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

1. ConocoPhillips agreed to buy Marathon Oil in an all-stock deal worth $17.1 billion. The acquisition will extend the third-largest oil company’s shale assets in Texas, New Mexico and North Dakota. Shares of COP slide more than 3% in the premarket on the news, while MRO stock jumped more than 7%.

2. Worries about Salesforce being like Workday: Shares of the enterprise management company got hit after subscription revenue guidance for the second quarter was weaker than analyst expectations. Club stock Salesforce reports its quarterly results after the closing bell. CEO Marc Benioff joins me on Mad Money tonight at 6 p.m. ET.

3. Cloudflare co-founder and CEO Matthew Prince is recasting the web security and content distribution network provider as a connectivity company. Watch my interview with Prince ahead of the company’s investor day on Thursday.

4. Restaurant chain Cava posted quarterly earnings and sales that beat expectations and raised same-store sales guidance. Does anyone care? The stock fell 5% in premarket trading. Lots of price target raises, including Wedbush (to $90 from $74) and Morgan Stanley (to $85 from $68).

5. Bank of America reiterated Apple as its top pick, telling clients that the AI-driven upgrade cycle for smartphones could be a “once in a decade type event.” The firm dubbed the AI-enabled devices “IntelliPhones.” Elsewhere, Evercore ISI analysts said the iPhone market in China is holding up better than feared, citing the latest shipment data for April.

6. Big second-quarter forecast cut at American Airlines: The company now expects total revenue per available seat mile to be down 5-6% from previous guidance. Adjusted EPS estimates for Q2 were lowered to $1 to $1.15, down from previous target of $1.15 to $1.45. The company also fired its chief commercial officer, Vasu Raja. Shares of AAL fell more than 9%.

7. This time Truist takes Norwegian Cruise Line to buy from hold. Real herd mentality. CEO Harry Sommer talked to me a week ago after the company raised its full-year guidance, noting that millennial and Gen Z is the fastest growing segment of cruising now.

8. About 8% of Starbucks customers waited between 15 and 30 minutes for their orders last quarter, compared to virtually no one waiting that long a year ago, Bloomberg reported, citing data from Technomic.

9. Nonstop hate for Ulta Beauty. Analysts at Baird and Canaccord Genuity are the latest to lower their price targets on the stock. Baird went to $525 a share from $625. Canaccord is now at $522 from $575. Ulta is set to report first quarter results after the close Thursday. In April, Ulta’s CEO said demand for beauty products was cooling.

10. JPMorgan lifted its price target on CrowdStrike to $400 a share from $371 to reflect what analysts see as the cybersecurity company’s “best-in-class status” and an increased likelihood that their bull case materializes. Is CrowdStrike the only player in cyber with no pricing pressure? It is slated to report quarterly results next week. We still like Palo Alto Networks for the Club.

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