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. U.S. stocks were mixed Tuesday as Big Tech names dragged down the S & P 500 and Nasdaq. The Dow was up after the opening. The rally in Nvidia cooled off Tuesday, the morning after announcements from the company’s highly anticipated artificial intelligence conference. Our big takeaway from the event? Nvidia remains multiple steps ahead of the competition. Members, don’t let the dip in share price change your perception around the chipmaker’s bullish event. It’s likely just profit-taking after a massive run for the stock — up over 72% year-to-date after more than tripling last year. JPMorgan analysts lowered their price target on Starbucks stock Tuesday, the latest in a string of downbeat calls around the coffee chain. This follows management’s annual meeting last week, where CFO Rachel Ruggeri hosted a sell-side call on Friday. By the looks of it, the commentary was cautious. Analysts are tweaking their estimates lower for the second quarter to, in part, reflect ongoing headwinds in China. Another guidance cut for Starbucks seems to be coming. The question is though, how much of that is already priced in? Abbott Laboratories stock rose more than 1% Tuesday, attempting to recover some of the roughly $10 billion in market cap lost over four straight down sessions. The declines intensified Friday after rival baby formula maker Reckitt Benckiser was ordered to pay $60 million to a mother whose premature baby died from an intestinal disease known as NEC. No scientific data shows Abbott’s formula causes the same disease. But the stock continued lower on Monday. The Club thinks the sell-off was overblown and would consider adding more shares on a pullback as we did Friday . (Jim Cramer’s Charitable Trust is long ABT, SBUX, NVDA. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim…
Read the full article here
Leave a Reply