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 Friday’s key moments. Stocks were mixed Friday, with the Dow Jones Industrial Average climbing toward its eighth straight session in the green. The S & P 500 , which entered Friday about 0.8% below its March record high, was flat. The tech-heavy Nasdaq was lower. “It’s a quiet, incredible bull market because it’s so diverse,” Jim Cramer said. “This is not a bull market led by an Amazon , by an Alphabet , although they’re doing well. We’re getting a market that across the board has been good.” However, Jim said, “We’re finally so overbought that you can’t buy.” Given those conditions, we’re looking to trim some strong performers, such as Procter & Gamble , which hit another all-time high Friday. After a down day Thursday, chip stocks were broadly higher in the week’s final session, boosted by Taiwan Semiconductor Manufacturing Co.’ s strong April sales figures. The chipmaking giant’s monthly business update pointed to continued demand for artificial intelligence chips. Shares of Club holding Nvidia — the leading AI chip designer and a key customer of TSMC — climbed 1.2% Friday. Fellow Club name Broadcom , which also has an AI chip business, jumped 2%. “Broadcom is not an anybody’s radar screen … but Broadcom is going to break out here, and that’s the one we may have to trim next when that gets to $1,400 [per share],” Jim said. The stock traded around $1,330 a share Friday. Meanwhile, Alphabet is the worst-performing Club holding in Friday’s session, down about 1.1%, as the Google parent faces a number of crosscurrents. Most recently, Reuters reported that Microsoft -backed ChatGPT creator OpenAI plans to announce a search-engine product Monday. Also hanging in the air, Jim noted, is a Bloomberg News report that said Alphabet was progressing on talks to buy HubSpot , which makes customer management relationship software and other marketing tools. “HubSpot is an incredibly expensive stock. That would be very atypical of Alphabet,” Jim said. (Jim Cramer’s Charitable Trust is long PG, NVDA, AVGO, GOOGL and MSFT. 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.
Cramer: This chip stock is not on anyone’s radar but is ‘about to break out here’
May 10, 2024
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