3 things point to better times ahead for this maker of X-Ray and MRI machines
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 Friday’s key moments. 1. Wall Street saw some volatility Friday around Federal Reserve Chairman Jerome Powell’s morning speech from the central bank conference in Jackson Hole, Wyoming. Powell said inflation is still “too high” and the Fed is “prepared to raise rates further” if economic data dictates it. No interest rate hike is expected at next month’s Fed meeting, according to the CME FedWatch tool . There’s a split in the market on whether we’ll see one more rate hike before year-end. Currently, no action is favored. 2. The overall market remains oversold, according to Jim Cramer’s trusted S & P Oscillator , but not as oversold as it was earlier in the week. We’ve been making strategic buys all week long. One day after a blowout quarter, we boosted on Thursday our Nvidia (NVDA) price target to $600 per share from $450. As Thursday’s post-earnings Nvidia rally faded, the whole market came under pressure, which I think was an overreaction. 3. Club name GE Healthcare (GEHC) was started with a buy rating at Argus with an $80 price target. There was also an interesting Wall Street Journal story about wealthy people getting preventative body scans. GEHC would benefit from this as a leading maker of machines for X-Rays, MRIs and CT scans. But the tailwind, which has yet to materialize, from scans needed for patients who take new Alzheimer’s drugs should help GEHC down the line. Last month, GEHC delivered a quarterly beat and a guidance raise. (Jim Cramer’s Charitable Trust is long NVDA, GEHC. 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.
