TSMC profit jump fails to lift chip stocks as deal activity broadens

Taiwan Semiconductor Manufacturing Co. reported a 77% increase in second-quarter operating profit and plans another $100 billion of investment at its Arizona foundry complex, CNBC's Jim Cramer said Thursday. The results did not lift the wider chip group in early trading, with TSMC's New York-listed shares down more than 4% before the open and semiconductor weakness weighing on Nasdaq futures, according to Cramer.

Cramer said Intel, AMD, Micron and Sandisk were lower in premarket trading, extending losses from the previous session. He linked the latest volatility in the sector to trading conditions after SK Hynix's U.S. listing last week.

Earnings drive moves outside technology

UnitedHealth shares rose after the insurer reported a quarterly profit beat and raised its full-year earnings guidance, according to Cramer. He attributed the company's improvement to Stephen Hemsley's return as chief executive in May of last year, citing changes in plans and pricing.

GE Aerospace also reported results ahead of Wall Street expectations for sales, profit and free cash flow, Cramer said. The company raised its full-year guidance for revenue growth, operating income and cash flow. UBS analysts said the new outlook appeared conservative, according to Cramer, who cited the quarter as evidence of resilient aerospace demand despite challenges tied to the war in Iran.

J.B. Hunt shares were up more than 7% premarket after what Cramer described as a strong second quarter. He said transportation shares had been rising on early indications that the freight downturn may be easing. Baird raised its price target on J.B. Hunt to $320 from $290, while Citi increased its target to $309 from $278, according to Cramer.

Uber and Eli Lilly pursue acquisitions

Uber agreed to buy Germany's Delivery Hero in a transaction valued at $14.8 billion, Cramer said. He said Uber raised its offer after Delivery Hero rejected a late-May proposal as too low.

Uber Chief Executive Dara Khosrowshahi told CNBC the deal provides “compelling value” and would increase by almost 50% the number of markets where Uber offers both rides and delivery. Uber shares were slightly higher in premarket trading following the announcement, according to Cramer.

Eli Lilly agreed to acquire psychedelic drug developer AtaiBeckley for $2.8 billion upfront, Cramer said. The target company has a depression treatment that has started late-stage trial activities. Cramer described the transaction as part of Lilly's effort to add assets beyond obesity medicines.

Goldman Sachs is serving as Lilly's exclusive financial adviser on the AtaiBeckley transaction, according to Cramer. Goldman shares gained 1% on Wednesday after rising 9% following earnings on Tuesday. Bank of America raised its Goldman price target to $1,300 from $1,150 and maintained a buy rating, Cramer said.

Analyst action on Amazon

KeyBanc raised its price target on Amazon by $5 to $330, according to Cramer. The firm's analysts called Amazon their preferred e-commerce stock, citing strength in retail and an improvement at Amazon Web Services.

KeyBanc also said spending on the Leo satellite network and data centers could restrain margin expansion, while arguing that consensus estimates for revenue and earnings per share remained too low, Cramer said.

This story draws on original reporting from CNBC.