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 Friday’s key moments. Market Still Oversold When to Buy Chips Quick Mentions: TJX, DIS, ABBV 1. Market Still Oversold We’re finally saying goodbye to September – but probably not all the volatility we’ve seen in the markets over the past month. The Federal Reserve has doubled down on its dovish stance on interest rates in recent days, raising concerns that the central bank may not be able to pull off a soft landing. San Francisco Fed Chair Mary Daly said Thursday that she would be comfortable with interest rates up to 5% next year. Cleveland Fed President Loretta Mester told CNBC that more needs to be done to curb inflation. The Fed’s preferred indicator of inflation accelerated faster than expected in August. On Friday, core PCE (personal consumption expenditure) rose 4.9% year-on-year. At the same time, the Chicago Business Barometer plunged in September, entering contraction territory for the first time since March 2020. The S&P 500 Short Range Oscillator is also still in oversold territory, which means that we recommend holding your nose and still buying something. 2. When to Buy Chips Jim Cramer has broken down his opinion on all of the club’s semiconductor holdings — with a few caveats. He said investors should buy Advanced Micro Devices (AMD) shares if they think Micron (MU) is stable after releasing a weaker-than-expected revenue outlook. Investors should keep an eye on Qualcomm (QCOM) if they are confident that Apple (AAPL) will not disappoint when it releases its next quarterly earnings. The club remains committed to the iPhone maker and believes its fundamentals are strong. It’s too early to buy Nvidia (NVDA), Jim said. But this is the right time to buy shares of Marvell Technology (MRVL) as it is a corporate game and therefore does not have the problems of changing consumer preferences like the club’s other chip games. 3. Quick mentions: TJX, DIS, ABBV Nike (NKE) on Thursday said it was struggling with excess inventory, which is bad news for the company but good news for the club that owns TJX Companies (TJX) holds. That excess inventory will likely flow into off-price stores like TJ Maxx and Marshalls, so investors should consider buying some shares of TJX. While Bank of America lowered its price target on Disney (DIS) to $127, we remain committed to the stock. We expanded our position on Thursday. SVB Securities issued a statement on Friday morning, reiterating its underperform rating and lowering its price target on AbbVie (ABBV) to $135 per share. However, in a follow-up, Leerink said it spoke with the company and said AbbVie’s management made no change to its long-term guidance. (Jim Cramer’s Charitable Trust has long been AABV, AAPL, AMD, DIS, MRVL, NVDA, TJX, 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 makes 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.
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