My Top 10 Things to See on Friday, November 3
1. US stocks rise in pre-market trading on Friday, with S&P 500 Futures rose 0.46% after rising nearly 5% in the previous four sessions. Stocks remain on track for their biggest weekly gain of the year. Government bonds also continue to rise this week, with yields at 10-year Treasury falling back to around 4.5%. Oil prices rise by 0.78%, thus West Texas Intermediate crude oil at just over $83 a barrel.
2. U.S. job growth slows in October, with the economy adding just 150,000 jobs, according to the Labor Department’s monthly nonfarm payrolls report. That compares with September’s revised gain of 297,000 jobs and a Dow Jones estimate for October of 170,000 jobs. The news could further ease pressure on the Federal Reserve in its ongoing battle to reduce inflation through higher interest rates.
3. club tenure Apple (AAPL) delivers a mixed fiscal fourth quarter, with shares falling due to lower-than-expected guidance for the current quarter. Analysts are using the results to reset expectations and lower price targets. Apple shares are down 1.7% in premarket trading, to $174.57 per share.
4. semiconductor company Skyworks Solutions (SWKS) reports a weak quarter as a result of Apple’s slowdown, prompting a series of price target reductions on Friday. Barclays lowers its price target on the stock to $90 per share, down from $115, while maintaining an overweight rating on the stock.
5. The conclusion of the Holding Club starbucks‘ (SBUX) of the fiscal fourth quarter is that the coffee maker needs many more stores in both the US and China, while it has only just begun to address India. Baird on Friday raised his price target on Starbucks to $110 per share, up from $100, while reiterating a neutral rating.
6. Barclays raises its target price for the Club’s name on Friday Eli Lilly (LLY) at $630 per share, down from $590, while maintaining an Overweight rating on the stock. The call seems like a good idea after Eli Lilly delivered strong quarterly results thanks to its hit drug Mounjaro.
7. Cybersecurity Company Stock Fortinet (FTNT) plunges nearly 20% in early trading after its third-quarter results missed analyst expectations while offering a weak outlook for the current quarter. Several Wall Street firms downgraded Fortinet on Friday due to the weak quarter and signs that secure networks are seeing slower growth.
8. Barclays lowers its price target Clorox (CLX) at $115 per share, down from $118, while maintaining an underweight rating on the stock, and that seems harsh. The firm calls Clorox’s lowered outlook “prudent given the uncertainty ahead.” Clorox warned last month that a cyberattack in August had significantly affected sales and profits.
9. KeyBanc Updates Uber Technologies (UBER) will be Overweight from a rating equivalent to Neutral, with a price target of $60 per share. The firm says Uber’s spending discipline should continue to drive profits and free cash flow, while advertising “provides leverage to keep prices low and drive volumes.” Uber will report third-quarter results on November 7.
10. Updates from Gordon Haskett Ross Stores (ROST) to buy in accumulation, with a price target of $135 per share. The firm says its third-quarter store manager survey “paints a positive picture” for both Ross and the Club name. TJX Companies (TJX).
Sign up to receive my Top 10 Morning Thoughts on the Market free email newsletter.
(See here for a complete list of Jim Cramer’s Charitable Trust holdings).
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 fund’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.