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. 1. The benchmark S & P 500 is on the brink of reaching the 5,000 mark for the first time in history. “I’ve never seen so many stocks go up 7% or more in a day,” Jim Cramer said, citing strong performers on Tuesday like chip name Arm Holdings . Shares of the company surged 55% after the opening bell on positive earnings, propping up the tech-heavy Nasdaq . “I know this is strange, but you can still buy [Arm shares],” Jim said, citing a growing push to bring more Arm-based chips into personal computers. “This is a land grab for every single device, and they will win,” he said. Club names Apple , Nvidia and Amazon are among Arm’s customers. 2. Disney is the portfolio’s biggest winner so far on Thursday. Shares surged nearly 12% after reporting upbeat earnings Wednesday evening. The quarter was highlighted by sizable cost-cutting efforts across many of its businesses, along with a strong profit forecast for the 2024 fiscal year. Here’s the real overhang though: Are these results enough to hold off the proxy battle with activist investor Nelson Peltz? Jim said the outcome’s not entirely clear yet, but “the best defense against Nelson Peltz being on the board is to deliver great numbers.” So far, however, what looks promising for Disney in the feud is its dividend increase and approval of a new repurchasing program. 3. We made a small buy of Wynn Resorts on Thursday. The company’s better-than-expected fourth-quarter caused an early morning jump for the casino stock. Wynn posted beats on its top and bottom lines, with profitability robust throughout the three-month period. The Club decided to buy into this strength, expecting shares to move even higher in the long run. (Jim Cramer’s Charitable Trust is long DIS and WYNN. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer,…
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