2 takeaways from Thursday’s ‘Morning Meeting’: We want to buy on market weakness
Every weekday CNBC Investing Club hosts a “Morning Meeting” live stream with Jim Cramer at 10:20 a.m. ET. Here’s a recap of Thursday’s highlights. We have no choice but to buy urgent mentions: MRVL, LLY, NVDA, META 1. We have no choice but to buy bearish stocks on Thursday, which continued its losing streak due to another big interest rate hike and bullish comments. Federal Reserve. Despite the volatility, we believe there is now a buying opportunity for several reasons. Our trusty S&P 500 Short Range Oscillator finally showed the market as oversold. Also, the AAII Investor Sentiment Survey shows that more than 60% of members are bearish, the highest level of negative sentiment since March 2009. While it is generally prudent to exit the market when sentiment is negative, if you do so. According to Jim Cramer, you’ll regret it in a week now. “As paradoxical as it is, we waited, and waited and waited,” he said. “Now, we have to buy something.” After the meeting, Jim decided on Microsoft (MSFT) and we subsequently issued a trade warning on it. 2. Quick Mentions: PG, MRVL, LLY, NVDA, META Here’s a quick rundown on some club names: Jim said Procter & Gamble (PG) is a buy here. While its supply costs appear to be coming down, the company doesn’t appear to be cutting prices too much. Marvell ( MRVL ) is doing well — but the market doesn’t seem to care. However, we are still bullish on the stock. Check out CEO Matt Murphy’s comments on the company’s troubled stock price from Wednesday’s “Mad Money.” UBS upgraded Eli Lilly ( LLY ) to buy on Thursday, arguing that the pharmaceutical company’s type 2 diabetes drug, Monjaro, could be the “biggest drug of all time” if it is also developed for obesity. Approval is granted. We have long believed that this drug will change the game, and we recommend that investors pick up shares of LLY if they do not already own one. We are holding back on buying back any shares of Nvidia (NVDA). Although the company looks bullish on the future of gaming, we still think it will continue to disappoint in its earnings results, which means the stock will be lower. At that time, we will consider buying some shares. We believe META ( META ) is a buy here as WhatsApp’s growth is accelerating, as evidenced by its recent deal with Salesforce ( CRM ). We’re also bullish on the Metaverse. (Jim Cramer’s Charitable Trust is long MRVL, LLY, NVDA, META, CRM. See here for a complete list of stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you’ll receive a trade alert before That Jim Cramer trade. Jim waits 45 minutes after sending a trade alert before buying or selling stocks in his charitable trust 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 Investing Club information above is subject to our terms and conditions and privacy policy, along with our disclaimer. No formal obligation or duty exists, or is created, by reason of your receipt of any information provided in connection with Investing Club. No specific results or profits are guaranteed.