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

1. Stock futures were slightly higher this morning after the S&P 500 briefly crossed 5,000 for the first time in intraday trading Thursday. The broad U.S. stock index is up nearly 5% this year, after gaining more than 24% in 2023. Meanwhile, bitcoin crossed the $47,000 level for the first time since March 2022.

2. PepsiCo reported a rare revenue miss: $27.85 billion for the fourth quarter vs. $28.4 billion expected by analysts. But there’s still a lot to like, including an earnings beat and a dividend boost of 7% to $5.24 per share, the company’s 52nd consecutive annual increase. Importantly, the results were not impacted by the rise of GLP-1 drugs for type 2 diabetes and weight loss.

3. Affirm posted a remarkable quarter that someone wanted to paint as negative. Shares are down 7% despite the buy-now-pay-later business reporting beats on the top and bottom lines. CEO Max Levchin delivers again.

4. Shares of Pinterest dropped more than 8% after the image-sharing company beat on earnings in its fourth-quarter report but issued a softer forecast. Some want to portray PINS as another Snap, but that’s ridiculous. The company is in the early stages of monetizing internationally and has good deals with Google and Amazon. 

5. Cloud services provider Cloudflare soared 27% after its fourth-quarter earnings beat and upbeat full-year outlook. Is this an indispensable company? I have CEO Matthew Prince on Mad Money tonight.

6. Expedia makes a few comments about softness at the top of its post-earnings conference call and the travel platform operator’s stock gets crushed — down 15%. Should it be? Bank of America downgraded the company to hold from buy, cited light bookings and muted outlook — “uncertainty.”

7. Take-Two is not an earnings call, so don’t sell on the stock drop following the video game maker’s fiscal Q3 results on Thursday. It is a Grand Theft Auto call.

8. Illumina looks better: The maker of life-science tools reported fourth-quarter results that topped expectations. Go buy Club holding Danaher.

9. Initial reaction to earnings results from McKesson was light, but this healthcare services company — like Cencora — is so loved you knew the Street would come back to it with multiple price target bumps.

10. CyberArk Software had a momentous quarter, crushed estimates, and caught multiple price target bumps. This cyber company guards the keys to the kingdom.

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.