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 Wednesday’s key moments. 1. U.S. stocks were largely lower Wednesday, led to the downside by the tech-heavy Nasdaq . The catalyst was a steep slide in shares of Alphabet (GOOGL), which disappointed investors with its cloud-computing results Tuesday evening. Also hurting tech stocks, the 10-year Treasury yield climbed back over 4.9%. U.S. oil benchmark West Texas Intermediate crude futures dropped below $83 a barrel. With the market still oversold, based on our trusted S & P Oscillator , we’re going to look to put some money to work Wednesday. 2. Microsoft (MSFT) was bucking Wednesday’s tech trend, climbing more than 3% as investors cheered better-than-expected quarterly results . The report after Tuesday’s close showed the company’s artificial intelligence strategy is providing a material financial lift. Microsoft’s cloud-computing platform, Azure, saw revenue growth of 29% in the quarter, with three percentage points of the growth tied to AI services. “This was the best quarter that I’ve seen this year,” Jim said Wednesday, adding that “it was a clinic conference call.” He suggested investors who don’t own Microsoft should look to start a position. 3. Alphabet’s quarterly results and the accompanying conference call left much to be desired, even though we see the magnitude of Wednesday’s stock decline as a bit overdone. Despite a companywide beat on the top-and-bottom lines, investors are focusing on the Google Cloud division’s results, which missed expectations on both revenue and operating income. “Many more questions than answers. It was a very poorly run call,” Jim said, explaining he wished more color was provided on the Google Cloud numbers and its strategy around newer initiatives, such as the NFL Sunday Ticket package at YouTube TV. (Jim Cramer’s Charitable Trust is long MSFT and GOOGL. See here for a full list of the stocks.)…
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