Global Courant 2023-04-27 20:59:59
Every weekday, the CNBC Investing Club will host a “Morning Meeting” live stream with Jim Cramer at 10:20 AM ET. Here’s a recap of Thursday’s key moments. Stocks soar on tech revenue Meta’s Q1 win Watch Pioneer 1. Stocks soar on tech revenue Shares rose Thursday morning after strong earnings reports for a range of Big Tech names, including Meta Platforms (META) late Wednesday. The S&P 500 and the Nasdaq Composite were both up more than 1% in mid-morning trading. But Treasuries came under pressure, while the price of West Texas Intermediate crude fell slightly to about $74 a barrel. At the same time, economic growth in the US slowed significantly in the first quarter, with gross domestic product rising 1.1%, the US Department of Commerce reported Thursday. That figure is well below the 2% economists predicted in a Dow Jones survey. The data is the latest sign that the economy is slowing and comes just days before the next Federal Reserve meeting, which will decide whether to raise rates further in its fight to curb inflation. 2. Meta’s First Quarter Victory Club holding company Meta Platforms (META) delivered a strong first quarter report on Wednesday, posting revenue growth for the first time in nearly a year. The results showed the social media giant is benefiting from accelerating ad revenue — aided by its investments in artificial intelligence — and a series of cost-cutting efforts that make up CEO Mark Zuckerberg’s “year of efficiency.” Meta also downgraded its full-year spending outlook. The news caused the stock to rise more than 14% on Thursday to about $239 per share. 3. Watch Pioneer Oil and gas company Pioneer Natural Resources (PXD) reported a resilient first quarter on Wednesday, with production coming in at the high end of expectations. But the stock is under selling pressure as investors process Pioneer’s changes in capital returns, including a lower dividend yield. At the same time, CEO Scott Sheffield announced that he plans to retire at the end of the year and will be succeeded by the company’s COO, Rich Dealy, who has more than three decades of Pioneer experience. The company also announced a new $4 billion share repurchase program. (Jim Cramer’s Charitable Trust is long META, PXD. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you 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 charity’s portfolio. If Jim has talked about a stock on CNBC TV, he will wait 72 hours after the trade alert is issued before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY, TOGETHER WITH OUR DISCLAIMER. NO FIDUCIAL OBLIGATION OR DUTY EXISTS OR IS CREATED BY YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
