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 Thursday’s key moments. 1. Stocks are up Thursday as investors looked to recover this week’s losses. The Dow is leading the way with a 0.4% gain, while the S & P 500 index is up 0.1% and the Nasdaq is up 0.2%. The broad-based S & P has been up 14 of the last 15 weeks, so this week’s breather was needed. Weaker-than-expected retail sales raised some concern about the strength of the U.S. economy. The Federal Reserve, which is looking to break the back of inflation, might like this reading. We’ll see more inflation data on Friday when the January producer price index is released. 2. Meta Platforms said Wednesday that Broadcom CEO Hock Tan will join the company’s board of directors. The social media giant is a big buyer of Broadcom’s chips, and there was some concern last week following a Reuters report that said Nvidia is looking to get into the custom chip business and could eat some of its business. AVGO shares fell on the news. But we see Tan’s addition to Meta’s board as a sign that the relationship between the two Club holdings is strengthening. Investors shouldn’t worry about Nvidia because it’s less likely that Meta would ditch Broadcom now. 3. Nvidia’s next big catalyst? Wall Street says the development of a new chip for China, one that meets U.S. export rules, could boost the stock. Piper Sandler says the new product could launch in March or April. The firm boosted its price target to $850 apiece from $620. As Nvidia shares are already up over 50% in 2024, positive analyst calls are welcome news. (Jim Cramer’s Charitable Trust is long NVDA, AVGO, META. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim…
Read the full article here
