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. 1. U.S. stocks on Wednesday were recovering some of their sharp losses from the prior session, which was the worst day for the Dow , the S & P 500 and the Nasdaq since mid-February. Day One of Federal Reserve Chairman Jerome Powell’s semiannual economic testimony before House members didn’t do anything so far to disrupt markets. Powell reinforced that central bankers are not ready to start cutting interest rates. None of this is news to the Club. Jim Cramer has been saying for weeks now that the economy is too strong to consider rate cuts. 2. Foot Locker shares plunged more than 28% Wednesday after the sneaker retailer posted lackluster quarterly results , highlighted by weak guidance. Management also had to get promotional to clear out excess inventory. Still, there’s been solid progress on this destocking front. “It was a disappointment to see earnings,” said Jeff Marks, director of portfolio analysis for the Club. However, he said the stock has been a “little over-punished” because the leaner inventory could improve gross margins down the line. 3. Wall Street analysts touted Honeywell on Wednesday, sending shares 2% higher. Berenberg Bank increased its price target on the Club industrial stock to $240 per share from $195. That represents a 20% upside to Wednesday’s opening level. The analysts also upgraded Honeywell to a buy rating from hold. After a stretch of underperformance, Berenberg argued that Honeywell’s stock growth algorithm is attractive at current valuations. The Club welcomes the upbeat call but would like to see improvement in business segments like industrial automation, building automation, and energy and sustainability services. (Jim Cramer’s Charitable Trust is long HON, FL. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a…
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