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

1. Wall Street extends Tuesday’s losses as bond yields continue to rise. Stronger-than-expected hiring trends last month at U.S. companies, according to the latest ADP data. Members can view our reviews on how to decide when/if to purchase the dips.
2. Atlanta Federal Reserve President Raphael Bostic expects only one interest rate cut this year. He believes this move, if it were to happen, would happen in the fourth quarter. Bostic expresses concern about the pace of inflation. I said the Fed doesn’t plan to scale back any time soon because of the strength of the economy.
3. Did Nelson Peltz lose his fight for Disney seats on the board of directors? It looks like it. Shareholder voting concludes at Wednesday’s annual meeting. The stock has seen good growth since it pushed Disney to recover. We reduced our position on Monday after this period.
4. Deutsche Bank raises the name of the Club Procter & Gamble price target at $175 per share from $170. Maintains Buy rating ahead of quarterly results later this month. Channel checks seem solid.
5. Club name Eaton is named as a catalyst buy at Deutsche Bank ahead of month-end results. Analysts expect a beat and a recovery. In commentary on Tuesday, we covered Eaton and two other Club manufacturers getting positive mentions.
6. Gordon Haskett raises a “yellow flag” Costco, downgrade to accumulate purchase. I think this could be an opportunity to buy the Club’s shares. Analysts at Gordon Haskett left their Costco price target unchanged at $775 per share.
7. Gordon Haskett takes Five below to accumulate and lowers the price target to $200 per share from $210. The retailer had a weak quarter.
8. Gordon Haskett takes Lowes to hold, but left the price target unchanged at $245. This call on the eve of the gardening season seems doubtful.
9. Alphabet gets a lower price target at Wells Fargo, at $141 per share from $144. Analysts maintain an equivalent rating of hold. These are research concerns. We cut Alphabet, alongside Disney, on Monday.
10. Citi Questions IntelThe foundry company’s goals, calling them “questionable.” Intel shares fell more than 5% after the chipmaker revealed a widening operating loss in its manufacturing business.

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