Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. (We’re no longer recording the audio, so we can get this new written feature to members as quickly as possible.) Stocks drift: Wall Street was mixed Tuesday afternoon as investors appear reluctant to act too boldly before the Federal Reserve’s favorite inflation gauge comes out Thursday. The Dow Jones Industrial Average was down the most out of the big three stock benchmarks – losing more than 100 points, or roughly 0.4%. The S & P 500 was roughly flat. The Nasdaq was bouncing. The Dow and S & P 500 also fell Monday after finishing at record closes Friday. The Nasdaq, as of Monday’s close, dropped five out of the past six sessions. On Thursday, the tech-heavy index surged nearly 3% and came within a whisper of the November 2021 record close of 16,057.44. Sector watch: Utilities were the best-performing sector Tuesday. Energy was the worst despite a 1.5% rise in oil prices on hopes of a Gaza ceasefire and OPEC production cuts. Materials , home to Club name Linde , were the third-best Tuesday. Shares of Linde took a breather but was still near all-time highs. The company announced a 9% quarterly dividend raise. Board fight: “Poor oversight by a complacent board.” That’s how former Disney CFO Jay Rasulo summed up the problems with Disney ‘s board. Activist investor Nelson Peltz is seeking board seats for himself and Rasulo, a move Jim Cramer said at Saturday’s Club annual meeting that he supports. In a CNBC interview Tuesday, Rasulo was asked whether Peltz is just a proxy for ousted Marvel Entertainment head Ike Perlmutter. Rasulo said Peltz’s Trian Partners has a $750 million Disney stake – far larger than any board member. The Trian-plus-Perlmutter stakes are worth nearly $3 billion. Disney responded to Peltz’s criticisms, going point by point on the Vote Disney website in a letter dated…
Read the full article here
