Every weekday the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Thursday’s key moments. U.S. stocks advanced Thursday as benchmark gauges built on their record-breaking performances in the prior session. The Nasdaq and Dow climbed 0.6% and 0.8%, respectively. The S & P 500 jumped 0.5% after the opening. The index hit above the 5,200 mark for the first time ever during Wednesday trading. All three stock benchmarks closed at new highs. Thursday’s move follows the conclusion of the Federal Reserve’s two-day policy meeting, during which central bankers left interest rates unchanged between 5.25% and 5.5%. Jim Cramer said members shouldn’t speculate too much on the Federal Reserve’s next move though. Instead, he said, quarterly earnings are a better indicator of how stocks will perform. Apple shares tumbled more than 3% after the Department of Justice announced its landmark antitrust case against the tech giant. The agency alleged in a lawsuit on Thursday that the iPhone ecosystem is an illegal monopoly that harms competing smartphone makers, developers and consumers. Jim said the stock’s dip presents a buying opportunity because the case will take years to play out and a positive catalyst looms for Apple: a new business-to-business application. Nvidia announced this week that its 3D graphics platform Omniverse is coming to Apple’s Vision Pro mixed reality headset. The Club thinks this will bring in another big revenue stream for Apple. “Do I like what they’re doing? Absolutely not,” Jim said of the DOJ and its lawsuit. “Do I think it presents a buying opportunity by tomorrow? Yes, I do.” Broadcom stock surged 8% on Thursday, one day after the chipmaker’s artificial intelligence infrastructure event. Analysts were upbeat on the updates, which including Broadcom announcing a third customer in its custom AI chip business. TD Cowen, for example, raised its price target on Broadcom shares to $1,500 apiece from $1,400. Analysts boosted the chip stock’s rating to outperform from market perform. Jim said Broadcom will continue to benefit heavily from AI enthusiasm. He described the Club holding as “integral in advancing accelerating computing,” and said the company will “make a fortune” off of it. (Jim Cramer’s Charitable Trust is long AAPL, NVDA, AVGO. See here for a full list of the stocks.) 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.
Read the full article here
