Following the busiest earnings day of the season, Jim Cramer on Friday offered his updated thinking on the six Club holdings that issued quarterly reports after Thursday’s close. Here’s a recap of what he said during the “Morning Meeting,” which is exclusive for Investing Club members. AAPL YTD mountain Apple’s stock performance year-to-date. Apple (AAPL) shares rose 4% on Friday despite the iPhone maker missing Wall Street’s expectations for sales and profit in its holiday quarter. A big reason why the stock could still rally is because everybody knew the numbers weren’t going to be great. Once Apple’s high-end phone supply normalizes from Covid-related disruptions, its U.S. business should come back stronger. Plus, Apple’s disclosure that it has 2 billion active devices is great news for its services revenue. Own it, don’t trade it. AMZN YTD mountain Amazon’s year-to-date stock performance. The Club’s still bullish on Amazon ‘s (AMZN) long-term prospects, but we’re not urging anyone to buy it Friday, even as the stock is off more than 4% in the session. While Amazon’s advertising business looks “incredibly strong,” Jim also said its highly profitable cloud computing business is “slowing rather dramatically” compared with recent years. That’s why, on net, Amazon is a wait-and-see situation. GOOGL YTD mountain Google parent Alphabet’s year-to-date stock performance. Google parent Alphabet (GOOGL) had the most disappointing quarter of them all Thursday night. While management on the conference call emphasized the company’s work on artificial intelligence amid perceived threats from the viral ChatGPT , that wasn’t enough to obscure the fact its advertising revenues were subpar. Jim also said he thinks management may be too glib about the Justice Department’s lawsuit concerning Google’s online ad business . The stock, however, did cut losses in Friday trading. SBUX YTD mountain Starbucks’ year-to-date stock performance. With shares down 3% Friday morning, Jim said…
Read the full article here
