Jim Cramer’s Investing Club meeting Wednesday Oil, Morgan Stanley
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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 Wednesday’s key moments. Stay bullish on oil Look for a dip to buy MS Watch for a pullback in cloud stocks 1. Stay bullish on oil despite the slide Oil prices continued to slide Wednesday, with West Texas Intermediate crude down more than 4% midmorning. The U.S. oil benchmark has tumbled more than 6% over the past 5 trading days, to roughly $73.5 a barrel. But, at the Club, we’re bullish on oil for 2023 and think the commodity could be due for a boom . We’ll be watching our oil stocks — Pioneer Natural Resources (PXD), Coterra Energy (CTRA), Devon Energy (DVN) and Halliburton (HAL) — for potential trade opportunities. 2. Look for a dip to buy MS Wolfe Research double-downgraded Morgan Stanley (MS) to underperform on Wednesday, citing macroeconomic headwinds and concerns about its balance sheet. But we expect MS to perform better this year than in 2022 and continue to like its generous dividend. Investors who don’t own the stock should considering buying it if the price sinks to $84- or $85 a share. Shares of MS were trading up roughly 1.4% Wednesday morning, at $86.93 apiece. 3. Watch for a pullback in cloud stocks UBS downgraded Microsoft (MSFT) to neutral from buy on Tuesday over concerns Azure, the company’s cloud computing unit, is entering a slowdown. Shares of Microsoft tumbled more than 4% in midmorning trading, to $229.58 a share. The move is likely to put further pressure on other cloud companies, which are also facing sluggish growth. (Jim Cramer’s Charitable Trust is long PXD, CRA, DVN, HAL, MS, MSFT. 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.
