Every weekday the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Tuesday’s key moments. 1. U.S. stocks tumbled Tuesday on hotter-than-expected retail inflation data. The surprise uptick in the January consumer price index sent bond yields higher and the Dow , the S & P 500 and the Nasdaq all down more than 1% each. Frankly, we’re not surprised to see the pullback in equities because the market has been up 14 out of the past 15 weeks. The new CPI data put market expectations around interest rate cuts more in line with the Federal Reserve’s commentary. Good news for the Club: We have a large cash position. This dip if it were to continue could present another buying opportunity. However, we’re staying patient for now. 2. Wall Street continued singing the praises of Palo Alto Networks . Jefferies analysts raised the cybersecurity name’s price target to $450 per share from $350. Stifel analysts boosted theirs to $410 from $280. Research analysts at both firms cited strong channel checks ahead the cybersecurity leader’s quarter earnings release next week. Jefferies said the biggest risk on Palo Alto right now is its 29% year-to-date gains, which far outpace the S & P 500’s roughly 4% increase. The stock more than doubled in 2023. Like analysts overall, we think Palo Alto has a great setup for the year, given the surging demand for cybersecurity offerings. 3. Jefferies boosted Eli Lilly’s price target to $853 per share from $815. The analysts are growing more confident in the safety profile of orforglipron, the company’s GLP-1 weight loss/diabetes pill going through the drug trial process. That’s critical to its commercial future because Pfizer discontinued one of its experimental GLP-1 pills due to toxicity issues last year. Alongside quarterly earnings, Eli Lilly said it plans to build supply of orforglipron ahead of approval because it sees such a strong opportunity. We’re bullish on this because the…
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