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. Stocks slide amid mounting volatility J & J launches consumer IPO Buy Costco here 1. Stocks slide amid mounting volatility Stocks fell Thursday morning, dragged down by regional bank stocks amid growing concerns PacWest Bancorp (PACW) could be the next casualty . Fears over the mounting banking crisis were exacerbated by the Federal Reserve’s widely-expected decision Wednesday to raise interest rates by another 25 basis points. Despite Fed Chair Jerome Powell’s suggestion the central bank could pause rate hikes going forward, he did not indicate that cuts were on the horizon, disappointing investors. The market is also looking ahead to Apple ‘s (AAPL) quarterly results Thursday and the U.S. Labor Department’s monthly jobs report Friday, while closely monitoring the ongoing debt-ceiling debacle. Amid this volatility, we trimmed our position in Salesforce (CRM) Thursday after the stock’s 45% year-to-date gain, while fully exiting our small position in Qualcomm (QCOM). 2. J & J launches consumer IPO Pharmaceuticals giant Johnson & Johnson ‘s (JNJ) consumer-health business, Kenvue, is set to go public Thursday in the largest initial public offering (IPO) since that of electric-vehicle maker Rivian Automotive (RIVN) in November 2021. J & J priced shares of Kenvue at $22 apiece, valuing the new company at $41 billion. Club holding J & J will still own roughly 90% of Kenvue after the IPO and will distribute those shares to shareholders later this year. Jim Cramer said Thursday that J & J is a buy here. The stock was trading down 0.68%, at $161.77 a share, on Thursday morning. 3. Buy Costco here Club holding Costco Wholesale ‘s (COST) same-store sales for April rose 1.4%, compared with a 1.1% decline in March, the retailer reported Wednesday. Fresh foods remained the top performer, while sales of discretionary goods…
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