2 takeaways from Thursday’s ‘Morning Meeting’: We want to buy on market weakness
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. We have no choice but to buy Quick mentions: MRVL, LLY, NVDA, META 1. We have no choice but to buy Stocks slumped on Thursday, continuing their losing streak after tumbling on the back of another large interest rate hike and hawkish comments from the Federal Reserve. Despite the volatility, we believe that now is an opportunity to buy for several reasons. Our trusted S & P 500 Short Range Oscillator finally showed the market as oversold. In addition, the AAII Investor Sentiment Survey shows that over 60% of members are bearish, which is the highest level of negative sentiment since March 2009. While it’s typically prudent to get out of the market when sentiment is that negative, if you do so now, you’ll regret it in a week, according to Jim Cramer. “As counterintuitive as that is, we’ve waited, and waited and waited,” he said. “Now, we have to do some buying.” After the meeting, Jim decided on Microsoft (MSFT) and subsequently we put out a trade alert on it. 2. Quick mentions: PG, MRVL, LLY, NVDA, META Here are quick takes on some Club names: Jim said that Procter & Gamble (PG) is a buy right here. While its supply costs seem to be going down, the company does not appear to be making huge price cuts. Marvell (MRVL) is performing well — but the market doesn’t seem to care. However, we still have faith in the stock. Check out CEO Matt Murphy’s comments on the company’s beleaguered stock price from Wednesday’s “Mad Money.” UBS upgraded Eli Lilly (LLY) to a buy on Thursday, arguing that the pharmaceutical company’s type-2 diabetes drug, Mounjaro, could be “the biggest drug ever” if it gets obesity approval, too. We’ve long believed that this drug will game changing, and we recommend that investors pick up shares of LLY if they don’t own any already. We are holding off on buying back any shares of Nvidia (NVDA). While the company appears bullish on the future of gaming , we still think that it will continue to disappoint in its earnings results, which means the stock will go lower. At that point, we’ll consider buying some shares. We believe that Meta (META) is a buy right here because WhatsApp growth is accelerating, made clear by its recent deal with Salesforce (CRM). We are also bullish on the metaverse. (Jim Cramer’s Charitable Trust is long MRVL, LLY, NVDA, META, CRM. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
