Club meeting recap: Stocks rise on tech earnings, Meta, Pioneer
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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 Thursday’s key moments. Equities rise on tech earnings Meta’s first-quarter win Watch Pioneer 1. Equities rise on tech earnings Stocks rose Thursday morning on the heels of strong earnings reports for a slate of Big Tech names, including Meta Platforms (META) late Wednesday. The S & P 500 and the Nasdaq Composite were both up more than 1% in midmorning trading. But Treasuries came under pressure, while the price of West Texas Intermediate crude oil edged down slightly, to around $74 a barrel. At the same time, U.S. economic growth slowed significantly in the first quarter, with gross domestic product rising by 1.1%, the Commerce Department reported Thursday. That figure comes in well below the 2% predicted by economists in a Dow Jones survey. The data is the latest sign the economy is slowing and comes just days ahead of the Federal Reserve’s next meeting, at which it will decide whether to further hike interest rates in its fight to bring down inflation. 2. Meta’s first-quarter win Club holding Meta Platforms (META) delivered a strong first-quarter report Wednesday, with sales increasing for the first time in nearly a year. The results showed the social media giant is benefiting from accelerating advertising revenue — aided by its investments in artificial intelligence — and a range of cost cuts that comprise CEO Mark Zuckerberg’s “year of efficiency.” Meta also revised its full-year expenses outlook lower. The news sent the stock soaring Thursday by more than 14%, to roughly $239 a share. 3. Watch Pioneer Oil-and-gas firm Pioneer Natural Resources (PXD) reported a resilient first quarter Wednesday, with production coming in at the high end of guidance. But the stock is seeing selling pressure, as investors digest Pioneer’s changes to capital returns that include a lower dividend yield. At the same time, CEO Scott Sheffield announced he plans to retire at the end of the year and will be succeeded by the company’s COO, Rich Dealy, who has more than three decades of experience at Pioneer. The company also announced a new $4 billion share repurchase program. (Jim Cramer’s Charitable Trust is long META, PXD. 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.
