Every weekday, the CNBC Investment Club will host a live “Morning Meeting” with Jim Cramer at 10:20 a.m. ET. Here’s a look back at Tuesday’s key moments. The Nasdaq was slightly lower on Tuesday, retreating from the previous session’s all-time highs. Jim Cramer described the market overall as “benign,” while trading in the S&P 500 and Dow Jones was also fairly flat. Speaking in Washington, Federal Reserve Governor Christopher Waller said there was no need to raise interest rates further, but a rate cut was possible “in a few months.” Jim said Waller’s comments were not “earth-shattering.” The S&P 500 short-term oscillator is still pointing to overbought markets, so we are hesitant to buy any large buying opportunities at this time. Palo Alto Networks fell about 3.5% on Tuesday despite quarterly results in line with expectations. While the stock was still in the red, the 9% after-hours drop was still well below expectations. The cybersecurity company’s billings fell short of expectations. But Jim says bills aren’t the metric to watch. He prefers residual performance obligations (RPOs), which are strong. We’re pleased that there are signs that Palo Alto’s platforming strategy appears to be working. Overall, we view declines in stocks like Palo Alto as buying opportunities, but for the club, given the stock’s recovery pre-earnings, we would hold off waiting for more favorable levels. Eli Lilly and Company’s GLP-1 drug tezepatide was approved in China. Shares rose about 2.5%. They even moved higher earlier in the day, setting an all-time intraday high. That’s a big deal because China is a key growth market for the pharmaceutical giant, and tilsiparatide is the active ingredient in its popular U.S.-approved diabetes drug Mounjaro and weight-loss drug Zepbound. Jim said demand will continue to surge because tilsiparatide is a “medical drug” and “not necessarily a weight loss drug,” which is important to customers. (Jim Cramer’s Charitable Trust is long LLY, PANW. See here for a complete list of stocks.) As a subscriber to Jim Cramer’s CNBC Investing Club, you Receive trade alerts before Jim Cramer trades. Jim waits 45 minutes after sending a trade alert before buying or selling stocks in his charitable trust portfolio. If Jim talked about a stock on CNBC TV, he would wait 72 hours after issuing a trade alert before executing the trade. The investment club information above is subject to our Terms and Conditions and Privacy Policy and our Disclaimer. No fiduciary duty or obligation shall exist or arise upon your receipt of any information relating to the Investment Club. No specific results or profits are guaranteed.
