My top 10 things to watch Feb. 1, 2023 1. Fed Day: The central bank is expected to raise the interest rates by a quarter-point to the range of 4.50% to 4.75%. The announcement is slated for 2 p.m. ET, with Fed Chair Jerome Powell speaking at 2:30. Expect rates to stay higher for longer in Fed’s battle against inflation. Private payroll growth slowed to 106,000 in January, well below 190,000 estimate, payroll processing firm ADP reported Wednesday. 2. Club name Advanced Micro Devices (AMD) is a tale of two cities: client and gaming (weaker) versus embedded and data center (stronger) in chipmaker’s latest quarterly earnings report after the bell on Tuesday. Great demand from cloud. PC market bottoming. Huge share take from Intel (INTC). All in, AMD managed to outperform low expectations , despite industry headwinds. 3. UBS downgrades Snap (SNAP) to hold from buy with an unchanged price target of $10, and says business is really soft. The social media company beat on earnings but missed on revenue when it reported results on Tuesday, sending shares tumbling in the after hours. Read-through for Meta Platforms (META), which reports after the bell today: don’t look short term, which is a read like Snap. Cost cuts coming out, is Meta on verge of a sign? 4. Club stock Humana (HUM) topped earnings estimates Wednesday morning with revenue in line, great guide. We’ll send a more detailed analysis of the managed care company’s report later today. 5. Peloton (PTON) looking free-cash-flow breakeven by end of year. In its quarterly report Wednesday, the exercise equipment said subscription revenue better than hardware sales, noted significant outperformance for connected fitness. Here comes CEO Barry McCarthy, king of subscription and a former Spotify (SPOT) and Netflix (NFLX) executive who took the helm a year ago. Cut workforce by more than half as part of turnaround strategy. “Epic comeback,” stock is up more than 60% so far this year . 6. Spotify (SPOT) numbers improving and about to inflect, better-than-expected free cash flow. Subscription business more resilient than thought, music streamer reported 205 million paid subscribers, up 14% from a year ago, in its fourth-quarter earnings report Tuesday. Premium advertising numbers also beat consensus. 7. McDonald’s (MCD) price target trimming on inflation, but also few price target increases. Moat is widening but margin pressure … food inflation, utility expenses still rising. 8. Western Digital shares fell after reporting an earnings miss after the bell on Tuesday, lower guide on revenue for coming quarter. Bad forecast on flash, will impact Micron Technology (MU). 9. Mizuho with ridiculous PT boost for Upstart (UPST), to $16 from $14, despite predicted losses here. Driven by workforce reduction by 20%. 10. Some positive news: Good number from snack maker Mondelez (MDLZ), many drivers as company reported Q4 EPS beat and strong guide for 2023. Dover (DOV) looking better and multiple boosts, classic cyclical. Polaris (PII) much better, good forecast, surprised people. After effect United Parcel Service (UPS) PT bumps, U.S. domestic margins expected to improve KEY. (See here for a full list of the stocks in 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.