Market Overview - The S&P 500 is expected to open higher following a volatile session after the Federal Reserve cut rates by 0.25% [1] - Initial jobless claims have decreased from the previous week [1] Company Developments - Intel shares surged by 28% after Nvidia announced a $5 billion investment in Intel and plans to co-develop data center and PC chips [2] - Cracker Barrel's shares fell nearly 7% due to a disastrous earnings report, with restaurant traffic down 8% since a logo change on August 19 [3] - Nucor's negative preannouncement indicated expected Q3 earnings per share between $2.05 and $2.15, below the FactSet consensus of $2.57, leading to a nearly 4% drop in shares [4] - CrowdStrike shares rose almost 5% after the company provided bullish long-term financial targets at an analyst day, prompting multiple price target increases [5] - Meta unveiled new Ray-Ban Display glasses starting at $799, aiming to position them as the primary personal computing device for AI [6] - SoFi Technologies received a price target increase from Mizuho Securities to $31 from $26, with analysts citing Fed rate cuts as a positive factor [7] - Reddit saw price target increases from Piper Sandler and Citizens JMP, reflecting optimism about future catalysts [8] - Bank of America initiated coverage of AeroVironment with a buy rating and a price target of $300, indicating strong growth opportunities [9] - BTIG initiated coverage of Abercrombie & Fitch with a buy rating and a price target of $120, suggesting a potential 40% upside [10] - Huawei introduced a new AI chip cluster, claiming it to be the "world's most powerful," raising questions about its benchmarking against Nvidia [11]
Jim Cramer's top 10 things to watch in the stock market Thursday