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 Tuesday’s key moments. The Nasdaq edged lower Tuesday, pulling back from record highs the session before. Jim Cramer described the market as overall “benign,” while the S & P 500 and Dow also traded pretty flat. During a speech in Washington, Federal Reserve Gov. Christopher Waller said that further interest rate hikes will not be necessary but cuts are likely “several months away.” Jim said Waller’s comments were not “earthshaking.” The S & P 500 Short Range Oscillator still points to an overbought market, so we’re hesitant about any large buying opportunities right now. Palo Alto Networks fell about 3.5% on Tuesday despite posting an in-line quarter . While still down, the stock was way off its after-hours decline of 9%. The cybersecurity company missed estimates on billings. But Jim said billings are the wrong metric to focus on. He prefers remaining performance obligation, or RPO, which was strong. We were pleased with signs that Palo Alto’s platformization strategy seems to be working. Overall, we view stock declines like Palo Alto’s as a buying opportunity — but for the Club, we’re going to hold off for a more favorable level, given the recovery in the stock in the lead-up to earnings. Eli Lilly received approval for its GLP-1 drug tirzepatide in China. Shares jumped about 2.5%. They were even higher earlier in the day, making a new intraday all-time high. This is a big deal because China is a key growing market for the pharmaceutical giant, and tirzepatide is the active ingredient in its popular U.S.-approved diabetes drug Mounjaro and weight loss treatment Zepbound. Jim said that demand will continue to surge because tirzepatide is a “medical drug” and “not necessarily a weight loss drug,” making it essential for customers. (Jim Cramer’s Charitable Trust is long LLY, PANW. 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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