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. 1. Stocks rebounded Wednesday following weaker sessions to start the week. The Nasdaq led the way, jumping more than 1.5% and trading above 20,000 for the first time ever. Alphabet stock extended strong gains for the second consecutive day. Shares of the Google parent rose roughly 4% on Wednesday after closing more than 5% higher Tuesday following an announcement of advancements in its new quantum chip called Willow. A major reason for the uptick in tech, according to Jim Cramer, is there is “no longer an existential crisis at the FTC.” Jim suggested President-elect Donald Trump’s decision to promote Andrew Ferguson to FTC commissioner should usher in a softer stance on antitrust at the agency compared to the Biden administration’s heavier hand. 2. Club stock Broadcom popped 5.5% on Wednesday after a report by The Information said Apple is working with the custom semiconductor designer to develop the iPhone maker’s first server chip designed for AI. The story said, if the project goes forward, the chip could be ready for mass production by 2026. While reticent to put too much weight on The Information’s reporting, this news, if true, would be further evidence of the industry’s move into the custom chips where Broadcom shines. Broadcom is scheduled to report quarterly earnings after Thursday’s closing bell. Apple also rolled out more iPhone AI features. 3. Shares of Eli Lilly slipped Wednesday despite news the drugmaker is teaming up with privately held telehealth company Ro to start offering single-dose vials of Lilly’s weight loss treatment Zepound. The partnership, which should make it easier to get access to the medication, is in line with management’s commentary on its third-quarter earnings call regarding plans to increase marketing efforts. Jim is also bullish about the potential of Zepbound’s active ingredient tirzepatide to treat other conditions. It’s why he wants to buy some more Lilly stock “if it goes down.” Jim reiterated that if fellow Club stock Bristol-Myers Squibb “breaks down to $55, I’m going to say we got to buy Bristol-Myers.” The stock, down around 1.4% on Wednesday, was trading around $57 per share. 4. Stocks covered in Wednesday’s rapid fire at the end of the video were: GE Vernova , Boeing , General Motors , Kroger , and Albertsons . (Jim Cramer’s Charitable Trust is long GOOGL, AVGO, LLY, BMY. 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.
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.