Every weekday at 10:20 a.m. ET, the CNBC Investing Club with Jim Cramer hosts a “Morning Meeting” livestream. Here’s a quick wrap-up of what happened on Monday.
On Monday, the S&P 500 saw a decline. Investors shifted focus from tech stocks to more value-oriented options. For example, Broadcom’s shares dropped over 4%, while financial companies like Wells Fargo and Goldman Sachs gained ground. All eyes now turn to significant economic reports due this week, including October retail sales and November’s employment figures.
In a notable move, we’re adjusting Costco’s rating from a top-tier score of 1 to a hold-equivalent 2. Recently, Jim expressed concerns about the retail giant. Its performance has lagged significantly this year, and membership renewals are lower than in the past few months. If market conditions don’t improve, we may consider selling our position soon.
On a positive note, Evercore ISI has started coverage of Honeywell and GE Vernova with buy ratings. Analysts believe that Honeywell’s upcoming aerospace unit spin-off could bolster earnings for its automation wing. Meanwhile, GE Vernova stands out for its strong earnings potential, driven by trends in electrification and a robust power backlog. After a recent surge, we took some profits from GE Vernova and downgraded it to a rating of 2.
During Monday’s session, Cramer also touched on stocks like ServiceNow, Masco, Zoetis, Texas Instruments, and Dollar General. Subscribers to the CNBC Investing Club receive trade alerts before any action is taken. Jim holds off on executing trades for 45 minutes after alerts and waits 72 hours if the stock was discussed on CNBC.
In broader market trends, many investors are considering diversifying portfolios to hedge against uncertainty. According to a recent survey by Bankrate, 57% of investors are shifting their assets into more stable sectors, seeking security amid market volatility.
In the backdrop of this week’s reports and shifts, the investment landscape remains dynamic. Keeping an eye on these trends can better inform your strategies in this volatile market. Staying informed will help you navigate these changes effectively.
For more insights and updates about the market, you can refer to authoritative sources like the U.S. Bureau of Labor Statistics for accurate data on economic indicators.
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