Club meeting recap: Buying this oversold market, looking ahead to Nvidia’s big week
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by 0 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 Monday’s key moments. Look for buying opportunities Buy Starbucks Watch Nvidia 1. Look for buying opportunities Stocks ticked largely higher to start the trading week Monday after UBS reached an agreement to buy troubled Swiss Bank and rival Credit Suisse (CS) over the weekend. Our tech stocks have held up in a volatile market, supported by their high-quality balance sheets . We’re not hiding in tech. However, “in a slowdown, our favorite tech stocks are going to be the place to be,” Jim Cramer said Monday. Meanwhile, the S & P Oscillator continued to fall further into oversold territory Monday, and we bought 25 more shares of Pioneer Natural Resources (PXD) after last week’s pullback. We also took advantage of bank concern-drive market dips last week and made a series of buys . 2. Buy Starbucks Laxman Narasimhan officially made the transition to CEO of Starbucks (SBUX) on Monday, ahead of the company’s annual shareholders meeting this week. Club holding Starbucks announced Narasimhan as incoming CEO back in September to replace Howard Schultz as of April 1. The change came about two weeks early. Narasimhan has a wealth of experience in consumer brands, formerly serving as chief executive at Reckitt , which owns brands including Lysol, Durex and Mucinex. Shares of Starbucks were up roughly 1% to around $100 apiece. The stock has dropped about 10% from its 52-week high of $110.83 on Feb. 2, and could present a buying opportunity. 3. Watch Nvidia Club holding Nvidia (NVDA) got a series of positive Wall Street calls Monday ahead of the company’s GTC developer’s conference this week. Baird raised its price target on NVDA stock to $300 per share from $230. The analysts cited industry checks that assume higher ChatGPT orders, leading them to increase data center revenue estimates for the second half of the year. In a separate note, Bank of America called Nvidia its “top compute pick” in a note Monday. Analysts expect GTC to showcase leadership in artificial intelligence and highlight its recurring subscription and software opportunities. Shares of Nvidia, which fell modestly Monday, have soared 75% year-to-date after a terrible 2022. (Jim Cramer’s Charitable Trust is long PXD, SBUX, NVDA. 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.
