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 Wednesday’s key moments. Fed has more work to do Wait for answers on Devon Watch Bausch 1. Fed has more work to do January’s stronger-than-expected retail sales report bolsters our view that the Federal Reserve isn’t finished hiking interest rates yet. U.S. retail sales rose 3% month-on-month in January, far outpacing the Dow Jones estimate of a 1.9% increase, the Commerce Department said Wednesday. The data suggests the U.S. economy is still too hot for the Fed, which has been raising interest rates in an effort to tamp down demand and ease inflation. That perspective was also supported by data released Tuesday from the Labor Department, which showed consumer prices climbed more than expected last month. The S & P 500 edged down in midday trading, by around 0.15%, as investors digested the news. 2. Wait for answers on Devon Shares of Devon Energ y (DVN) slid more than 11% Wednesday after the oil-and-gas producer delivered disappointing fourth-quarter results the evening prior — a frustration we share. Devon also guided for higher-than-expected capital expenditures in 2023, while production expectations came in below analysts’ forecasts. We’re looking for answers from Devon’s management on how the company plans to continue returning cash to shareholders in a lower oil-price environment, particularly as its fixed-plus-variable dividend payout came in lower than Wall Street anticipated. 3. Watch Bausch A welcome leadership change at eye-care firm Bausch + Lomb (BLCO) is causing shares of Club holding Bausch Health (BHC) to surge 13% Wednesday, to roughly $8.52 apiece. Bausch Health owns nearly 89% of Bausch + Lomb, so what’s good news at BLCO is good news for BHC, too. On Wednesday, Bausch + Lomb announced that health-care veteran Brent Saunders would become CEO and chairman, effective March 6. Saunders is a solid pick to lead Bausch +…
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