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

My top 10 things to watch Monday, June 12 1. The Magnificent Seven — Apple (AAPL), Nvidia (NVDA), Amazon (AMZN), Alphabet (GOOGL), Microsoft (MSFT), Meta Platforms (META) and Tesla (TSLA) — plus Advanced Micro Devices (AMD), Oracle (ORCL) and Adobe (ADBE), are all going crazy Monday morning as endless attempts to capture artificial intelligence continue. 2. JPMorgan analyst Matthew Boss upgraded cruise line operator Carnival (CCL) to overweight from neutral with a price target of $16, up from $11. This is the “long on money, short on time” thesis writ large. No sign yet that spending on international travel is ending. Price targets for Royal Caribbean (RCL) and Norwegian Cruise Line (NCLH) raised, too. 3. Citi is really negative on the regional banks and opens a “90-day negative catalyst watch” on shares of U.S. Bancorp after reducing the firm’s price target, but keeping a hold rating. This makes sense because all of these banks will be assessed heavily by the Federal Deposit Insurance Corporation and might even have to raise capital — except Wells Fargo (WFC) because it has so much. Reiterate: Buy Club name WFC here. 4. Nobody wants to leave a good party, least of all, me. But the good news is the stock market isn’t a party. You don’t have to leave all at once. In my Sunday column , I ran through the reasons why it’s time to book some profits. 5. Tesla (TSLA): Can the electric-vehicle maker have 12 days of gains? I would take some profits here after a huge run. On Friday, I noted that investors should be mindful that Wall Street’s recent gains have now pushed the stock market into overbought territory, according to the S & P 500 Short Range Oscillator . 6. Biogen (BIIB) price target raised to $360 from $350 at Oppenheimer, keeps buy rating. The firm said it expects Alzheimer’s drug Leqembi, which already had accelerated approval, to receive full approval on or around its action date of July 6. We say play it more conservatively with GE Healthcare (GEHC), which is very cheap here and came down last week. 7. Francis deSouza is out at Illumina (ILMN) just weeks after activist investor Carl Icahn failed to oust the CEO from the biotech company. Viewed as positive. We think Danaher (DHR) is right if the IPO market ignites, but otherwise just hold on. We will review this and all our other Club names and more at our June Monthly Meeting on Wednesday. 8. Bank of America lifts price target for Amazon to $154 from $139, keeps a buy rating on the shares. The firm is talking about cost control — says it was encouraged by recent CEO commentary that retail margins could improve beyond pre-pandemic levels — but what we really need is to see cloud unit AWS grow again and I don’t see it. 9. Deutsche Bank raised its price target on Micron (MU) to $65 from $55, keeps a hold rating. Analyst notes an inflection in pricing is about to occur. You do have to get ahead of trough pricing to make the biggest money, but I think that’s already happening. 10 . The consumer is still strong, according to Morgan Stanley survey … Sign up for my Top 10 morning thoughts on the market email newsletter for free (See here for a full list of the stocks in 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.

1. The Magnificent Seven — Apple (AAPL), Nvidia (NVDA), Amazon (AMZN), Alphabet (GOOGL), Microsoft (MSFT), Meta Platforms (META) and Tesla (TSLA) — plus Advanced Micro Devices (AMD), Oracle (ORCL) and Adobe (ADBE), are all going crazy Monday morning as endless attempts to capture artificial intelligence continue.

2. JPMorgan analyst Matthew Boss upgraded cruise line operator Carnival (CCL) to overweight from neutral with a price target of $16, up from $11. This is the “long on money, short on time” thesis writ large. No sign yet that spending on international travel is ending. Price targets for Royal Caribbean (RCL) and Norwegian Cruise Line (NCLH) raised, too.

3. Citi is really negative on the regional banks and opens a “90-day negative catalyst watch” on shares of U.S. Bancorp after reducing the firm’s price target, but keeping a hold rating. This makes sense because all of these banks will be assessed heavily by the Federal Deposit Insurance Corporation and might even have to raise capital — except Wells Fargo (WFC) because it has so much. Reiterate: Buy Club name WFC here. 

4. Nobody wants to leave a good party, least of all, me. But the good news is the stock market isn’t a party. You don’t have to leave all at once. In my Sunday column, I ran through the reasons why it’s time to book some profits.

5. Tesla (TSLA): Can the electric-vehicle maker have 12 days of gains? I would take some profits here after a huge run. On Friday, I noted that investors should be mindful that Wall Street’s recent gains have now pushed the stock market into overbought territory, according to the S&P 500 Short Range Oscillator. 

6. Biogen (BIIB) price target raised to $360 from $350 at Oppenheimer, keeps buy rating. The firm said it expects Alzheimer’s drug Leqembi, which already had accelerated approval, to receive full approval on or around its action date of July 6. We say play it more conservatively with GE Healthcare (GEHC), which is very cheap here and came down last week.

7. Francis deSouza is out at Illumina (ILMN) just weeks after activist investor Carl Icahn failed to oust the CEO from the biotech company. Viewed as positive. We think Danaher (DHR) is right if the IPO market ignites, but otherwise just hold on. We will review this and all our other Club names and more at our June Monthly Meeting on Wednesday.

8. Bank of America lifts price target for Amazon to $154 from $139, keeps a buy rating on the shares. The firm is talking about cost control — says it was encouraged by recent CEO commentary that retail margins could improve beyond pre-pandemic levels — but what we really need is to see cloud unit AWS grow again and I don’t see it. 

9. Deutsche Bank raised its price target on Micron (MU) to $65 from $55, keeps a hold rating. Analyst notes an inflection in pricing is about to occur. You do have to get ahead of trough pricing to make the biggest money, but I think that’s already happening.

10. The consumer is still strong, according to Morgan Stanley survey …

Sign up for my Top 10 morning thoughts on the market email newsletter for free

(See here for a full list of the stocks in 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.