Jim Cramer's top 10 things to watch in the stock market Wednesday

My top 10 things to watch Wednesday, July 15 1. Wholesale inflation in June fell 0.3% month over month , versus expectations of being flat. That's another soft report after yesterday's consumer price index report . Lower gasoline prices are a big driver. Stock futures are slightly higher, driven by semiconductor names. 2. ASML is up over 3% this morning after the Dutch maker of chip fabrication equipment reported a blowout quarter. Also hiked its full-year guidance for the second time this year. The positive action in the stock reflects the market's mood today more than it reflects ASML's performance. It's been fabulous for years now. You can't make AI chips without ASML's extreme ultraviolet (EUV) lithography machines. Club name Intel is a customer. I'll be talking about Intel at tomorrow's Investing Club Monthly Meeting at noon ET. 3. Top- and bottom-line beat for Morgan Stanley , but not quite as large as what we saw yesterday from rival Goldman Sachs , which we own for the Club. It's an incredible time to be an investment bank. IPOs, M & A, and debt and equity issuance. After rising 3% yesterday in sympathy with Goldman, Morgan Stanley is down slightly this morning. 4. My power ranking of yesterday's bank earnings (in order): Goldman, JPMorgan , Bank of America , Citigroup , and Club name Wells Fargo . Still, Wells did enough to stick around in our portfolio. Goldman, which closed at a record, has a high-quality problem: too much demand. Barclays raised its Goldman price target to $1,245 from $1,048. Kept a buy rating. 5. BlackRock added $192 billion in total net flows in the second quarter, bringing its assets under management to an astounding $15.3 trillion. Yes, trillion. Revenue was up 31%, and operating margins are at multiyear highs. While the overhang on BlackRock this year has been private credit exposure, this is a strong set of numbers. Shares are up 5% premarket. 6. Club name Johnson & Johnson delivered a beat-and-raise this morning, though the stock is down 2%. Tremfya, one of its key growth drugs, topped expectations. There was some weakness on the medical-device side, specifically within cardiology. Not ideal, but I am confident they can fix the problem. Could be a chance to buy once the dust settles on the quarter. 7. Is Eli Lilly's Foundayo losing to Novo's Wegovy in the obesity pill race? That's the takeaway from a Wall Street Journal story published last night. Wegovy's weight-loss capabilities are seen as superior to Foundayo (16.6% versus 12.4% in separate studies). People also do not seem to mind the food and water restrictions with Wegovy. Granted, it's still early for Foundayo, and marketing efforts are just getting going. 8. Morgan Stanley cut its PT on Club name Honeywell Aerospace to $235 from $255. Analysts said that recent volatility and valuation changes demand greater selectivity. Still, they remain upbeat on aerospace and defense fundamentals heading into earnings. This is the aerospace firm that former Honeywell CEO Dave Cote built, and I would use any weakness to buy more. 9. IBM was downgraded to hold from buy at Oppenheimer. Analysts pointed to a series of missed estimates during the company's preliminary second-quarter release yesterday. The stock plummeted 25% in response, its worst day ever. It's not time to step in and buy this one yet. IBM has landed on the wrong side of the shift in corporate tech spending — away from software to in-demand AI hardware and memory chips — and it's unclear when that will change. 10. Payments company Stripe and private-equity firm Advent International made a joint bid for PayPal , according to Reuters . The companies are reportedly offering $60.50 a share, which would value PayPal at more than $53 billion. A deal for PayPal would begin the long-awaited fintech consolidation. Way too many of those companies are trading, and PayPal has disappointed for ages. It's down some 85% from its July 2021 record close. 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.