The Club’s 10 things to watch Friday, Aug. 29 — Today’s newsletter was written by Jeff Marks, the Club’s director of portfolio analysis. 1. The S & P 500 is on pace for a lower open to finish out the week after closing yesterday at a record high. There were no major fireworks from the release of the personal consumption expenditures (PCE) index, which is the Fed’s preferred measure of inflation, with July’s figures increasing in line with expectations. 2. Dell shares fell 7% this morning despite reporting a top and bottom line beat. It also raised its full-year revenue outlook by $4 billion and the midpoint of its full-year earnings outlook to $9.55 a share from $9.40. Both were above consensus. However, Dell booked $5.6 billion of AI server orders, down from $12.1 billion last quarter, and operating margins in its infrastructure business were below consensus. 3. Marvell Technology shares tumbled almost 14% in the premarket after the chip company reported lackluster results, with revenue and adjusted earnings per share matching expectations. Data center revenue increased 3% quarter over quarter, missing guidance of mid-single-digit growth. Bank of America downgraded to the stock neutral on lower confidence in its growth runway. 4. Shares of retailer Gap Inc. have been volatile since reporting a mixed quarter yesterday night, but are higher this morning. Comparable sales increased by 1%, missing estimates, but the weakness was almost entirely due to Athleta. Monthly sales cadence also improved as the quarter went on, a positive sign. Banana Republic turned around from last quarters. Tariffs are expected to be a bigger headwind than previously thought. 5. Caterpillar said in a securities filing yesterday evening it now sees its full-year adjusted operating profit margins to be near the bottom of the target range after updating the impact of tariffs. Oppenheimer lowered its price target to $480 from $493. Shares slipped around 2.5% in the premarket. 6. Chinese tech giant Alibaba missed on total sales but the market is focused on its accelerating cloud revenue growth, sending NYSE-listed shares up over 4% this morning. The Wall Street Journal is also reporting the company has developed a more versatile AI chip, in part to fill a void left by Club name Nvidia , which faces geopolitical challenges selling into the country. 7. PepsiCo is increasing its stake in the energy drink company Celsius Holdings . Pepsi will now own 11% of the company through its purchase of convertible preferred stock. Also as part of the agreement, its recently acquired Alani Nu brand will move into Pepsi’s distribution system in the U.S. and Canada. 8. Affirm shares soared 16% this morning after the buy now, pay later company reported strong quarterly results and guided fiscal year 2026 gross merchandise volume above estimates. The stock has already more than doubled off its April lows. 9. Elastic , which calls themselves the “Search AI company,” reported better-than-expected sales and a healthy adjusted gross margin beat, leading to strong earnings. The Netherlands-based firm, which went public in 2018, also lifted its full-year guidance. Shares added more than 8% this morning. 10. Ulta Beauty shares rose after reporting a better-than-expected quarter. Comparable sales increased by more than 6%, topping estimates of about 3%. The cosmetics retailer also raised its full-year outlook. Analysts had been increasingly positive on this name into the print. 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.
