Jim Cramer’s CNBC Investment Club hosts a “Morning Meeting” livestream weekdays at 10:20 a.m. ET. A recap of Tuesday’s big moments. The Nasdaq fell slightly on Tuesday, retreating from the previous session’s highs. Jim Cramer called the market overall “calm,” but the S&P 500 and Dow also remained roughly flat. Federal Reserve President Christopher Waller said in a speech in Washington that further interest rate hikes were not necessary, but that any rate cuts were likely “months away.” Jim said Waller’s comments were not “earth-shattering.” The S&P 500 short-range oscillator still signals an overbought market, so I’m hesitant to say there’s a big buying opportunity at this point. Palo Alto Networks fell about 3.5% on Tuesday despite posting an inline quarter. Stock prices were still falling, but far from the after-hours decline of 9%. The cybersecurity company failed to estimate the amount of the claim. But Jim said focusing on bill amounts is the wrong metric. He favors strong residual performance obligations (RPOs). We were pleased with the signs that Palo Alto’s platforming strategy appears to be working. Overall, we view a stock decline like Palo Alto’s as a buying opportunity, but the club intends to hold on to more favorable levels given the stock’s recovery towards earnings. . Eli Lilly has received approval for its GLP-1 drug tirzepatide in China. The stock price rose about 2.5%. The price rose further the day before, hitting a new intraday high. This is a big deal because China is a key growth market for the pharmaceutical giant, and tirzepatide is the active ingredient in the company’s popular U.S.-approved diabetes drug Munjaro and weight-loss treatment Zepbound. Jim said demand will continue to soar because tirzepatide is a “medical drug” and “not necessarily a weight loss drug,” making it essential for customers. (Jim Cramer’s charitable trust is Long LLY, PANW. See here for a complete list of stocks.) As a subscriber to Jim Cramer’s CNBC Investment Club, trade before Jim makes trades. Receive alerts. After Jim sends a trade alert, he waits 45 minutes before buying or selling stocks in a charitable trust’s portfolio. If Jim talks about a stock on his CNBC TV, he will wait 72 hours before executing the trade after issuing a trade alert. The above investment club information is subject to our Terms of Use and Privacy Policy, along with our disclaimer. No fiduciary duties or obligations exist or arise from your receipt of information provided in connection with the Investment Club. No specific results or benefits are guaranteed.
