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

1. Oracle: The transition to the cloud is proving tougher than we thought. However, the company does not believe it’s doing badly, which makes it tough to reconcile. The stock was falling more than 9% after Monday evening’s tough quarter. Investing Club members check your emails and your texts for our next move on Oracle. (If you’re not a member, sign up here. We also have our Monthly Meeting livestream for members next week.)
2. More tame inflation data: Consumer price increases slowed to 3.1% year over year, which matched expectations. Wall Street mixed heading into the open. The Dow, the S&P 500 and the Nasdaq closed higher Monday, extending their winning streaks to three sessions.
3. Adobe is set to report earnings after the closing bell Wednesday. Ahead of the numbers, Citi analysts, which rate the stock a neutral, expect a strong report with price increases.
4. Alphabet‘s Google loses to Epic in federal antitrust trial. It will most likely lead to a negotiated settlement to give Epic a break. It does not threaten the method of operation of Google despite press reports otherwise.
5. Cowen likes Take-Two‘s outlook for 2024 and makes it a top idea. I think it depends on when Grand Theft Auto 6 is really ready.
6. Choice Hotels goes hostile against Wyndham chain, offering $49.50 in cash and 0.324 shares of Choice, valuing the deal at $69.10. Wyndham is currently at around $79. Claiming 30% premium. Could be a good sign for bankers, too.
7. Cowen names sneaker and apparel maker On Holding a top idea. Admits to controversy but feels confident about the stock. Actually, good for Club name Foot Locker because it carries a full line of On’s products.
8. Walmart best Cowen idea in retail. Price target: $188 per share.
9. More fallout from Macy’s $21-per-share bid by Arkhouse Management and Brigade Capital. Looks to be for the department store’s real estate: 783 stores. Speaks, again, to the value of commercial real estate.
10. Morgan Stanely upgrades HP Inc. to overweight from equal weight (buy from hold) and increases price target to $35 per share from $31. The analysts think the stock is underappreciated and expect a rebound. I am unsure of the prospects here. Should have had a better last quarter.

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