On Fridays, the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET to discuss key moments in the stock market. Stocks were mixed on Friday, with the Dow Jones Industrial Average heading towards its eighth straight session in the green. The S & P 500 was flat, while the tech-heavy Nasdaq was lower. Jim Cramer noted that the current bull market is diverse and not led by a few key stocks like Amazon or Alphabet. However, he warned that the market is overbought and suggested trimming strong performers such as Procter & Gamble, which hit an all-time high on Friday. Chip stocks, which had a down day on Thursday, rebounded in the final session of the week thanks to strong April sales figures from Taiwan Semiconductor Manufacturing Co.
Nvidia, a leading AI chip designer and a key customer of TSMC, saw its shares rise 1.2% on Friday. Fellow Club holding Broadcom, which also has an AI chip business, jumped 2%. Jim Cramer mentioned that Broadcom could potentially break out and reach $1,400 per share, with the stock trading around $1,330 on Friday. Alphabet, however, was the worst-performing Club holding on Friday, down about 1.1%. The Google parent company faced some challenges, including reports of Microsoft-backed ChatGPT creator OpenAI planning to announce a search-engine product on Monday. There were also rumors of Alphabet progressing on talks to buy HubSpot, a company that makes customer management relationship software and other marketing tools. Jim noted that HubSpot is an expensive stock and buying it would be atypical of Alphabet.
As a subscriber to the CNBC Investing Club with Jim Cramer, members receive trade alerts before Jim makes a trade. Jim follows certain rules before executing a trade, such as waiting 45 minutes after sending a trade alert or 72 hours after discussing a stock on CNBC TV. It’s important to note that the information provided by the Investing Club is subject to terms and conditions, privacy policy, and disclaimer. There is no fiduciary obligation or duty created by receiving information from the Investing Club, and no specific outcome or profit is guaranteed. Members are advised to carefully consider their own investment decisions based on the information provided by Jim Cramer and the Investing Club.
