Top 10 Stock Market Watchables for Friday

Stocks are poised for a higher opening on Friday, recovering from a significant rate-driven dip experienced yesterday. Bond yields are holding steady this morning, following the failed Treasury debt buyback plan.

Broadcom is reportedly in discussions to help secure $60 billion in debt financing for AI chip deals for clients such as Anthropic. This move mirrors a recent initiative by fellow Club company Nvidia, which announced plans with major Wall Street firms to arrange $500 billion in financing.

Citigroup is joining Morgan Stanley, Goldman Sachs, and JPMorgan as a lead underwriter for the anticipated Anthropic IPO, expected this fall.

Micron has been initiated with a buy rating and a $1,300 price target by BMP Capital, citing expectations of a prolonged memory supercycle. CEO Sanjay Mehrotra recently discussed on 'Mad Money' how the industry is transitioning away from its historical boom-and-bust cycles. Micron is a recent addition to our portfolio.

BMO Capital has initiated coverage on AI semiconductor leaders Nvidia, Broadcom, Advanced Micro Devices, and Marvell with buy ratings.

Eaton has received a buy rating and a $500 price target from Baird, driven by strong demand from data centers. We previously expressed satisfaction with the size of our holdings in Eaton and GE Vernova, both of which are critical for powering AI infrastructure.

Following disappointing earnings, Walmart saw a round of price target reductions, with only one downgrade from Gordon Haskett. Walmart shares are trading flat today after a 9% decline yesterday.

Ross Stores shares have surged over 8% after reporting better-than-expected earnings and raising its outlook. The company achieved a 10% increase in comparable sales, significantly outperforming TJX, which faced inventory challenges but has since implemented corrective measures and observed improvements in August.

BJ's Wholesale shares are up 2.5% this morning after reporting a stronger-than-anticipated second quarter, with comparable sales (excluding gas) rising by 3.1%. The warehouse club has also revised its full-year earnings forecast upward.

Abbott Laboratories has reached an agreement to pay $670 million to settle some litigation concerning its preterm infant formula. This resolution is expected to remove a long-standing overhang on the stock. Abbott maintains that the settlements do not constitute an admission of liability and stands by its products.