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. Nvidia shares are still down 5%, but they have staged a dramatic recovery from their lows of the session. That, in turn, helped the broader market reverse earlier losses and turn positive. Nvidia stock sank more than 14% at its worst levels of the day after the news broke before the opening bell that Jensen Huang had immediately resigned as CEO of Nvidia. This follows reports of his affairs with an alleged Chinese spy and one of his direct reports at the company. Nvidia named CFO Colette Kress as interim chief executive. Jim Cramer said she is a great choice to steady the ship. Jim said that the stock paring its losses reflects the notion that there are many great choices, both inside the company and outside, to replace Huang on a permanent basis. Jim made it clear that investors sitting on huge Nvidia gains who have not taken profits should do so .…
Jim Cramer on why Nvidia shares are not down more — plus, 3 stocks to buy
In short
The chip giant managed to trim its steep losses to trade down approximately 5%, which helped lift the broader equity market into positive territory. CNBC's Jim Cramer advised trimming winning positions in Nvidia while warning shareholders against abandoning the company completely during the transition. In the semiconductor space, Cramer favored establishing a position in competitor Advanced Micro Devices over Intel. He also highlighted consumer staples as resilient buying opportunities outside the volatile artificial intelligence space.
Key points
- Investors with large unrealized gains in Nvidia should take partial profits while retaini…: Investors with large unrealized gains in Nvidia should take partial profits while retaining some long-term equity exposure.
- Advanced Micro Devices represents an attractive semiconductor alternative to Intel follow…: Advanced Micro Devices represents an attractive semiconductor alternative to Intel following recent post-election market fluctuations.
- Constellation Brands and Kimberly-Clark offer compelling non-tech buying opportunities pr…: Constellation Brands and Kimberly-Clark offer compelling non-tech buying opportunities primed for portfolio growth.