My top 10 things to watch Monday, Aug. 3 1. Peace talks between the U.S. and Iran are back on the menu, so oil prices are falling. WTI crude is off more than 5%, trading below $80 a barrel this morning. Stock futures are higher across the board, led by the Dow . Within our Club portfolio, Boeing is the stock that benefits most from diplomacy. 2. AstraZeneca is in talks to merge with fellow drugmaker Bristol Myers Squibb in a deal that would value a joint company at around $400 billion, the Financial Times reported. Massive implications if it’s serious. The tie-up would create the fourth largest drugmaker by market cap. Bristol Myers is navigating a patent cliff but has a great cancer treatment franchise, which is where Astra has been leaning into. 3. Club name Eaton was upgraded to buy from hold at Evercore ISI. Analysts upped their price target to $502 from $453, and said the electrical equipment supplier’s execution risk is “now low enough” after a great earnings report Friday. I thought Eaton’s quarter was the best of the industrials so far. Remember the name, Paulo Ruiz. The CEO is reinventing Eaton, which has as good a presence in the data center as any company. 4. Truist upgraded Corning to buy from hold. With shares down some 45% since the start of July, analysts said the better entry point they had been waiting for has arrived. They also said spending on Corning’s fiber optics for data centers remains firm. That’s why we own it for the Club. This stock has had one of the most hellacious downturns, despite sticking to its multiyear growth plan. I did not see a weak quarter, just a weak stock and excuses for it. We upgraded last week . 5. I power-ranked the hyperscalers in my Sunday column for Investing Club subscribers now that we’ve seen earnings from the big four. Amazon is my favorite and the one to buy on any downturn. Meta Platforms is the most disappointing. 6. Is there room for Intel ? Seeing a lot of negative chatter out there, including claims that CPUs are not needed as much as thought in agentic AI (just untrue). There are also stories spreading that its packaging technology is not good enough (also bogus). I remain convinced that there is simply a large overhang from the Situational Awareness hedge fund collapse . Sticking by this one for the Club. 7. Goldman added ASML to its European “conviction list.” Shares were hit last week on a report that a Chinese company began mass-producing a chipmaking tool, known as a DUV machine, to rival ASML’s dominance. Should we believe it? China has tried for many years to make it happen and failed. 8. Starbucks was upgraded to hold from sell at Melius Research. This Club name delivered a fantastic quarter last week, and we raised our price target . CEO Brian Niccol’s turnaround is gaining steam, and the stock looks primed for a breakout . No idea why it was regarded as a sell in the first place. 9. Citi cut its price target on Linde to $580 from $600 after mixed second-quarter earnings Friday morning. Shares had their worst day in over a year in response. The industrial gas giant merely backed the high end of its full-year earnings outlook, and its home-health business was problematic. But we’re staying long for the Club thanks to strength supplying chipmakers and the space industry. 10. UBS downgraded Stellantis to hold from buy. Analysts said the Jeep, Dodge and Chrysler owner’s U.S. turnaround hasn’t materialized as expected despite a decent market backdrop. I am not sure about their viability. The stock, which is up nearly 2% premarket, ended last week down 47% year to date. The other members of Detroit’s Big Three, GM and Ford , are both up for the year. 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.