Cramer encourages investors to buy Wynn Resorts
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 Thursday’s key moments. 1. U.S. stocks were mainly lower in Thursday morning trading, with the S & P 500 down 0.13% after eight-straight sessions of gains. But “this is a profit-taking day. I don’t want you to fret,” Jim Cramer said Thursday. Meanwhile, bond yields were mainly flat, with that of the 10-year Treasury hovering around 4.5%. And oil prices climbed by nearly 2% after a string of recent declines that have pushed the commodity to lows last seen in mid-July. West Texas Intermediate crude was trading around $76.80 a barrel. 2. Club holding Walt Disney ‘s (DIS) quarterly results Wednesday showed CEO Bob Iger is making progress on his turnaround plan , sending the stock up nearly 7% Thursday morning, to around $90.30 a share. Guidance for free cash flow of about $8 billion for fiscal year 2024 came in well above analysts’ estimates and was up from the $4.9 billion reported for fiscal 2023. Losses at the entertainment giant’s direct-to-consumer unit, which houses its streaming operations, also continued to narrow. At the same time, Disney’s incoming chief financial officer , Hugh Johnston, should “be a godsend in terms of the stability of the story,” Jim said Thursday. 3. Club name Wynn Resorts (WYNN) reports third-quarter results after the closing bell Thursday, with the casino operator’s business in Macao, China, in focus. Gross gaming revenue in the gambling hub has come in better than expected of late. More broadly, Wynn’s rivals, Las Vegas Sands (LVS) and MGM Resorts (MGM), have posted better-than-expected earnings this season that bode well for Thursday’s release. Jim encouraged investors to “buy the stock if you don’t own any.” Shares of Wynn were down 0.3% in midmorning trading, at $92.60 apiece. (Jim Cramer’s Charitable Trust is long DIS, WYNN. 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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