from $11 to $16. The move is based on the “long on money, short on time” thesis and the lack of signs that international travel spending will end anytime soon. Price targets for Royal Caribbean and Norwegian Cruise Line have also been raised.
3. Citigroup is opening a “90-day negative catalyst watch” on US Bancorp’s shares after reducing the bank’s price target, citing heavy assessment by the Federal Deposit Insurance Corporation, which may result in raising capital, except for Wells Fargo, which has plenty of it. The recommendation is to buy Club name, WFC.
4. In his Sunday column, Jim Cramer suggests it may be time to book some profits as the stock market reaches overbought territory.
5. After 12 days of gains, Jim Cramer advises taking some profits in electric-vehicle maker Tesla, as Wall Street’s recent gains have pushed the stock market into overbought territory, according to the S&P 500 Short Range Oscillator.
6. Biogen has had its price target raised to $360 from $350 at Oppenheimer and maintains its buy rating. The firm expects Alzheimer’s drug Leqembi to receive full approval on or around its action date of July 6. However, Jim Cramer recommends being more conservative with GE Healthcare, which is cheap and recently came down.
7. Francis deSouza has stepped down from Illumina, viewed positively, just weeks after activist investor Carl Icahn failed to oust the CEO from the biotech company. Jim Cramer suggests Danaher if the IPO market ignites; otherwise, hold on.
8. Bank of America has raised its price target for Amazon to $154 from $139 and maintains its buy rating. The firm is encouraged by recent CEO commentary that retail margins could improve beyond pre-pandemic levels yet warns we need to see cloud unit AWS grow again.
9. Deutsche Bank has raised its price target on Micron to $65 from $55 and maintains its hold rating, noting an inflection in pricing is about to occur. Getting ahead of trough pricing is recommended for the biggest gains.
10. According to a Morgan Stanley survey, the consumer is still strong. Sign up for Jim Cramer’s Top 10 morning thoughts on the market email newsletter for more information.
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