The CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream every weekday at 10:20 a.m. ET. On Friday, U.S. stocks tumbled as traders digested bank earnings and inflation concerns. The S&P 500 and Dow were on track for a weekly decline, while the Nasdaq was on the brink. The 10-year Treasury yield edged lower after a spike earlier in the week. The Club is considering adding to their Best Buy position as the overall market nears oversold status, but they are restricted until next week. Constellation Brands shares dropped amid the market downturn, reversing gains from Thursday’s strong quarter.
The Club holding Morgan Stanley will release earnings soon, and a pick-up in IPOs signals positive signs for the firm’s investment banking business. However, lackluster wealth management revenues have been a focal point in recent quarters and new CEO Ted Pick needs to improve the situation quickly. Multiple federal regulators are reportedly probing Morgan Stanley’s Wealth Management business, prompting caution from the Club. Members are advised to check their email inboxes and texts for a full analysis of Wells Fargo’s earnings.
As a subscriber to the CNBC Investing Club with Jim Cramer, trade alerts are sent out before Jim makes a trade. Jim waits before buying or selling a stock in his charitable trust’s portfolio, and also waits if he has discussed a stock on CNBC TV. It is important to note that the information provided by the Investing Club is subject to their terms and conditions, privacy policy, and disclaimer. There is no guarantee of a specific outcome or profit, and no fiduciary obligation exists by virtue of receiving information from the Club. Members are encouraged to review the full list of stocks that Jim Cramer’s Charitable Trust is long on and to be mindful of the Club’s policies and practices.
