My top 10 things to watch Friday, Oct. 30 1. Nasdaq in crash mode? Futures say yes: down more than 2.5%. Intel dashes hopes of a quick turn. Alphabet’s Gemini falls behind. Election Day data center fears. Plus, we are still far from a base. Crescendo of selling? Or getting ahead of Black Monday? Flight to safety stocks. 2. Intel is cratering more than 25% premarket. The chipmaker should have preannounced this terrible guidance, like what IBM did this summer . The story last night wasn’t about data center demand. Instead, Club name Intel positioned its PC business as a casualty of high memory prices, the same week as SK Hynix said high-bandwidth memory shortage will last until 2030 , effectively taking it out of the running for multiple years. Bank of America downgraded to hold from buy. 3. The nearly 7% drop in Amazon this morning is excessive. This is one where you needed to listen to the call. Totally changes your perception of the top- and bottom-line misses . If not for Prime Day moving into the second quarter, the third-quarter numbers look way better. Also more guidance than ever: CEO Andy Jassy said cloud unit AWS can grow north of 40% in each of the next two years. Leaning into its own silicon. More capex coming in 2027. 4. Yesterday was the worst day ever for Alphabet’s stock, and shares are down modestly again this morning. The problem is Gemini is falling behind the leading AI chatbots and now Google Search monetization fears are back. Perhaps it’s time for a radical incision that scraps Google Search and combines with Gemini. Hit at first and then competitive. Not competitive now. 5. Time to reevaluate Meta Platforms ? The performance of Meta’s core advertising business looks a whole lot better now that we’ve seen the Google Search number and the disaster that is Reddit , which is down more than 21% premarket after providing weak fourth-quarter guidance and talking about the decline of traffic from Google thanks to AI mode. 6. Baird raised its price target on Starbucks to $120 from $115 after last night’s earnings beat and good guidance. This was an excellent, misunderstood call, as the coffee chain is no longer in turnaround mode under CEO Brian Niccol. It is in growth mode, share-take mode, and margin-expansion mode, which justifies the multiple. Continue to like this one for the Club. 7. Marvell shares are down another 6% this morning after closing off more than 13%. The chipmaker and networking provider must dominate the fiber in the data center as connections move away from copper. Scale up, scale out. The only way Marvell can do that is to buy either Lumentum or Coherent . Judging by Marvell stock, investors are not too keen on the idea. 8. BofA removed Apple from its list of best investment ideas right around all-time highs. Analysts see gross margin risks. They did maintain their buy rating on the Club stock. Kept their $370 price target, which implies just over 6% upside to yesterday’s record-high close. Apple keeps the tech earnings going next week, reporting after Monday’s close. 9. Wells Fargo raised its Centene price target to $75 from $69, citing a pretty good quarter and solid guidance. The important part here: The stock is not correlated to tech. The health insurance company that specializes in government programs will work in this market. Same goes for our Club healthcare stocks like Eli Lilly , which closed at a record high yesterday after a beat-and-raise quarter. We’ll hear from Cardinal Health next week. 10. Speaking of classic places to hide: AstraZeneca . The U.K. drug giant beat on quarterly earnings and revenue. Oncology strength. AstraZeneca has lots of products in front of the FDA. Presenting at two recent oncology conferences, the company said it has 27 approved and potential new cancer medicines. The stock is up 6% this morning, which will flip it positive year-to-date. 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.
