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

My top 10 things to watch Friday, July 31 1. Amazon is helping to lead stock futures higher after reporting a great quarter, extending Thursday's rally, which was led by fellow Club holding Microsoft after its earnings beat. It's been quite a reversal from Wednesday, when the Dow posted its worst one-day decline since April 2025. 2. Best in show: Amazon's earnings gave investors exactly what they wanted with a clear line of sight for how massive AI spending will generate significant returns. CEO Andy Jassy outlined how cash flow should improve as more data centers come online and server capacity is utilized. We kept our buy-equivalent 1 rating and $300 price target. Shares are up more than 10% this morning. 3. Fellow Club name Apple is down nearly 8% after earnings , almost entirely because of the unprecedented DRAM shortage; it can't compete with the hyperscalers willing to pay whatever it takes to secure memory supply. The iPhone maker delivered an earnings beat but gave weaker guidance for the current quarter due to supply constraints. However, CEO Tim Cook, in his final earnings call, had positive things to say about Apple Intelligence, which should raise the iPhone's value and, hopefully, what consumers are willing to pay for the device. We upped our price target to $340 from $300. 4. We now know that embattled hedge fund Situational Awareness, founded by former OpenAI researcher Leopold Aschenbrenner, was the seller of Intel shares a week ago after the chipmaker reported the best quarter of the earnings season. Until then, we had reason to believe the stock would start at $100 and go higher. Intel's stock belongs at $110, where it was before the smartest man in the room blew up . 5. Top- and bottom-line beats for Club name Linde . Earnings guidance for the current quarter looks a bit light, but this management team is known for conservatism. The industrial gas supplier's business serving semiconductor manufacturing is booming, and it announced two more long-term supply deals this morning. 6. Club stock Eaton reported second-quarter results that beat analysts' estimates on the top and bottom lines. We applauded the industrial conglomerate for shedding its slower-growing mobility business in June as the latest step in making the stock a cleaner play on the AI boom. Eaton's electrical equipment ensures that power gets to the server racks filled with chips. Look out for full reports on Eaton and Linde after their earnings conference calls with investors. 7. The Financial Times published a very positive article about how Club name Boeing is turning itself around. The report detailed how the aviation giant has improved relations with regulators following a near-decade of disasters. The turnaround story under CEO Kelly Ortberg is exactly why we got into the stock. Free cash flow improvements seen during earnings this week were proof that the company's on track. We upgraded it to a 1 rating. 8. Deutsche Bank downgraded Roblox to hold from buy. Analysts pointed to a disappointing third-quarter outlook that materially reduces its near-term visibility. That's partly because the online gaming platform said it expects slower revenue and booking growth this quarter. BTIG and BMO Capital downgraded for similar reasons. Shares are down roughly 22% premarket. 9. Tesla is considering selling or spinning off its China business ahead of a potential merger with SpaceX , according to The Wall Street Journal , citing people familiar with the discussions. Will that make the deal work? Elon Musk, CEO of both companies, called the report "fake news" in a post on X. 10. Mastercard gets a lot of love from Wall Street. Raymond James hiked its price target to $632 from $609, pointing to a strong earnings beat and revenue outlook, along with improving cross-border trends. Morgan Stanley raised its PT to $681 from $679, with analysts "encouraged by the resilience of core trends" seen in results. 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.