3 takeaways from our daily meeting: Oil slides, Disney CEO shakeup, Salesforce growth concerns
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 Monday’s key moments. Oil slides Disney ousts Chapek Salesforce growth concerns 1. Oil slides All four of the Club’s energy stocks — Coterra Energy (CTRA), Pioneer Natural Resources (PXD), Halliburton (HAL) and Devon Energy (DVN) — followed oil prices lower Monday on the back of a Wall Street Journal report that Saudi Arabia and other producers in the Organization of the Petroleum Exporting Countries (OPEC) are considering an oil production increase next month. West Texas Intermediate crude — the U.S. oil benchmark — tumbled nearly 6%, to to $75.44 a barrel, in midmorning trading. However, we remain bullish on our energy holdings, namely Coterra, which also operates a natural gas division. We added to our position on Friday. The stock slid more than 2% Monday, to around $26 a share, even as natural gas futures climbed 5.17%. 2. Disney ousts Chapek Disney (DIS) announced Sunday that Bob Iger is returning as CEO , while Bob Chapek is out of the top job. The Club welcomes the news , as we have been calling for the company to let go of Chapek in the wake of its recent disastrous quarterly earnings report . But this is merely the beginning of Disney’s journey to right its balance sheet, in part through new cost cuts. “I know that the [Disney] board seems to be very sanguine and happy about Iger being back but I’m not – I think there’s much more to do,” Jim Cramer said. Disney’s stock was up around 6.5% in midmorning trading, at $97.82 a share. 3. Salesforce growth concerns Jeffries lowered its price target on Salesforce (CRM) Sunday to $240 from $250, citing foreign exchange- and macroeconomic headwinds that are weighing on the company’s growth. The move reinforces the market’s distrust of enterprise software stocks, as investors prioritize profitability and brace for a possible recession. The Club holding reports its next quarterly results on Nov. 30, and we’ll be looking to see if the cloud computing giant is facing slower revenue growth and, if so, how they may be able to expand their margins to offset that potential headwind. (Jim Cramer’s Charitable Trust is long CRM, CTRA, DIS, HAL, PXD, DVN. 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.
