Jim Cramer’s top 10 things to watch in the market Tuesday: Morgan Stanley beat, Goldman Sachs miss, Estee Lauder boost

1. Bond yields are up so the stock market is down. Goldman Sachs (GS), a Dow component, is off more than 2.5% after misses on the top and bottom lines. The Dow Jones Industrial Average, the S&P 500 and the Nasdaq all kept their 2023 bounce, with gains for a second straight week.

2. The Dow and S&P 500 go into Tuesday on a four-session winning streak. Markets were closed Monday for Martin Luther King Jr. Day. The Nasdaq is on a six-session roll. I see bullish signs emerging in the market but in different places than before. Though consolidation rekindles bears.

3. Declines in investment banking and asset management hurt Goldman’s fourth-quarter results. EPS of $3.32 per share versus $5.48 expected. Revenue of $10.59 billion versus $10.83 billion expected.

4. Club holding Morgan Stanley (MS) exceeded estimates with fourth-quarter revenue of $12.75 billion. Adjusted earnings-per-share of $1.31 also appears to be a beat. Wealth management was up year over year; net interest income benefited from higher rates. Morgan Stanley shares are up roughly 2%.

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5. Club holding Estee Lauder (EL): Oppenheimer big price-target increase to $300 per share from $245. Cites weaker dollar; Chinese traveling again and relaxed Covid measures at home. Remember, China is the biggest growth market for cosmetics, after duty-free.

6. Emerson Electric (EMR), a Club name, announces a proposal to buy National Instrument (NATI), whose stock surges 16%. Largely a test and measurement. Will help build out manufacturing. Emerson is building the second grid out.

7. Piper Sandler raises price target on Club stock Cisco Systems (CSCO) to $49 per share from $47; keeps neutral rating. The Dow component is set to report quarterly results after the closing bell on Feb. 15.

8. Wells Fargo analysts like the idea of a spinoff of ESPN/ABC at Disney (DIS); says it would add value to the Club holding’s stock. Wells Fargo has an overweight (buy) rating and a $125-per-share price target.

9. Wells Fargo downgrades Pfizer (PFE) to equal weight from overweight (hold from buy), with a $4-per-share price target cut to $50. Big call because Pfizer has been very strong. In pharma, we like and own Eli Lilly (LLY), which I’ve said could be the stock of 2023.

10. Bernstein says Tesla (TSLA) vehicle price cuts will have a “huge impact” on the electric automaker’s financials. Wells Fargo says the whole industry will be pulled down. Bank of America lowers price target on TSLA shares to $130 each from $135. Real worry. Jefferies is concerned, too; catch-up price target cut to $180 from $350. The stock closed Friday at $122.

 (Jim Cramer’s Charitable Trust is long MS, EL, EMR, CSCO, DIS, LLY. See here for a full list of the stocks.)

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