My top 10 things to watch Friday, June 12 1. Today’s the day. SpaceX. The largest initial public offering of all time, raising $75 billion. We want a 25% to 30% pop at the open. Anything more than that encourages flippers and gives the company a weak shareholder base. Don’t want to see what happened to Figma . Don’t want a repeat of Cerebras . 2. Stock futures are higher on hopes of a peace deal between U.S. and Iran that would reopen the Strait of Hormuz. Will we see one before next week’s G7 Summit? Oil is acting like we will, with U.S. benchmark WTI down over 3% to under $85 a barrel. The 10-year Treasury yield was little changed. This is a good setup for today’s session. 3. Adobe announced alongside earnings that CFO Dan Durn is leaving to join Marvell . Software to semiconductors. Sign of this market. The search was already on for a successor to Adobe’s longtime CEO Shantanu Narayen. Despite a top and bottom line beat for the quarter, the stock is down 7%. Never an acknowledgement things are slowing down. Downgrades from Stifel, Wolfe Research and Evercore ISI. 4. Advanced Micro Devices was upgraded to buy from hold at Citi. While analysts were already optimistic that agentic AI was a major tailwind to AMD’s central processing unit (CPU) business, they now see AMD as a legit second source in the graphics processing unit (GPU) market behind Club name Nvidia . Citi expects Meta to buy way more AMD chips than the Street is currently modeling. 5. JPMorgan upped its Nokia price target to $21 from $14. This one makes a ton of sense here. Nokia has reinvented itself as a AI networking play and has a partnership with Nvidia. On “Mad Money” earlier this month , I recommended waiting for a pullback before starting a small Nokia position. Well, we’ve gotten that pullback. 6. Big changes for the Nasdaq 100 coming: Astera Labs , CoreWeave , Nebius , Rocket Lab and Teradyne are set to join before the June 22 open. Lots of AI infrastructure names there. Charter Communications , Cognizant Technology Solutions , Insmed , Verisk and Zscaler are the companies being booted from the index. Lots of money tracks the Nasdaq 100 by way of the Invesco’s popular QQQ ETF . 7. Wow: Bank of America cut price targets across the medical device group. Intuitive Surgical , Medtronic , Stryker , Becton Dickinson and Boston Scientific . This had been such a strong group, but things have gone south since the fall. Serious price-to-earnings compression. 8. Williams-Sonoma reinstated as a buy at Bank of America. Price target stayed at $250, implying about 15% upside. Analysts said the retailer is in “a demographic sweet spot” thanks to its more resilient customer base. CEO Laura Alber has done a terrific job positioning WSM as affordable luxury. For the Club, our specialty retailer is TJX , which plays on the value end of the spectrum with HomeGoods. 9. Barclays cut its FedEx price target to $425 from $450 to adjust for the spinoff of FedEx Freight . FedEx remains one of Barclays’ top buy ideas within transportation. Analysts see more upside to earnings and valuation as the economy improves and FedEx’s network integration progresses. We own both FedEx and FedEx Freight for the Club. 10. Keefe Bruyette said Alphabet’s Google is a threat to Zillow and other real estate portals as the tech company’s expansion into real estate advertising increases competitive pressure. Goldman argued the same and cut its price target on Zillow to $40 from $53. 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.
