Jim Cramer’s top 10 things to watch in the stock market Thursday

1. Amazon CEO Andy Jassy on Mad Money: Consumer cautious and looking for bargains. Jassy does seem a bit guarded because the consumer is not just buying anything that’s not on sale. Prime membership robust because of all that it offers. Luxury spending not there. Chinese-founded retailer Shein, getting a foothold in the U.S., strong. Amazon is a Club name we like in 2024. Jassy also talked about delivery logistics, cloud and artificial intelligence. Interview part 1 and interview part 2.
2. Advanced Micro Devices CEO Lisa Su unveiled MI300. Big boost to AI chip industry. $400 billion next four years, which is up 2x from August. The chip will be used by Club names Meta Platforms and Microsoft. But remember, fellow Club holding Nvidia is pretty much sold out and customers are scrambling. AMD needs more software. Nvidia is not just a hardware company.
3. Wall Street modestly higher early Thursday. The Dow and the S&P 500 looking to break three-session losing streaks. The Nasdaq down two out of the past three days. Oil bounced. Back above $70 per barrel after Wednesday’s plunge. Remember, energy slide hurts oil stocks but good for rest of the market and the consumer that pays less at the gas pump. Bitcoin takes a breather Thursday after it’s recent run higher.
4. New White House push to cut high drug prices and promote more pharmaceutical competition. I think the Biden administration is running roughshod over an industry that’s crown jewel of innovation. Medicare negotiating with drug companies for the first time. What more does the government want? Not much reaction in drugmakers’ stocks. We own Eli Lilly.
5. “If I was the government, I’d shut it down.” That’s what JPMorgan CEO Jamie Dimon says about crypto. Dimon sent me away when I went to buy some. I had a nice-sized account, and it meant nothing. JPMorgan is serious about this. Dimon says crypto companies should face the same anti-money-laundering regulations as the major financial institutions.
6. Club name Starbucks up in the premarket after Wednesday’s gain broke a 12-session losing streak. Made a small dent in its recent decline of more than 10%. Despite persistent China concerns, underlying the selling for nearly three weeks, we view the recent rough patch as a way to buy shares in a quality company at a discount.
7. Goldman Sachs downgrades Club name Danaher to neutral from buy. Cuts price target to $205 per share from $215. But this is the one that is about to take off. I really disagree with this. There is a diagnostic boom. Silly.
8. Bank of America increases Palo Alto Networks price target to $315 per share from $265. Keeps neutral rating. BofA notes it recently downgraded the Club holding on weak billings. But that was NOT the metric to watch.
9. Chewy shares slammed. Down 11%. EBITDA $82 million versus $62 milion. But sales of $2.74 billion just short of estimates. Cut sales projections. Names new CFO David Reeder from GlobalFoundries. Chewy CEO Sumit Singh downbeat. Headcount cut. Barclays and Citi cuts numbers.
10. GameStop disappointing quarter and results. CEO Ryan Cohen can’t turn it? Cohen, founder of Chewy, now CEO of GameStop after coming into the meme stock as an investor and board member. GameStop will now invest in equities.

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