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It was a good week for Wall Street, with a wide range of club stocks rising, including a pair of chip makers benefiting from the artificial intelligence boom. Here’s a breakdown of the club’s top five performances over the past five sessions: AVGO YTD Mountain Broadcom (AVGO) Year-to-date Performance Broadcom stock is up 9.55% this week, taking the top spot among portfolio stocks. The company held an artificial intelligence infrastructure event on Wednesday, where management announced the third customer for its custom AI chip business. Wall Street analysts speculate that TikTok’s parent company ByteDance is a new Broadcom customer. Alphabet Inc.’s Google and Metaplatforms are the remaining two customers, according to JPMorgan analysts. Broadcom stock rose 3% on Wednesday as investors digested the event. The stock rose further on Thursday, rising another 5.6%. Following the meeting, TD Cowen analysts raised their price target for Broadcom from $1,400 to $1,500 per share. Friday’s closing price was $1,353.47 per share. Jim Cramer said Broadcom will continue to benefit from the AI craze because it is “essential to accelerating computing.” He said Broadcom would make “a lot of money” from it. FL YTD Mountain Foot Locker (FL) Year to Date Performance Foot Locker is up 8.5% over the past five sessions, making him the second best performer of the week. Shares rose significantly on Friday after Citigroup upgraded the stock from sell to neutral and raised its price target from $19 to $24 per share. Analysts argued that Nike’s new distribution strategy could benefit Foot Locker and lead to improved risk and reward for the struggling sneaker retailer. Still, we remain cautious about Foot Locker due to its recent weakness and the company missing out on significant revenue earlier this month. “My expectations are very low,” Jim said during Friday morning assembly. SWK Year-to-date Mountain Stanley Black & Decker (SWK) Year-to-date performance Stanley Black & Decker stock gained 7.41% this week, taking the No. 3 spot in the portfolio. Positive data on the U.S. housing market, an important indicator of demand for the company’s tools business, likely boosted investor sentiment. This includes higher-than-expected existing home sales and housing permits. Optimism about the Fed’s upcoming rate cuts also contributed to the rise in stocks, as lower borrowing costs could stimulate activity in the housing sector. More activity should increase demand for products sold by DeWalt & Craftsman’s parent company. NVDA YTD Mountain Nvidia (NVDA) Year-to-date performance Nvidia was the fourth best-performing stock this week as the stock price increased his 7.35% during the period. The company held its annual GTC developer conference earlier this week, where CEO Jensen Huang gave the anticipated keynote speech and announced the latest information on next-generation AI chips and more. Based on recent history, it’s no surprise that Nvidia made it onto the top gainer list. Given their dominant role in the AI chip market and investor enthusiasm for the nascent technology, mega-cap tech stocks continue to see strong gains, up 90% since the beginning of the year. “The sum total of what Nvidia is doing will certainly create the next industrial revolution, because Nvidia is focused on speed to getting to smarter, better answers,” Jim said this week. He first spoke while attending a conference. F YTD Mountain Ford Motor Co. (F) Year-to-date Performance Ford Motor Co. stock is up 7.05% this week, placing it at number 5 on the list. Major U.S. automakers received news in recent days that the White House would implement mitigation measures originally proposed. Regulations regarding the production volume of gasoline vehicles. These are typically more profitable products for traditional automakers, which have invested heavily in recent years to build out their all-electric vehicle businesses. However, demand for EVs is slowing. There have been other positive signs for Ford’s business recently. Management reported strong monthly hybrid sales in early March, a sign that the company’s decision to cut spending on loss-making EVs may be paying off. In fact, Jim recently said he believes hybrid vehicles “will be a breakout for Ford.” (Jim Cramer’s Charitable Trust is long his AVGO, NVDA, SWK, F, FL, META, GOOGL. See here for a complete list of stocks.) Jim Cramer’s subscription to his CNBC Investing Club As a trader, you will receive trade alerts. Before Jim trades. 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 his stocks on his CNBC TV, he will issue a trade alert and then he will wait 72 hours before executing the trade. 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.
Hock Tan, CEO of Broadcom
lucas jackson reuter
It was a good week for Wall Street, with a wide range of club stocks rising, including a pair of chip makers benefiting from the artificial intelligence boom.
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