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 Tuesday’s key moments. Stocks pull back Oracle is a buy Locking in LLY gains 1. Stocks pull back, as oil jumps U.S. equities were mainly lower Tuesday morning, with the S & P 500 and the Nasdaq Composite down 0.4% and 0.55%, respectively. Big Tech stocks — which had led the market higher Monday — were mixed, as investors digested Oracle’s quarterly results and looked to Club holding Apple ‘s (AAPL) iPhone launch event later Tuesday. That’s never been a major catalyst event for Apple, but always something to watch. Meanwhile, bond yields were little changed ahead of the Labor Department’s monthly consumer price index report on Wednesday, with that of the 10-year Treasury hovering just under 4.3%. Oil prices soared on signs of tighter global supply , as West Texas Intermediate crude climbed 1.8%, to nearly $89 a barrel. 2. Oracle is a buy Shares of Club name Oracle (ORCL) tumbled more than 12% Tuesday, to around $11 apiece, after the software giant reported a mixed set of quarterly results the evening prior. Oracle beat on earnings-per-share but missed on revenue forecasts, while guidance came in weaker than expected. But Jim Cramer called the sell-off an “overreaction,” noting the company’s stellar growth in cloud services. “This is a buy. Buy some here, and some down 20%,” he added. Oracle also has a cheap multiple for a company expected to grow earnings by more than 10% annually. 3. Locking in gains on Eli Lilly In line with our discipline, we sold 40 shares of pharmaceuticals giant Eli Lilly (LLY) earlier Tuesday, locking in gains of about 140% on stock first purchased in Dec. 2021. It has been one of the best health-care stocks to own this year, with shares up more than 60% year-to-date. The broader health-care sector has fallen more than 2% over that period. Quarter-to-date, Eli Lilly shares have rallied about 27%, while the sector…
Read the full article here
Leave a Reply