STOCK MARKET: What’s likely to move the market

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Here’s what CNBC TV’s producers were watching as stocks ended Wednesday mixed, and what’s on the radar for the next session.

• On Thursday, we’ll keep covering Nvidia’s quarterly report. 
• The company posted adjusted earnings and revenue that topped expectations in the third quarter. Nvidia also issued a better-than-expected forecast for this quarter.
• Revenue jumped 94% on a year-over-year basis.
• Several customers are already getting the company’s next-generation chip, which is called Blackwell.
• The results seemingly weren’t strong enough for investors. The stock is down in extended trading.
• The stock is up almost 3% in three days. Nvidia is up about 10% in November, and it’s up more than 190% in 2024.

• JPMorgan analyst Doug Anmuth issued a note Wednesday morning saying, “We’re expecting solid online holiday season sales growth of +7.5% Y/Y.”  The firm called Amazon “our best idea.”
• Toni Sacconaghi of Bernstein issued a note on Wednesday, calling Apple a “best idea.” He said, “We view Apple as a quality compounder, with mid-single digit revenue growth, improving margins, disciplined capital return, and double-digit EPS growth.”
• Apple is 3.6% from the Oct. 15 high. The stock is up 19% in 2024.
• Amazon is 6% from last week’s high, when it hit $215.90 a share. Amazon is up about 9% in November.

• In September, the software giant Microsoft said it would increase its dividend.
• The dividend, which will rise eight cents to 83 cents a share, is payable on Dec. 12 to shareholders of record on Nov. 21. The dividend yield is 0.8%.
• Cisco Systems has a dividend yield of 2.8%.
• IBM currently has a dividend yield of 3.1%.
• Apple’s dividend yield is 0.4%.

• NJBiz.com reports that New Jersey’s legalized market for marijuana saw major growth in its latest quarter, with recreational sales coming in at $238.7 million.
• Nevertheless, Canopy Growth remains 75% from the April high. The stock is down 18% in November.
• Tilray is 56% from the April top. Shares are down 21% in November.
• GrowGeneration is 51% from the April high. The stock is down 13% in November.

• Earlier this month, Baird cut its rating on the banking giant’s stock. This morning, Oppenheimer downgraded JPMorgan to “perform.” Oppenheimer’s analyst wrote, “It is hard for us to imagine the stock outperforming, especially from this level.”
• The banking giant is 2.9% from the Nov. 6 high.
• JPM is up 8.5% in November. The stock has soared 41.5% in 2024.
• The S&P 500 Financials hit a high on Tuesday. The sector is up 31.4% in 2024.
• The SPDR S&P Bank ETF (KBE) is 4% from the Nov. 11 high. The fund is up 29% in 2024.

• Target missed earnings estimates and cut its full-year guidance Wednesday morning after Walmart’s big report the day before.
• If you put the two stocks toe to toe, here’s what you’d find. Walmart is near a high. Target is 33% from the April high.
• In November, Walmart is up 6.4% and Target is down about 19%.
• In 2024, Walmart is up 65.9%, and Target is down 14.5%.
• CNBC’s Lori Ann Larocco is reporting Wednesday night that one of Target’s problems is shipping.  She reports: “Target re-routed and pulled forward shipments, loading up on inventory to make sure they had the merchandise needed for the holiday season.” Larocco also reports that CEO Brian Cornell said Wednesday that there were “costs associated with rushing shipments and preparing for the short-lived port strike in October that hurt the company’s quarterly performance.”