The Homestretch is a daily afternoon update released by the CNBC Investing Club with Jim Cramer, providing actionable insights for the last hour of trading on Wall Street. The markets stabilized on Wednesday after a couple of down sessions, with support coming from a less volatile Treasury market. The 10-year Treasury yield reached a new high for the year before easing back after the Institute for Supply Management’s services PMI for March came in softer than expected. Disney successfully fended off Trian Partners in Nelson Peltz’s quest for two board seats, causing the stock to drop in reaction to the news. The Club, which supported Peltz, sold some shares of Disney in response.
There was upward movement in supercomputing and artificial intelligence-related stocks on Wednesday, potentially driven by comments from investor Steve Cohen on ‘Squawk Box’. Jim Cramer reaffirmed his support for Apple despite recent legal issues, believing that the Justice Department’s lawsuit against the company faces challenges. Shares of Best Buy were down slightly despite an upcoming personal computer refresh, while Ulta Beauty plummeted nearly 15% after warning about demand softness in the first quarter. This decline also affected Procter & Gamble’s stock, which the Club took advantage of to buy some shares. Earnings reports for Levi Strauss, Conagra, and Lamb Weston were on the agenda, along with data releases like Initial Jobless Claims and the highly anticipated nonfarm payroll report on Friday.
As a subscriber to the CNBC Investing Club, members receive trade alerts before Jim makes a trade. There is a waiting period of 45 minutes after a trade alert before buying or selling a stock in Jim’s charitable trust’s portfolio, and a 72-hour waiting period if the stock has been mentioned on CNBC TV. The Club’s information is subject to terms and conditions, privacy policy, and disclaimer, with no specific outcome or profit guaranteed. The team continues to monitor market trends, earnings reports, and economic data to inform their investment decisions. Stay tuned for more insights and updates from the CNBC Investing Club with Jim Cramer.
