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. ‘Choppy’ market Watch WFC, MS Stick with DIS 1. ‘Choppy’ market Stocks were mixed in midmorning trading Thursday. The ongoing “choppy behavior,” as Club Director of Portfolio Analysis Jeff Marks called it, comes amid a spate of strong economic data. The U.S. economy grew at a 2% annualized rate in the first quarter of the year, well ahead of an initial estimate of 1.3%, the Commerce Department said Thursday. U.S. weekly jobless claims last week came in at 239,000, according to the Labor Department, fewer than Wall Street’s expectations. The Federal Reserve indicated again this week that it’s likely to push forward with further interest-rate hikes in the coming months, potentially weighing on equities, Marks said. Treasury yields climbed higher Thursday morning, while oil prices edged up. 2. Watch WFC, MS Big U.S. banks — including Club holdings Wells Fargo (WFC) and Morgan Stanley (MS) — passed the Fed’s annual stress test Wednesday. “Wells Fargo is the big standout,” Marks said Thursday. The bank stock soared roughly 3% midmorning to nearly $42 a share. Morgan Stanley shares also saw an uptick. Marks said we’ve seen the “passing of the storm” following the regional banking crisis that began with the collapse of Silicon Valley Bank in March and weighed on most financial stocks in recent months. 3. Stick with DIS KeyBanc on Thursday downgraded Club holding Walt Disney (DIS) to sector weight, or neutral, from a buy-equivalent, while abstaining from providing a price target. The firm cited stalling direct-to-consumer subscriber growth and high expectations at Disney’s domestic parks business, while arguing that “buying the dip has been a losing trade.” We continue to back CEO Bob Iger’s turnaround plan and expect the stock price will be higher a year from now. (Jim Cramer’s Charitable Trust is long WFC, MS, DIS. 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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