Record-high industrial stock is a big winner of Nvidia data center business
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 Thursdays’ key moments. 1. U.S. stocks surged on Thursday as Nvidia’s blowout quarter and strong guidance boosted the market. The S & P 500 jumped more than 1.5% and hit a record high. The Nasdaq gained roughly 2.5% on the session and was less than 1% away from its November 2021 closing high. Nvidia shares soared 15% to an all-time high. The strength carried to Big Tech and our other chip name, Broadcom . Jim Cramer said Nvidia is just “scratching the surface” of U.S. companies it can serve, not to mention the potential business from international companies and governments. 2. Eaton shares hit an all-time high on Thursday. Like most of the market, the industrial stock surged after Nvidia’s earnings. Eaton’s quarterly results highlighted strength in data centers — a big part of Eaton’s business and a reason the Club first initiated its position last year. Shares have been on a tear recently, hitting records earlier this month as well. Still, we see more room for upside on Eaton, given data center strength and the reindustrialization and electrification trends throughout North America. 3. Palo Alto Networks stock edged higher, attempting to pare losses from its brutal post-earnings sell-off Wednesday. The cybersecurity name was still down severely since posting fiscal results Tuesday evening when management cut billings and revenue guidance. But, to us, it’s short-term pain for long-term gain. Palo Alto is also shifting its strategy to further solidify its lead among peers. If we weren’t restricted by our portfolio rules, we reiterated that would buy at these levels. (Jim Cramer’s Charitable Trust is long NVDA, AMZN, META, AVGO, ETN, PANW. 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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