Every weekday, the CNBC Investing Club with Jim Cramer holds a live “Morning Meeting” at 10:20 a.m. ET. Here's a recap of Tuesday's key moments. The Nasdaq on Tuesday rose above 17,000 points for the first time ever — driven by further gains in shares of club name Nvidia. In response, Jim Cramer said: “Nvidia is taking so much intellectual share that people might be selling (the broader market) to get a bigger position in Nvidia.” Shares of the AI chip giant rose 5% — extending last week's rally, which was driven by another impressive quarter, forward-looking guidance and comments. The Dow Jones Industrial Average and S&P 500 were under some pressure – reflecting the divergence seen last week. Apple shares rose nearly 1% on Tuesday amid signs of increased demand for the iPhone in the world's second-largest economy. iPhone shipments in China rose 52% in April, a significant rebound from March thanks to price cuts for its flagship device, according to new data from the China Academy of Information and Communications Technology. But Jim said investors shouldn't take the report too seriously. “I'm not buying it,” he said. “I think the trend is right, but this is too big.” He said iPhone shipment numbers are volatile and often inaccurate. UBS also noted that April tends to be seasonally weak and that the large monthly increase only represents an increase of about 1 million units. Citi upgraded DuPont to a buy rating from a hold and raised its price target on the club name to $95 per share from $85. Analysts said that DuPont's recently announced plan to separate into three publicly traded companies would lead to a further rise in the shares. BMO Capital and Wells Fargo Securities also upgraded the stock last week. The club shares similar sentiments with Wall Street firms – saying the breakup is a win for shareholders. “This is (CEO) Ed Breen's ultimate plan to get the stock to $100,” Jim said Tuesday with shares trading at about $82. We bought more DuPont shares because of this optimism – and separately, we started a position in global manufacturing company Dover. (Jim Cramer's Charitable Trust is long AAPL, DD, DOV, NVDA. See here for a full list of stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you'll receive a trade alert before Jim takes a trade. Jim waits 45 minutes after a trade alert is sent before buying or selling a stock in his charitable fund's portfolio. If Jim talks about a stock on CNBC TV, he waits 72 hours after the trade alert is issued before executing the trade. The above Investment Club information is subject to our Terms and Conditions and Privacy Policy, as well as our Disclaimer. No obligation or fiduciary duty exists or is created by your receipt of any information provided in connection with the Investment Club. No specific results or profits are guaranteed.
Trending
- Boeing Starliner Returns Empty, NASA Enlists SpaceX to Transport Astronauts
- Dividend Stocks Are a Hot Pick in the Fall Due to the Fed and Interest Rates
- Biden speaks with Zelensky, announces new military aid to Ukraine
- Meta says WhatsApp accounts linked to Iranian hackers targeted Biden, Trump
- Stocks with the biggest moves in the middle of the day: CAVA, INTU, ROST, WDAY
- Edgar Bronfman's Paramount Offer May Keep Shari Redstone Involved
- Markets are now wondering whether the Federal Reserve might cut interest rates by half a point in September.
- The United States will offer free home-use kits starting in late September.
Jim Cramer on Apple iPhone data shipments to China rose in April
