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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. U.S. stocks jumped Wednesday as Wall Street cheered a cooler-than-expected consumer price index report. The S & P 500 and Nasdaq Composite rose to all-time highs after the release. The market hasn’t been this overbought since late December, according to the S & P 500 Short Range Oscillator, our trusted momentum indicator. That’s why Jim Cramer argued that it’s an opportune time for profit taking. “We are overbought, which tells me no matter what you think, you have to do some selling,” he said. We trimmed our position in Morgan Stanley on Wednesday. Meanwhile, research analysts at Morgan Stanley again struck a positive tone on Club holding Palo Alto Networks , arguing in a note Wednesday that the cybersecurity stock has a favorable setup into quarterly earnings next week. The Wall Street analysts checks indicate large deals ahead for the company as well – which is no surprise to us after UnitedHealth Group tapped Palo Alto’s services in response to the massive breach on its subsidiary Change Healthcare in February. Palo Alto “wouldn’t have won that [deal] without the best soup-to-nuts offerings,” Jim said. Shares of Palo Alto are up nearly 2% on Wednesday. Bank of America is still sour on Best Buy ahead of the electronics retailers’ fiscal 2025 first-quarter earnings report later this month. The analysts believe an artificial intelligence-driven personal computer refresh cycle — a key part of our thesis — will not arrive this fiscal year, which is one reason why they continue to have an underperform rating on the stock. While we acknowledge we may be early in owning the stock, we’re still believers in an impending upgrade wave. “I think the PC refresh brings people into the stores,” Jim said. “It’s a very inexpensive situation. It’s got a safe dividend.” Shares are down about 5% year to date, compared with the S & P 500’s nearly 11% gain. (Jim Cramer’s Charitable Trust is long PANW, BBY. 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.
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