CNBC Investing Club: Jim Cramer’s Latest Homestretch Audio Feature
Every weekday, the CNBC Investing Club with Jim Cramer shares the Homestretch audio feature just in time for the last hour of trading on Wall Street. Here’s today’s edition.
Tech Stocks Take a Hit
On Thursday, the Magnificent 7 and tech stocks were once again feeling the pain. Despite yields inching higher, there isn’t a specific catalyst causing the downward moves. Earlier this week, the team mentioned that the Big Tech names had been performing well throughout the year, and investors were taking profits. The team made adjustments to their positions in Meta Platforms (META) and Alphabet (GOOGL) by trimming both stocks after positive earnings. This allowed them to free up cash to build up their position in quality companies like Eaton (ETN).
Shifting Positions
The team also decided to trim their position in industrial giant Emerson Electric (EMR) to purchase shares in Eaton. Eaton is exposed to key markets such as data centers, industrial, and residential buildings, making it a good growth stock in the industrials sector.
Bank Stocks and Estee Lauder
Meanwhile, bank stocks were on the rise during midday trading. Jim believes that the sector may not lead the market, but he sees Club holding Wells Fargo (WFC) as a buy and recommends buying Morgan Stanley (MS) aggressively due to its cheap valuation and solid dividend yield.
Shares of Estee Lauder (EL) also experienced a rebound, but the team is cautious about buying at the moment. They believe that the slowdown in China is impacting the sale of high-end cosmetics and are hoping for a consumer-focused stimulus program from the Chinese government to boost consumer activity and the economy.
Trade Alerts for Subscribers
As a subscriber to the CNBC Investing Club with Jim Cramer, members receive a trade alert before Jim makes a trade. After issuing a trade alert, Jim waits 45 minutes before buying or selling a stock in his charitable trust’s portfolio. If he talks about a stock on CNBC TV, he waits 72 hours before executing the trade.
The information provided by the CNBC Investing Club is subject to their terms and conditions, privacy policy, and disclaimer. It’s important to note that no fiduciary obligation or duty exists, or is created, by virtue of receiving any information provided in connection with the club, and no specific outcome or profit is guaranteed. For a full list of the stocks in Jim Cramer’s Charitable Trust, subscribers can visit the CNBC website.