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

My top 10 things to watch Thursday, May 7 1. Stock futures are calm this morning. Oil is down roughly 5%. We're coming off another record close for the S & P 500 , fueled by hopes that the Iran war will finally end. The market isn't yet overbought, according to the S & P Oscillator, my trusted momentum gauge. But it has been inching toward that territory in recent days. 2. The data center CPU business is incredibly strong. That much is clear from Club name Arm Holdings' earnings report last night . So why are shares down 8% this morning? First, the stock came in too hot, making a pullback a real risk . Second, we learned on the call that Arm hasn't secured enough supply of its new CPUs in order to raise its official revenue forecast, even if they are more power efficient than AMD and Intel's x86 processors. 3. We're taking a closer look at one of the biggest AI stories of the week tonight on "Mad Money": the partnership between Corning and Nvidia for fiber optic supply. Both CEOs will be on the show. Why did they need to do this? What will they get out of it? We own both stocks for the Club and raised our Corning price target yesterday. 4. Don't write off Kraft Heinz . Yes, it's been a terrible performer for years. But CEO Steve Cahillane has a plan to restore this company to greatness , even if it is a shell of its former self because of the poor stewardship since the 2015 megamerger. Cahillane is actually investing in its brands like Kraft mac and cheese to win back shoppers and drive growth. 5. Private equity giant Carlyle Group missed the quarter, sending shares down over 5% this morning. Many industrial companies are looking for "bolt-on" acquisitions, as long as the price is right. That includes Solstice Advanced Materials , which was on "Mad Money" last night . Club name Dover also has dry powder. Will Carlyle sell any of their portfolio companies? Thankfully, software isn't Carlyle's specialty. 6. McDonald's shares were up 3% premarket on a top and bottom line beat . But that rally faded. Same-store sales growth of 3.8% essentially matched the consensus. This stock has been crushed since the Iran war broke out on concerns about a consumer pullback. Beef prices are still a problem too. But leaning back into a value messaging seems to be paying off for McDonald's. 7. Fortinet shares are surging 15% after the systems firewall provider delivered what BTIG analysts called an outstanding quarter. They upgraded the stock to a buy from hold. Fortinet owns 50% of the global firewall market. The halo of its surging share price boosted other cybersecurity stocks this morning, including our two Club names, CrowdStrike and Palo Alto Networks . 8. CVS is turning entirely into a healthcare company. CEO Dave Joyner may have cracked the code — maybe even as a defense against Amazon with its 30,000 pharmacists. After blowout earnings, Joyner told me on "Mad Money" last night he's encouraged by Aetna improvements. Lots of price target hikes, including Bank of America going to $100 from $95. The stock is steady this morning following yesterday's 7.6% rally. 9. FanDuel ousted Amy Howe after five years as CEO. Casualty of prediction markets? Shares of its parent company Flutter fell 4% yesterday after CNBC broke the story . (The stock is recovering some of those losses this morning.) Flutter has lost half its value this year alone. Bank of America cut its price target to $130 from $140. Kept its hold rating. All the sportsbook stocks have been tough places to be. 10. Marriott 's earnings beat and current quarter outlook hike shows why it is the only hotel stock worth owning. Baird did trim its price target to $386 from $388, but that's still near the high-end of the Street. Analysts were a bit cautious about the ongoing war impact. While also an increase, Marriott's full-year earnings guide was a lower than expected, with the company assuming continued war-related travel disruptions. 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.