Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. (We’re no longer recording the audio, so we can get this new written feature to members as quickly as possible.) Stocks rally: Markets have broadly recovered from Tuesday’s pullback with nearly every S & P sector in the green. However, the market gave back some gains following a report that New York Community Bancorp sought a cash infusion to shore up its balance sheet. The bank later announced it received an equity investment of more than $1 billion from investors. Unlike last March, the problems of another regional bank have yet to derail the big bank trade. Look at Wells Fargo , which made a new 52-week high Wednesday. It’s the top-performing big bank in 2024. Morgan Stanley shares traded lower, but they had risen too much Monday on no news whatsoever, prompting us to trim the position Tuesday. We never have a problem with taking something off in a problem position that rallied on nothing fundamental. Though Federal Reserve Chair Jerome Powell reiterated the view of no imminent rate cuts when he spoke on Capitol Hill, the NYCB report caused Treasury yields to dip, which in turn supported a bounce in interest-rate sensitive stocks. Quick hits: DuPont crossed above $70 for the first time since giving weak 2024 guidance in January. An upbeat note by Fermium Research may be the reason why. The analysts talked about the ongoing recovery in the company’s semiconductor business, while the inventory destock in its shelter unit is finished. The water solutions destock is nearing the end with orders picking up for the second quarter. CrowdStrike trashed Palo Alto Networks on its earnings call Tuesday, causing shares of the latter to sit out Wednesday’s cybersecurity rally. We don’t want to count out Palo Alto CEO Nikesh Arora, but the pressure is on to prove his “platformization” strategy is…
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