Published: Friday, February 20, 2026 · 2:02 PM | Updated: Friday, February 20, 2026 · 2:02 PM
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🗝️ Key Points
- Blue Owl Capital's loan sales, part of a plan to return capital to investors, has observers bringing out "canary in the coal mine" warnings again.
- While many private credit loans seem mismarked, this situation doesn't appear tragic in nature.
- Stock futures were lower after the initial look at fourth-quarter U.S.
My top 10 things to watch Friday, Feb. 20 1. Blue Owl Capital’s loan sales, part of a plan to return capital to investors, has observers bringing out “canary in the coal mine” warnings again. While many private credit loans seem mismarked, this situation doesn’t appear tragic in nature. 2. Stock futures were lower after the initial look at fourth-quarter U.S. GDP came in much weaker than expected at 1.4%. The government shutdown was likely a drag on growth. The PCE, the Fed’s preferred inflation gauge, was up 0.4% in December, slightly above the consensus. 3. Texas Roadhouse shares rose over 3% this morning, with the market giving the steakhouse chain a pass for a weak fourth quarter because its ongoing Q1 is off to an explosive start. But there’s no sign the cattle bull market will end and give Texas Roadhouse a break on beef inflation. 4. Barclays cut its price target on Club name CrowdStrike to $550 from $610, as the pain in anything related to software continues. Barclays kept its buy rating on the stock, though. We’ve also been telling Club members that the cyber pullback is an opportunity. 5. Morgan Stanley initiated GE Aerospace with a buy rating and price target of $425, implying about 27% upside from yesterday’s close. The engine maker’s cash flow is “at full throttle,” analysts wrote. The air travel bull market is one of the strongest stories out there. Boeing is our way to play it for the Club. 6. Pfizer was started with a sell rating at Barclays, as analysts worry the stock will be rangebound until there’s more data on its obesity pipeline. The firm put buy ratings on Club names Bristol Myers , with green shoots in its pipeline emerging, and obesity leader Eli Lilly . It also likes Merck . 7. Citi raised its price target on Club holding Costco to $1,000 from $990, barely above the stock’s close yesterday. The timing strikes me as odd, given the long-awaited Supreme Court ruling on tariffs could come as soon as this morning. Costco has sued the Trump administration over them, demanding refunds. 8. Barclays took Molson Coors’ price target down to $47 from $49 and reiterated its sell rating after earnings. Analysts said the Miller Lite parent’s softer than expected 2026 guidance on Wednesday could still be “setting too high a starting point.” I’ve been saying stay away from alcohol stocks for a while. People are drinking less and aluminum tariffs don’t help beer brewers, either. 9. Live Nation shares jumped 3.5% this morning after the Ticketmaster parent beat quarterly revenue estimates, supported by resilient demand for concerts and live experiences. Early ticket sales for 2026 are up by double digits and more than 80% of large-venue shows have already been booked. These numbers are more evidence consumers are still willing to pay for things like travel and concerts. 10. Klarna delivered a disaster of a quarter yesterday. The buy now, pay later provider not only reported a wider-than-expected net loss but its fiscal 2026 outlook fell short across a lot of key metrics. JPMorgan cut its Klarna price target to $20 from $40 as a result, calling the report “disappointing.” UBS lowered its PT to $20 from $46. Affirm has been my preferred way to play the BNPL space. 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.
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