Why Micron shares are down after the chipmaker's big earnings beat and raise
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. 1. Stocks are higher Thursday as the S & P 500 nears a record high . The broad market index is up over 20% from its historic lows back in April after President Donald Trump announced his "Liberation Day" tariffs on trading partners. The latest evidence is durable goods orders for May. They were up 16.4% — nearly double estimates. That was the biggest one-month gain in 11 years. Interest rates are also slightly lower. San Francisco Federal Reserve President Mary Daly told Bloomberg that cuts look promising for the fall if tariff impacts are minimal. 2. Micron shares dipped slightly despite the chipmaker posting strong quarter earnings Wednesday. "It's profit taking," Jim Cramer said. The company's revenue, gross margin, and earnings per share all beat Street estimates. Micron's data center revenue more than doubled in the first quarter due to heightened demand for high bandwidth memory. "People always say it's boom or bust and that's why they're selling it now. It's not because they are in the pole position for Nvidia data centers," said Jim. Broadcom was also up Thursday, as was Nvidia, which is building on a new record high set Wednesday. 3. Analysts at Deutsche Bank raised their price target on Starbucks to $105 from $97, noting the coffee chain's investment in its labor force is the right strategy to improve its performance. "You're not going to wake up one day and see Starbucks up 25% because they delivered a good quarter," Jim said. Instead, Jim said investors can expect slow growth as CEO Brian Niccols tries to execute a successful turnaround like he did at Chipotle . "He [Brian Niccols] continues to simplify, which is very smart," said Jim. 4. Stocks covered in Thursday's rapid fire at the end of the video were: McCormick , Trade Desk , and General Mills , and AeroVironment (Jim Cramer's Charitable Trust is long AVGO, NVDA, SBUX . 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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