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Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. (We’re no longer recording the audio, so we can get this new written feature to members as quickly as possible.) Stock gains continue: The market is higher on Monday, extending its gains over the past three sessions to nearly 3%. One reason for the recent comeback is that the market hasn’t been fighting bonds. Volatility in the bond market calmed down last week after Federal Reserve Chair Jerome Powell ruled out a rate hike as the committee’s next move. Yields moved another leg lower after a softer-than-expected April jobs report Friday. The only thing we nitpick about the rally is how fast it happened. According to the S & P Oscillator, the market has flipped from oversold in mid-April to overbought — at 4.45% entering the week — prompting us to trim a position and raise a little cash out of discipline. If the Oscillator is our signal to buy when everyone else is panic selling, we must respect it when it flags overbought conditions, too. Jim Cramer’s quick hits: Due to the disappointing earnings results last week at Starbucks , it’s clear that operational changes need to happen to get the company back on track. We’re wondering if any activist investors are circling the waters here. Jim added: “Given that Mellody Hobson ran the search that Howard Schultz took part in to pick CEO Laxman Narasimhan, I expect nothing to happen without an activist.” Now that Apple earnings have come and gone (on a positive note), the market’s attention turns next to its upcoming iPad event (not major) and to the Worldwide Developers Conference (big deal) in June, which is when we expect to learn more about new AI features the company plans to offer. “Lots of scuttlebutt that there will be many new programs announced for VisionPro at WWDC,” Jim said. Nvidia is one of the leaders in the market Monday and is now less than 5% off its all-time high close on March 25. It was a different story on April 19, when the stock entered correction territory after falling 10% in a single session. “Perhaps the selling in Nvidia has run its course? A 20% decline from its peak to a recent low might be the last of it,” Jim said. Eli Lilly is making a solid comeback Monday. Last week was a choppy one for the pharma company, with the stock surging nearly 6% after raising its full-year sales outlook by $4 billion. But by Friday, it had given back all those gains on enthusiasm for Amgen ‘s competing obesity drug that is in trials. “The Lilly buyers are waking up to the idea that no matter how good Amgen’s obesity drug may be, the tie goes to the incumbent,” Jim said. “The FDA has historically really held off on greenlighting a new drug quickly if the old one works well if it is a different mechanism.” Up next: After the bell tonight, we’ll see earnings from Palantir , Axon Enterprise , and Simon Property Group . Club stock Disney reports earnings on Tuesday before the opening bell, and we’ll be focusing on cost-cutting and narrowing losses at its direct-to-consumer (DTC) business. A few other notable earning releases: Celsius , Datadog , and Rockwell Automation . (See here for a full list of the stocks in Jim Cramer’s Charitable Trust.) 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.
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. (We’re no longer recording the audio, so we can get this new written feature to members as quickly as possible.)
