1. Stocks are on track to open the week higher, with the S&P 500 up 0.5% in premarket trading. Investors this week are looking ahead to a raft of U.S. economic data that includes the Labor Department’s consumer- and producer price indices, key metrics of inflation. But, as I wrote in my Sunday column, I don’t care at this point if the Federal Reserve hikes interest rates a bit more, so long as the move is done slowly over time.
2. Citigroup lowers it price target on home construction firm Lennar (LEN) to $139 a share, down from $148, while maintaining a buy rating on the stock. With benchmark mortgage rates above 7% for the past few weeks, Citi is “selectively positive” on U.S. homebuilders given “historically attractive” valuations. Citi also lowers its price target on D.R. Horton (DHI) to $140 a share, from $148, and reiterates a buy rating.
3. Chip designer Arm, owned by SoftBank Group (SFTBF), is moving closer to securing enough investor support to price its initial public offering at the top or above its $47-to-$51-per-share range, Reuters reported Sunday. This is more about how there haven’t been a lot of really strong IPOs, and how CEO Rene Haas has gotten Arm close to Club chipmaker Nvidia (NVDA).
4. Morgan Stanley upgrades Tesla (TSLA) to overweight, from equal weight, while raising its price target on the stock to $400 a share, up from $250. The firm identifies the electric-vehicle maker as both an automobile and technology company, noting that its Dojo supercomputer could add up to $500 billion to Tesla’s enterprise value.
5. Wells Fargo raises its price target on Club holding TJX Companies (TJX) to $92 a share, up from $88, to reflect a higher multiple amid stronger business momentum. The firmed maintains an equal-weight rating on the off-price retailer’s shares.
6. Citigroup raises its price target on Club holding Oracle (ORCL) to $138 a share, up from $121, while reiterating a neutral rating on the stock. Citi expects the software giant to beat estimates for its fiscal first quarter when it reports after the closing bell on Monday. Here’s what to expect from the results.
7. Grocery delivery company Instacart is planning to go public at a valuation between $8.6 billion and $9.3 billion, according to reports from The Wall Street Journal and Reuters, a significant reduction on its estimated value in 2022.
8. Jefferies raises its price target on Adobe (ADBE) to $660 a share, up from $600, ahead of its fiscal third-quarter earnings report on Thursday. The firm, which maintains a buy rating on Adobe shares, cites a “healthier” demand environment. Shares of the computer software firm have rallied 67% year-to-date.
9. Chipmaker Qualcomm (QCOM) inks an agreement with Club name Apple (AAPL) to supply the iPhone maker with 5G modems through 2026. This is a very big deal, which is expected to boost Qualcomm’s handset business.
10. Citigroup opens a “90-day positive catalyst watch” on Club holding Microsoft (MSFT), while reiterating a buy rating and $420-per-share price target. The firm sees Microsoft stock “trading higher into year end with a rich catalyst path ahead” tied to artificial intelligence.
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.