My top 10 things to watch Thursday, May 29 1. The U.S. Court of International Trade last night blocked President Donald Trump’s “reciprocal” tariffs imposed in April. The Trump administration appealed the ruling, and the case could end up going to the Supreme Court. Trump advisor Stephen Miller blasted it as a “judicial coup.” 2. Club name Nvidia reported an amazing quarter with impressive guidance considering the impairment to its China business. CEO Jensen Huang told me last night on “Mad Money” that the AI chipmaker is missing out on billions in potential revenue in that crucial market. Whether Nvidia can compete in China is a focus going forward. 3. Nvidia is doing incredibly well ex-China, and it’s why shares are up 5% this morning. It is a software company with a leading technology platform. It’s not simply a hardware provider. Robotics is a huge long-term opportunity, too. Many price-target bumps from analysts. We also boosted our PT for the Club. 4. The one-two punch of the tariff court ruling and Nvidia’s earnings beat is putting Wall Street on track for a strong open this morning. The Nasdaq is poised to open up more than 1%, while the S & P 500 is pacing for a nearly 1% pop. 5. The Street is showing incredible resistance to Club name Salesforce’s earnings beat and guidance raise. Some investors must be concluding that this is basically a no-growth company. That could be what happens when strength with small- and medium-sized businesses is a talking point on the earnings call. 6. It’s a mix of price-target hikes and cuts for Salesforce. RBC went as far as downgrading the stock, citing execution risks over its Informatica acquisition. That’s nonsense to me. Informatica should bolster Salesforce’s AI capabilities. I’m still a believer in Agentforce. 7. TD Cowen downgraded Club name Starbucks to hold from buy. Laundry list of reasons why, including concerns about labor investment costs and slower recovery in same-store sales. I would take the other side of the trade. CEO Brian Niccol is turning this thing around. 8. GE Vernova was downgraded to hold from buy at Jefferies, with analysts arguing the Club stock is fully valued following its big rally off its April lows to record highs . We also went to a hold-equivalent rating on Tuesday since the stock has ripped after we initiated a position earlier this month. Long-term story is still intact. 9. HP Inc. shares are sliding 8% this morning after an earnings miss and weaker guide. Tariff headwinds are to blame, though the company is moving production to countries other than China to mitigate the effect. Price targets lowered across the Street. 10. e.l.f. Beauty also is struggling with the tariff effects but moving out of China fast. The cosmetics maker bought Hailey Bieber’s Rhode for $1 billion in cash and stock, though, and analysts like the deal. I’m talking to e.l.f. CEO Tarang Amin on “Mad Money” tonight. The stock is surging more than 14% this morning. 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. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
Jim Cramer’s top 10 things to watch in the stock market Thursday
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