Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Market meanders: The stock market was having a choppy session after Monday’s all-time high close for the S & P 500 . The index has closed at a record 54 times this year. We’re not surprised to see consolidation Tuesday, because the market is overbought, according to the S & P 500 Short Range Oscillator , which tracks trading momentum. There also could be some apprehension ahead of this week’s key economic data, including Friday’s release of the government’s November employment report. Still, there are pockets of strength — and once again, it was coming from the big tech stocks like Club names Apple and Amazon . Meta Platforms was our best performer of the day, hitting an all-time high. Subtraction: We’re taking Amgen out of our Bullpen watch list. Shares fell about 4% last Tuesday after the biotech company reported mid-stage trial results for its experimental obesity treatment known as MariTide. Expectations were high going into the release as investors believed MariTide’s once-a-month injection schedule would make it a viable threat to incumbents Novo Nordisk and Club name Eli Lilly , which offer competing once-a-week medications. However, MariTide’s average 20% weight loss after 12 months failed to clear the high bar, and some investors took issue with the drug’s elevated discontinuation rate. The study data, announced on Nov. 26, was a blow to Amgen’s obesity ambitions and a win for Lilly . The day before the Amgen news, we added to our Eli Lilly position at roughly $750 per share. With Amgen shares at around $280 per share and down about 3% year to date, we think the Street is ascribing little value to the future of MariTide, limiting downside from any future disappointment. However, we’re removing Amegn from the Bullpen because the main reason we added it back in January no longer holds. We thought at the time that MariTide had the potential to make Amgen a serious player in the obesity race. But after seeing last week’s results, that future is less clear. With obesity out of the picture, the thesis to own Amgen shifts back to its existing franchises and non-obesity pipeline. That means we must change with it and take Amgen out of the Bullpen. Up Next: Salesforce reports earnings after Tuesday’s closing bell. We expect to hear how the Club name’s recently launched Agentforce customer service AI is driving new deals. Other companies reporting Tuesday evening are Okta , Pure Storage , and Marvell Technology . Marvell will give us a read into the semiconductor industry and our chip holdings Nvidia , Advanced Micro Devices , and Broadcom . Companies reporting before Wednesday’s opening bell include Foot Locker , Chewy , Dollar Tree , Cracker Barrel , Campbell’s , and Hormel Foods . Wednesday is also a busy day of economic data, with the ADP monthly report on hiring at U.S. companies, ISM services, factory orders, and durable goods orders. (See here for a full list of the stocks in Jim Cramer’s Charitable Trust.) 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.
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street.
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