Every weekday, the CNBC Investing Club with Jim Cramer hosts a livestream of the morning meeting at 10:20 a.m. ET. Here’s a recap of Thursday’s key moments. 1. Stocks fell slightly in mid-morning trading on Thursday, with the S&P 500 down 0.19% and the Nasdaq Composite down 0.4%. The move comes amid post-earnings selloffs from high-profile companies Walmart (WMT), Cisco Systems (CSC), and Club Holding Palo Alto Networks (PANW). But the stock market remains in overbought territory, up 5.2%, according to the S&P 500 short-range oscillator. At the same time, bond yields were lower, with the 10-year Treasury it stood just above 4.4%. And oil prices fell more than 3%, with West Texas Intermediate crude oil falling back below $75 a barrel. 2. Palo Alto Networks reported strong results for the first quarter of its fiscal 2024 year after the closing bell on Wednesday. But shares fell nearly 6% Thursday morning, to $240.88 each, due to management’s decision to lower its full-year revenue outlook. The company said the revised guidance was a result of higher borrowing costs, while reiterating that it has not seen any change in demand, the pipeline of future deals or closing rates in the past three months. As such, we view the pullback as a potential buying opportunity. 3. Holding club TJX Companies (TJX) reported third-quarter fiscal 2024 results on Wednesday, with Wells Fargo calling the release “one of the most impressive numbers we expect to see” this earnings season. The results showed that customers continue to purchase quality products from TJX at discount prices. But the stock was weighed down by management’s decision to cut its fourth-quarter guidance, even as it raised its full-year outlook. Shares lost 1.6% Thursday morning, to trade at just under $88 each. “If I didn’t have TJX, this wouldn’t be a bad place to start a position,” Jim Cramer said Thursday. On Wednesday, the Club upgraded TJX stock to a buy-equivalent rating. (Jim Cramer’s Charitable Trust has a long position in PANW, TJX. See here for a full list of 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 fund’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 INVESTMENT 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 THE RECEIPT OF ANY INFORMATION PROVIDED IN RELATION TO THE INVESTMENT CLUB. NO SPECIFIC RESULTS OR BENEFITS ARE GUARANTEED.
