Jim Cramer reviews Wednesday's market action, highlighting weakness in tech and quantum computing, a positive outlook for GE Healthcare, and his desire to buy more Disney shares.
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 Wednesday's key moments. 1. Wall Street started slow Wednesday, with notable weakness in pockets of tech. The stock market was still held back by the 10-year Treasury yield, which touched 4.7% before pulling back a bit. Quantum stocks were getting crushed after Nvidia CEO Jensen Huang said the computing technology was 15 to 30 years away from being useful.
Huang's comments came during an analyst Q & A on Tuesday afternoon, a day after his CES address . Jim Cramer on Wednesday cautioned about the froth coming out of quantum computing and other parts of the market. 'People get very very excited and they lose a lot of money,' Jim explained, while urging Club members, 'not to play this game. It's too hard.' 2. Shares of GE Healthcare popped 4% on Wednesday after Jefferies upgraded the struggling Club stock to buy from hold. The analysts also increased their GEHC price target to $103 per share from $95, implying nearly 24% upside from Tuesday's close. Jefferies mentioned the push-out of China stimulus as a catalyst, suggesting that orders could start to come in after the Chinese New Year. Jim believes that relief could mean a 'thawing in the health-care space for our companies just at the time when we've all just given up.' Jefferies likes GEHC's valuation after the stock pulled back in late September through the end of 2024. With Wednesday's gains under its belt, GEHC has gained more than 10% this year. 3. Jim wants to buy more shares of Disney on more weakness. Shares of the entertainment giant pulled back about 2% on Wednesday to $110 each. There was a good call on the stock Tuesday from Redburn Atlantic, which upgraded Disney to buy from neutral. The analysts increased their Disney price target to $147 per share from $10
FINANCE TECHNOLOGY STOCK MARKET QUANTUM COMPUTING GE HEALTHCARE DISNEY JIM CRAMER
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