Jim Cramer’s CNBC Investment Club hosts a “Morning Meeting” livestream every weekday at 10:20 a.m. ET. A recap of Thursday’s key moments. 1. Stocks were volatile Thursday as investors weighed another blockbuster quarter for Micron and the negative impact that rising memory chip prices will have on companies that buy them. Micron soared more than 13% after reporting better-than-expected earnings and guidance, lifting peers in the memory and storage conglomerate such as SanDisk and Western Digital. However, these gains were offset by weakness in major technology companies such as Apple, Amazon, Microsoft, Alphabet, and Meta. All of these companies have to pay for memory. Apple fell nearly 5% after raising the prices of some MacBook and iPad models to compensate for higher memory costs, raising concerns about potential demand destruction. Meanwhile, the Federal Reserve’s preferred measure of inflation, the Personal Consumption Expenditure Price Index, was roughly in line with expectations and helped push down the benchmark 10-year Treasury yield. 2. On Thursday, the share price of the club that owns Inter fell by 2%. Goldman Sachs initiated coverage on the stock with a neutral rating and a $150 price target, suggesting an upside of about 14% from Wednesday’s close. Jeff Marks, director of portfolio analysis, said the report supports the club’s long-term investment thesis and highlights the opportunity for Intel to benefit from both the rise of agent AI and growing demand for U.S.-based chip manufacturing. He pointed to the company’s early foundry business, particularly its advanced packaging capabilities, and the increasing role that CPUs will play as AI workloads move from training to inference. Goldman favors fellow club names Nvidia and Broadcom, as well as AMD, among the big chipmakers, but Jeff pointed out that Intel has outperformed some of these competitors in recent weeks. 3. The club that owns FedEx Freight will report earnings on Thursday night. But the higher-than-expected numbers for the three months ending in May were included in a Tuesday night announcement from former parent company FedEx, which has already exceeded expectations. FedEx Freight just became independent on June 1st. With that in mind, Jeff said investors should focus less on the headline numbers and more on what management said on the conference call about freight demand and plans to improve margins. This is FedEx Freight’s first earnings release as an independent company, so Jeff expects there will be some noise around all the moving parts. If that causes the stock to decline, clubs will likely view it as a buying opportunity — just as we did Wednesday after FedEx’s earnings release. (Jim Cramer’s Charitable Trust is long AAPL, AMZN, AVGO, FDXF, GOOGL, INTC, META, MSFT, NVDA. See here for a complete list of stocks.) As a subscriber to Jim Cramer’s CNBC Investing Club, you will receive trade alerts from Jim Cramer before he makes a trade. After Jim sends a trade alert, he waits 45 minutes before buying or selling stocks in his charitable trust’s portfolio. If Jim talks about a stock on CNBC TV, he will issue a trade alert and then wait 72 hours before executing the trade. 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.
