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

My top 10 things to watch Thursday, Nov. 12 1. Jensen Huang has resigned as CEO of Nvidia , effective immediately. Truly stunning but had to happen. Shares are down over 10% premarket. CFO Colette Kress was named the interim chief executive. This follows a widening of the affair scandal. In addition to a liaison with an alleged Chinese spy, The New York Times reported yesterday that Huang had an affair with an Nvidia executive who reports to him. Multiple reports last night that the board was meeting to discuss his future. Now this. 2. Stock futures are under pressure, dragged down by Nvidia shares. Not helping: Oil prices reversed higher after President Donald Trump said the U.S. doesn't need to make a deal with Iran. The 10-year Treasury yield is also moving higher, as the bond market reopens after its Veterans Day closure. 3. A slew of Nvidia downgrades hit this morning before the official announcement, as most on the Street think Huang is the only one who matters. By my count, here's who has: Bernstein, Oppenheimer, KeyBanc, William Blair, Evercore ISI, and Melius Research. Melius' Ben Reitzes, a longtime Nvidia bull like myself, told clients that downgrading the stock to hold are "words we never thought we'd write." For the Club, we downgraded Nvidia to a hold-equivalent rating on Tuesday due to the scandal uncertainty. 4. Alongside its Nvidia downgrade, William Blair upgraded rival Advanced Micro Devices to buy from hold, arguing that the risk/reward has shifted in AMD's favor. Analysts see multiple things breaking in AMD's favor, including challenges at Intel, a compressed valuation multiple, and "a potential leadership vacuum at Nvidia." Can't disagree with any of that. AMD is in a great position here. 5. Neocloud Nebius is down 12% premarket despite reporting better-than-expected revenue and adjusted EBITDA for the third quarter. What's driving the selling? Management sees 2026 revenue coming in at the low end of its guidance range, as some revenue is slipping into the first part of next year. Also guided for 2027 capex between $40 billion to $45 billion, well above consensus of roughly $29 billion. Shares had surged on 15% yesterday, benefiting from the CoreWeave halo. 6. Club name Eli Lilly is up over 1.5% this morning after Chinese regulators approved its daily obesity pill. First oral GLP-1 to hit the China market, beating rival Novo's Wegovy pill. Significant, as we want to see Lilly close the gap in the orals. We don't doubt its leadership globally in injectables. Though Lilly has seen nice uptake of its injectable GLP-1s in China, the easier distribution of a pill could help expand that market. 7. We're worried about spin purgatory at CVS Health , which is why we kicked it out of our Bullpen watchlist last week. Wells Fargo feels differently, arguing that concerns about the company's planned pharmacy separation are overblown. Shares tumbled 12.5% on the Nov. 4 announcement , though it's rebounced nicely to erase most of those losses. The stock is still way down from its July 52-week highs. Wells analysts still see some upside but lowered their price target to $112 from $123. 8. Rough patch recently for cyber. Jefferies thinks Club name Palo Alto Networks can beat on quarterly sales next week but does not expect a significant guidance raise. The analysts cut their price target to $400 from $450, though still implying nearly 20% upside from yesterday's close. CrowdStrike, also a portfolio name, reports earnings Dec. 1. You need cyber defense in the age of AI. 9. Wolfe Research downgraded 3M to hold from buy, arguing that despite plenty of self-help potential remaining, "much of the good news is reflected at these levels." This is a good company that finally has momentum, so this is just a silly call. CEO Bill Brown has done a good job revitalizing the conglomerate and a "forever chemicals" settlement agreed to last week is big. Shares are up 18% this year. 10. Teva Pharmaceutical is getting some raise for its R & D Day. Piper Sandler raised its price target to $56 from $44 and reiterated its buy rating. The company known for its generic drug business is leaning harder into its developing innovative medicines of its own. Lots of candidates in the pipeline, especially within neurology. CEO Richard Francis joined me on "Mad Money" last night. 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. 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