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. Not overbought yet Wynn downgraded Amazon is about margins 1. Market is not overbought yet U.S. stocks rose Thursday, led by the technology-heavy Nasdaq Composite , which has outperformed the S & P 500 and Dow Jones Industrial Average all year long. Club holdings Amazon (AMZN), Apple (AAPL) and Microsoft (MSFT) helped fuel the gains. The market hasn’t quite entered overbought territory yet, but that may happen if the broader rally persists. “As we get overbought, I want [Club members] to be more careful,” Jim Cramer said. Before the market open, the Labor Department said initial jobless claims in the week ended June 3 totaled 261,000 on a seasonally adjusted basis, well above the Dow Jones estimate of 235,000. 2. Wait on Wynn Jim said he’s not ready to pound the table on Wynn Resorts (WYNN) just yet. The casino operator fell more than 1% on Tuesday after Jefferies downgraded the stock to hold from buy and reduced its price target to $114 per share from $135. Jim said he recognizes that China’s post-Covid recovery hasn’t lived up to expectations, carrying implications for Wynn’s business in Macao, a special administrative region of China. However, Jim said he sees continued strength in Wynn’s Las Vegas operations. 3. Own Amazon for margins Research analysts at competing Wall Street firms published fresh research on Amazon, with different focuses in the notes. Wells Fargo expressed optimism around the tech giant’s ability to expand margins in its crucial North American business, while UBS touted a reacceleration of AWS revenue growth in the fourth quarter of this year. Both firms have the equivalent of a buy rating on Amazon stock. While we also believe an artificial intelligence-powered AWS reacceleration looms , Jim said he’s partial to Wells Fargo’s emphasis on margins. “That is the call,” he said. “If you own it…
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