Jim Cramer's top 8 things to watch in the market Wednesday

1. Microsoft (MSFT) shares descend astir 3% aboriginal Wednesday, pressuring the broader marketplace aft the Dow Jones Industrial Average, the S&P 500 and the Nasdaq. Microsoft's fiscal second-quarter net bushed estimates. Revenue missed. Guidance short. CEO Satya Nadella excited astir OpenAI's ChatGPT. But CFO Amy Hood plays grim reaper halfway done the call. Maturing tech. MUST WAIT UNTIL AMY. Only happening that matters. Azure unreality income up 38% twelvemonth implicit twelvemonth successful changeless currency. Lots of terms people cuts by Wall Street analysts, but they mostly support their bargain ratings. The Club has MSFT astatine our 2 rating, meaning we'd similar to spot much pullback earlier considering buying more.

2. 3M (MMM) was bad. I mean unspeakable connected each enactment point for the quarter. Full-year income diminution of 2% to 6%, worse than estimates astatine the midpoint. You person to wonder what the heck absorption is going to bash too travel up with a caller benignant of scotch tape. Multiple PT cuts connected the Street. The concern elephantine announces 2,500 manufacturing occupation cuts.

3. Boeing (BA) reports large fourth-quarter loss. Supply concatenation snarls outweigh surging question request arsenic the satellite learns to unrecorded with Covid. Aircraft manufacturing suffered during the tallness of the pandemic. Revenue of $19.98 cardinal fell abbreviated of estimates. Reaffirms guidance connected Max and Dreamliner. Positive yearly escaped currency flow.

4. AT&T (T) fourth-quarter net bushed but gross misses. Not large but amended than Verizon (VZ). Full-year guidance free cash travel of $16 cardinal oregon amended versus $16.2 cardinal expected. FCF successful 2022 was $14.1 billion. Increase successful subscribers but yearly nett outlook beneath expectations.

5. JPMorgan cuts Ford (F) terms people to $15 per stock from $16 and General Motors (GM) PT to $57 from $59; keeps overweight (buy) ratings connected both. Analysts astatine JPMorgan besides chopped Tesla (TSLA) terms people to $120 from $125; support underweight (sell) rating. Tesla shares bounce 16% twelvemonth to day but inactive down implicit 53% implicit the past 12 months. Elon Musk's electrical conveyance shaper is acceptable to study quarterly results aft the closing doorbell Wednesday.

6. Baird keeps Danaher (DHR) astatine an overweight (buy) standing but cuts terms people to $309 per stock from $321. Analysts accidental the beingness sciences and aesculapian diagnostics institution present derisked from Covid. We saw Tuesday's DHR banal driblet aft largely coagulated quarterly results was a buying opportunity.

7. Barclays raises terms people connected SLB (SLB) to $74 per stock from $62. Already successful the stock? That's the question with each lipid and state companies. I accidental no. We had the nation's strategical petroleum reserve (SPR) being emptied, and there's nary shortage of places that are being drilled. Instead of SLB, we ain oilfield services elephantine Halliburton (HAL), which reported a strong quarter Tuesday.

8. Bank of America (BAC) gives employees who marque up to $500,000 a twelvemonth restricted stock. In a memo to staff, CEO Brian Moynihan said the slope is investing its radical "at a clip of alteration successful the planetary economy."

(Jim Cramer's Charitable Trust is agelong MSFT, F, DHR, HAL. See here for a afloat database of the stocks.)

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