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. U.S. stocks advanced on Monday, putting the S & P 500 and Nasdaq Composite on pace for record closes. The Dow Jones Industrial Average was basically flat. Club holding Nvidia helped drive the market higher, up 2.5% ahead of its quarterly earnings report Wednesday night. All eyes are on chipmaker’s fiscal results because it’s seen as a gauge for the artificial intelligence-led rally in the market. While expectations for Nivida’s report are extremely high, Jim Cramer argued its earnings release should not be considered “some kind of make or break” event. Jim’s Sunday column dove deeper into Nvidia’s upcoming report. Shares of TJX Companies declined 1.7% despite a couple of positive Wall Street updates. Deutsche Bank raised its price target on the stock to $114 per share from $112, while Evercore ISI added the company back to its top ideas list. The common theme from both firms: Consumers want value that off-price retailers like TJX can give them. Last week, JPMorgan also struck a favorable tone on TJX, which owns T.J. Maxx, Marshalls and HomeGoods. The company is set to post first-quarter earnings before the bell Wednesday. “I would point out when this company reports is a very bad day to trade [the stock],” Jim said. Palo Alto Networks will release first-quarter earnings after Monday’s closing bell, which should provide an update on how the cybersecurity firm’s “platformization” strategy is going. Remember, Palo Alto cut its full-year guidance last quarter on this shift because it required the company to give out their services for free, causing shares to nosedive after results. We decided to book some profits in the stock last week , given shares have had a strong move in recent weeks. “I’m nervous about Palo Alto because if you’re not nervous, you don’t know how that stock acts,” Jim said. (Jim Cramer’s Charitable Trust is long TJX, PANW, NVDA. 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.
Here’s our latest thinking on the 3 portfolio stocks reporting earnings this week
May 20, 2024
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