Every weekday, the CNBC Investing Club hosts a “Morning Meeting” live stream with Jim Cramer at 10:20 am ET. Here’s a recap of Thursday’s key moments. We took two trades: AMD, CVX Quick mentions: AAPL, QCOM, HUM 1. Two trades: AMD, CVX Stocks were mixed on Thursday after originally falling during morning comments from Federal Reserve Board Chair Jerome Powell in the Cato institutes had fallen. He indicated that central bankers will continue aggressive monetary tightening in the fight against inflation. Despite Wednesday’s rebound, the S&P 500 Short Range Oscillator shows a market still in oversold territory. So early Thursday we bought some shares in Advanced Micro Devices (AMD), whose shares have taken a hit since the club name Nvidia (NVDA) revealed last week that the US government is restricting certain chip sales to China. Because AMD — unlike NVDA — said this restriction would not have a material impact on their business, we view this recent downtrend at AMD as temporary and still like the stock. It supports our argument that Stifel initiated coverage of AMD with a buy rating and a price target of $122, reflecting 50% upside potential. The stock rose more than 2% on Thursday. We sold our last position in Chevron (CVX) on Wednesday afternoon. It wasn’t because there’s anything we don’t like about the company, but because we’ve tried to reduce our energy exposure as oil continues to struggle. We also felt the total number of 34 stocks in our portfolio was too high and wanted to reduce that number. 2. Quick mentions: AAPL, QCOM, HUM Apple (AAPL) is still an “own it, don’t trade it” after its big product event on Wednesday. One story to keep an eye on from Apple’s upcoming launches is analyst predictions in June that the company could use Qualcomm’s (QCOM) modems in its new iPhones. While this is speculation only, it is significant as QCOM stock could see an earnings boost from increased business, even if it is only temporary as Apple attempts to develop its own internal modems.’ We still like Humana (HUM) over the long term as it’s a great defensive name, but we’re looking for a bigger pullback before we consider increasing our position. (Jim Cramer’s Charitable Trust is long AAPL, AMD, HUM, NVDA, QCOM. For a full list of stocks click here.) As a subscriber to CNBC Investing Club with Jim Cramer, you’ll receive a trade alert before Jim trades a trade. Jim waits 45 minutes after sending a trade alert before buying or selling any stock in his charitable foundation’s portfolio. When Jim spoke about a stock on CNBC television, he waits 72 hours after the trade alert is issued before executing the trade. THE ABOVE INVESTMENT CLUB INFORMATION IS GOVERNED BY OUR TERMS AND CONDITIONS AND PRIVACY POLICY ALONG WITH OUR DISCLAIMER. NO OBLIGATION OR OBLIGATION SHALL BE OR CREATED BY YOUR RECEIVING OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC RESULT OR PROFIT IS GUARANTEED.
Carl Reiner has been an expert writer on all things MANLY since he began writing for the London Times in 1988. Fun Fact: Carl has written over 4,000 articles for Mans Life Daily alone!
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