MY NUMBER 1 RECOMMENDATION TO LOSE WEIGHT: CLICK HERE
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 Tuesday’s key moments. Stocks sink Eli Lilly surges Palo Alto slumps 1. Stocks sink U.S. stocks tumbled Tuesday after Moody’s downgraded the credit rating on a slew of small and mid-sized banks, sending shares of financials into a tailspin. Economic data released overnight showed a slump in Chinese imports and exports in July, adding to U.S. market worries. The Dow plunged more than 300 points or roughly 1%. The S & P 500 also lost about 1%. The tech-heavy Nasdaq was hit harder, down about 1.3%. Still, the Moody’s cut shouldn’t directly impact our portfolio as the Club invests in larger banks, Wells Fargo (WFC) and Morgan Stanley (MS), instead of the much smaller firms targeted. With additional cash on hand, the intensified Wall Street selloff gave us another reason to buy , picking up some more Coterra Energy (CTRA) shares. 2. Eli Lilly surges Club name Eli Lilly (LLY) skyrocketed more than 16% on hopes for Mounjaro’s use to prevent major cardiovascular events. Already approved for Type-2 diabetes and under review for obesity, Mounjaro could prove to act in a similar way to Novo Nordisk ‘s Wegovy and Ozempic. New data showed those weight loss and diabetes drugs cut the risk of heart attack or stroke by 20%. As for strong earnings, which also helped the stock, Eli Lilly had a great quarter and raised full-year guidance. 3. Palo Alto slumps Palo Alto Networks (PANW) fell another 2.5% amid an ongoing slump for the leading cybersecurity stock. JPMorgan put PANW on a negative catalyst watch. The analysts anticipate that any negative data could place further downside pressure on the Club holding. Still, the analysts maintain their overweight (buy) rating, adding they would be buyers on further weakness, which they see as temporary. We feel the same way as JPMorgan, upgrading our Club rating to a 1 on Monday. Since Friday’s 8% loss on a competitor’s misfortunate, PANW shares have been down Monday and now Tuesday as well. (Jim Cramer’s Charitable Trust is long WFC, MS, LLY, PANW. 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 has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
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MY NUMBER 1 RECOMMENDATION TO LOSE WEIGHT: CLICK HERE
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