Jim Cramer’s Investing Club Meeting Friday: Overbought, Wells Fargo
Every weekday, the CNBC Investing Club hosts a “Morning Meeting” live stream with Jim Cramer at 10:20 am ET. Here’s a recap of Friday’s key moments. Try to trim in an overbought market. Don’t Sell Wells Fargo Hold to Estee Lauder 1. Try to trim in an overbought market. The S&P 500 fell 0.42% in morning trade. It’s likely that the overbought nature of the market – our trusted S&P 500 Short Range Oscillator is down 9.46% – is contributing to the losses. Despite the oscillator’s high readings, we have held back from selling so far due to the sheer breadth of stocks that have risen over the past week. That doesn’t mean we’ve completely ruled out a sale, however, and we’re keeping an eye out for light trimming opportunities. 2. Don’t sell Wells Fargo Shares in Wells Fargo (WFC) fell 0.63% mid-morning Friday after the bank reported falling profits last quarter, fueled by $3.7 billion in settlement spending US dollars and efforts to build their reserves have been impacted. However, we urge investors not to sell their shares in WFC as the company’s fundamentals are strong. The company forecast spending of about $50.2 billion for 2023, down from the approximately $51.58 billion forecast by analysts. And as the bank appears to be making headway on its costly regulatory woes, the expenses that have weighed on its balance sheet are likely to be a thing of the past sooner rather than later. 3. Stick to Estée Lauder JPMorgan Chase raised its price target on Estée Lauder (EL) to $285 from $274 on Friday, citing potential upside as currency headwinds ease. We continue to like this stock as China — a key market for the cosmetics giant — is reopening its economy and welcoming travelers back. We expect EL shares to head higher and have no plans to sell any more shares at this time. (Jim Cramer’s Charitable Trust is long EL, WFC. For a full list of stocks click here.) As a subscriber to CNBC Investing Club with Jim Cramer, you’ll receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling any stock in his charitable foundation’s portfolio. When Jim spoke about a stock on CNBC television, he waits 72 hours after the trade alert is issued before executing the trade. THE ABOVE INVESTMENT CLUB INFORMATION IS GOVERNED BY OUR TERMS AND CONDITIONS AND PRIVACY POLICY ALONG WITH OUR DISCLAIMER. NO OBLIGATION OR OBLIGATION SHALL BE OR CREATED BY YOUR RECEIVING OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC RESULT OR PROFIT IS GUARANTEED.
https://www.cnbc.com/2023/01/13/jim-cramers-investing-club-meeting-friday-overbought-wells-fargo.html Jim Cramer’s Investing Club Meeting Friday: Overbought, Wells Fargo
