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Jim Cramer’s CNBC Investment Club hosts a “Morning Meeting” livestream weekdays at 10:20 a.m. ET. A recap of Thursday’s key moments. 1. Wall Street had generally bounced back after multiple sessions of losses. The S&P 500 and Nasdaq rose. However, the Dow remained tilted towards the red. This was hampered by a 3% drop in the Dow Jones Industrial Average, United Health, after Humana warned of rising medical costs. UnitedHealth started raising health care cost concerns with its earnings call last weekend, followed by Humana’s preliminary announcement Thursday. Humana stock fell more than 11%. We finished our small Humana position just after the opening bell on Thursday. News about health care costs and the company’s prediction that growth would slow were the reasons for our sale. 2. Apple’s stock rating was upgraded from Neutral to Buy by Bank of America. BofA also raised its price target to $225 per share from $208. Analysts expect the iPhone upgrade cycle to be multi-year with the expected introduction of generative artificial intelligence features this year and next. They’re also bullish on Apple’s upcoming Vision Pro, his expensive $3,500 mixed reality headset. Analysts don’t like to go against the Street consensus, but that consensus has been pretty negative about Apple lately. Jim said that’s why Apple stock really skyrocketed on Thursday, soaring more than 3%. Jim said “counter-upgrades” are more important. 3. Activist investor Nelson Peltz officially began his fight to join Disney’s board of directors on Thursday. Disney was grateful, but not thanked, two days after nominating its own board candidates to be considered at its next annual meeting. We’re not happy with Disney’s stock performance, and Peltz made that point multiple times in Thursday’s CNBC interview. Jim said having Peltz on the board will provide a level of accountability that is currently lacking. The company’s board, including CEO Bob Iger, doesn’t have enough “skin in the game,” he said. Mr. Peltz does this because he controls his own stock and that of fired Marvel Entertainment chairman Ike Perlmutter. Mr. Peltz told Jim that he was willing to work with Mr. Iger and only wanted to create more value for shareholders. (Jim Cramer’s Charitable Trust is long AAPL, DIS. See here for a complete list of stocks.) As a subscriber to Jim Cramer’s CNBC Investment Club, trade before Jim makes trades. Receive alerts. After Jim sends a trade alert, he waits 45 minutes before buying or selling stocks in a charitable trust’s portfolio. If Jim talks about a stock on his CNBC TV, he will wait 72 hours before executing the trade after issuing a trade alert. The above investment club information is subject to our Terms of Use and Privacy Policy, along with our disclaimer. No fiduciary duties or obligations exist or arise from your receipt of information provided in connection with the Investment Club. No specific results or benefits are guaranteed.
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