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CNBC Investing Club’s “Morning Meeting” with Jim Cramer airs live every weekday at 10:20 a.m. ET. Here’s a recap of Monday’s highlights. The Dow Jones Industrial Average was essentially flat on Monday. “The Dow is down for seven days in a row, in part because we think the Fed is not going to get excited about rate cuts,” Jim said at Monday’s morning meeting. The Federal Reserve is expected to cut interest rates by 25 basis points, or a quarter of a percentage point, on Wednesday evening after a two-day meeting. But that can be a bit much. The Fed began its cycle of monetary easing with a modest 50 basis point rate cut in September and followed it up with a 25 basis point cut in November. Despite the poor market breadth, with more sellers than buyers recently, Jim warned in his Sunday column that some hot stocks were sending the wrong signals to investors. The S&P 500 rose on Monday after snapping a three-week winning streak with Friday’s close low. So it’s no surprise to see the S&P Short Range Oscillator finish oversold last week. “We want to buy now,” said Jim, because that’s our discipline when selling to the extreme. On Monday, we bought more Bristol Myers Squibb because, based on our assessment last Thursday, the stock’s slide into the mid-$50s looked like a buy. Jefferies upgraded Bristol Myers to buy and raised its price target. Analysts cited the company’s top schizophrenia drug, Cobenfy, saying it is on track to be a big hit. It’s the same reason we like the stock. Broadcom continued its 24% move after Friday’s earnings by adding another 7% on Monday. “Parabolic,” Jim said, referring to the stock’s rapid rise. “As soon as we can, yeah, we’ll get something off,” Jim said, noting that we’re limited for now. The club is banned from trading a stock for 72 hours after Jim mentions it on CNBC. Broadcom is now the portfolio’s second largest weight. Only Apple is bigger. Some of those cuts from Broadcom may go to chipmaker Advanced Micro Devices. “AMD is being really attractive. If we could get to $120, that’s where we’d be,” Jim said while acknowledging that “it’s a terrible chart” for now. “Nvidia’s board is awesome by the way,” added Jim. “There’s a piece on CNBC.com talking about how Nvidia is done here. I’m not buying the ‘done.’ I think the stock has always been ‘done’ before there’s been a big move (higher).” Stocks covered in Monday’s rapid fire at the end of the video included: Netflix, Ford, bitcoin-proxy Microstrategy and Edwards Lifesciences. (Jim Cramer’s Charitable Trust is long BMY, AVGO, AAPL, AMD, NVDA. See the full list of stocks here.) As a subscriber to the CNBC Investing Club with Jim Cramer, you’ll receive a trade alert before Jim joins first trade Jim waits 45 minutes after sending a trade alert before buying or selling a share in his charitable trust portfolio. If Jim has talked about a stock on CNBC TV, he will wait 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTMENT CLUB INFORMATION IS PURSUANT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY, SUBJECT TO OUR DISCLAIMER. NO FIDUCIARY OBLIGATION OR OBLIGATION SHALL BE CREATED, OR CREATED, FOR ANY INFORMATION ENTERED INTO WITH THE INVESTMENT CLUB. NO SPECIFIC RESULTS OR PROFITS ARE GUARANTEED.
