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. Big May winner Stick with Amazon New CEO buy 1. Big May winner The Dow , the S & P 500 and the Nasdaq all traded lower on the final day of May ahead of Wednesday night’s House vote on the U.S. debt ceiling deal. The Senate will be next. The default deadline is Monday. For the month, the Dow is tracking negative, the S & P 500 is teetering on either side of unchanged and the Nasdaq is poised for big gains. The tech-heavy Nasdaq has been supported by the rush of capital into artificial intelligence stocks. Some of that AI fever has been taking a breather Wednesday, with shares of Club semiconductor names Advanced Micro Devices (AMD) and Nvidia (NVDA) both lower. On Tuesday, we trimmed AMD and Meta Platforms (META) out of prudence after both stocks made huge runs this year. 2. Stick with Amazon Bernstein on Wednesday named Club holding Amazon (AMZN) a top pick while increasing its price target to $140 per share from $125, citing “untapped potential” in its Amazon Web Services cloud business and its e-commerce business. The analysts believe AWS is “about to bottom before returning to growth” while margins should go higher. In e-commerce, Bernstein said Amazon should benefit from further industry growth with the potential to improve profits. The analysts kept their outperform (buy) rating on Amazon, whose shares dropped nearly 2% to under $120 each Wednesday. 3. New CEO buy Mary Dillon, CEO of Club name Foot Locker (FL), bought 9,525 shares of the sneaker retailer at $26.20 each Tuesday, then valued at around $250,000. Back in March, after Foot Locker’s investor day, Dillion bought 12,614 shares at $39.74 each, a troublesome buy with the stock now down to around $25. We hope that Tuesday’s stock purchase is a signal that the business is stabilizing. We have been looking to add to our FL position — but, at the same time, we recognize that retail is a tough industry right now. We are waiting for signs that Dillion’s “Lace Up” turnaround strategy is taking shape. (Jim Cramer’s Charitable Trust is long AMD, NVDA, AMZN, FL. 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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