My top 10 things to watch Wednesday, June 3 1. Stocks are little changed this morning after the S & P 500 's record high yesterday. The market is being held back by Iran and tariff uncertainties. The U.S. and Iran traded fresh airstrikes even as President Donald Trump said peace talks were ongoing . The White House proposed tariffs on 60 economies over forced labor trade practices, pivoting its approach after the Supreme Court struck down previous levies. Plus, ahead of Friday's jobs report, ADP said private-sector employment growth was stronger than expected in May. 2. Same old situation with Club name Palo Alto Networks after earnings. Stock comes in hot, everyone likes the quarter, and it initially trades up big. Then there is an odd re-think, and it comes down. Very silly considering the cybersecurity risks created by artificial intelligence. CEO Nikesh Arora has made that clear , and Cisco CEO Chuck Robbins outlined a similar threat analysis on "Mad Money" last night. We raised our price target on Palo Alto for the Club. 3. Ulta Beauty delivered solid 5.3% same-store sales growth in the first quarter, with a slight revenue beat. Earnings of $7.74 a share comfortably topped estimates. Big theme on the conference call: shoppers want value. Ulta said it has multiple levers to meet that need. Also, its first-ever TikTok shoppable livestream drove excitement. This stock is down big from its February highs. Barclays lowered its price target to $647 from $712. 4. Quite the call here: Oppenheimer downgraded AT & T to hold from buy on concerns that long-term broadband subscriber growth will be threatened by satellite internet competition. SpaceX's Starlink, anyone. Analysts said the mobile business could eventually be at risk, too. Club name Amazon is nearing the launch of a Starlink rival service called Leo. 5. Signet Jewelers : Is this an overlooked star of earnings season? CEO J.K. Symancyk was on "Mad Money" last night. Signet raised its full-year guide. It's phasing out losers like James Allen and folding it into Blue Nile. Redesigning websites for Kay, Zales, and Jared. Most importantly, this thing is a cash machine even during the offseason. Citi upped its price target to $120 from $110. 6. Important consumer insights from Dollar General . CEO Todd Vasos said its core customers are buying less food due to rising gas prices. The dynamic is particularly pronounced in rural communities. Growing delivery via DoorDash and Uber . Dollar General's Value Valley, which features a rotation of $1 items, really worked. I do find its full-year same-store sales guidance of 2.2% to 2.7% mildly disappointing. 7. Bernstein downgraded Kraft Heinz , Conagra , Campbell's , and General Mills to sell, citing concerns over food stamp reductions, obesity drugs, and the "Make America Healthy Again" agenda. Could this mark the bottom in packaged foods? Of the four, I like Kraft Heinz best. CEO Steve Cahillane is a miracle worker who made investors huge money with the Kellogg breakup at a time when the rest of the industry was falling apart. Plus, Kraft Heinz adds diversification away from tech. 8. Taco Wednesday? Morgan Stanley upgraded Taco Bell owner Yum Brands to a buy from hold and raised its price target to $185 from $180. Analysts said the stock trades below where it should, based on its growth profile compared to franchised peers. I agree. The market's love affair with tech has taken Yum down to well below where it should be, and a Pizza Hut sale would be smart. 9. FedEx Freight was started with a buy at Raymond James, thanks to its pricing power, enhanced service levels, and strong free cash flow. The less-than-truckload carrier began trading as a standalone company Monday after splitting from fellow Club name FedEx . The separation is expected to help FedEx Freight "leap frog" competitors and invest more aggressively in growth initiatives. 10. Goldman Sachs hiked its price target on Hewlett Packard Enterprise to $79 from $32. Analysts are more confident in the company's competitive position in the enterprise AI buildout following a strong beat and raise quarter . The guide was so much stronger than expected. I have never seen the Street more wrong. HPE stock had its best day ever yesterday . It is giving back a chunk of those gains this morning. 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. 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