Oracle leads market lower, plus 2 of Cramer’s favorite unloved stocks get upgrades – CNBC
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. The S & P 500 is lower again on Wednesday and pacing to extend its three-day losing streak. Oracle tumbled about 5% after the Financial Times reported that its largest data center partner, Blue Owl Capital, will not provide funding for a $10 billion deal to build OpenAI’s next facility in Michigan. “I am gunning for those who are doing these circular deals. I call them lazy Susan deals,” said Jim Cramer. Oracle said the project remains on schedule . However, the cloud company’s balance sheet and debt load are under scrutiny. “This is about people believing the company’s solvency is in question,” Jim said. 2. Texas Roadhouse is higher after it was upgraded to a buy at Wells Fargo. Analysts said that, following recent underperformance due to high beef costs, they see an entry point at the stock’s current trading level of about $170 per share. The company is a “category leader facing cyclical pressures that ultimately should prove transitory,” they said. The firm also raised its price target to $195 per share from $170. The Club added 70 shares to the position this morning. Texas Roadhouse is one of the seven out-of-favor stocks that Jim recommended Club members buy at December’s Monthly Meeting. 3. Procter & Gamble , also one of Jim’s favorite unpopular stocks, was upgraded to a buy at Jeffries, with a price target boost to $179 from $156. “Scale and category breadth create a strong platform for innovation-led growth,” wrote Jeffries. Analysts also said that Procter’s CEO change, effective Jan. 1, is another catalyst. “It’s my favorite story ,” Jim said of the stock. Jim also gave shout-outs to Boeing and Danaher , which are modestly higher. “If you can buy what’s out of favor, that’s good. You can beat the market now.” 4. Stocks covered in Wednesday’s rapid fire at the end of the video were: Warner Bros Discovery , Airbnb, Constellation Brands , Keurig Dr Pepper, Lennar , and General Mills . (Jim Cramer’s Charitable Trust is long PG, TXRH, BA, DHR. 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.
