CNBC Investing Club with Jim Cramer held its Morning Meeting on Monday as stocks traded lower amid renewed US-Iran airstrikes and a busy earnings week. Apple rose 1.1% Monday after Citi raised its price target to $365 from $315, while semiconductor stocks declined with Intel and Micron each dropping more than 4%. The pullback followed profit-taking in the chip sector despite Jim Cramer's continued bullish stance on technology and artificial intelligence. Apple filed a lawsuit against OpenAI late Friday alleging trade secret theft, and West Texas Intermediate crude climbed about 4% to roughly $74 per barrel after weekend geopolitical escalations.
Citi Raises Apple Price Target to $365
Citi raised its price target on Apple to $365 from $315 on Monday. The firm stated Apple remains well positioned to gain market share despite raising prices on several MacBook and iPad models to offset soaring memory costs. Apple shares rose 1.1% Monday following the analyst upgrade. Portfolio director Jeff Marks noted Jim Cramer's view to "own, don't trade this one" in his morning note.
Apple Files Lawsuit Against OpenAI Alleging Trade Secret Theft
Apple filed a lawsuit against OpenAI late Friday alleging trade secret theft. Jeff Marks stated he does not have a view on the legal merits of the case but noted Jim Cramer thinks "it's a serious lawsuit with legit concerns." Jim Cramer remains constructive on Apple's competitive position.
CNBC Investing Club Adds to Intel Position Amid Semiconductor Decline
Semiconductor stocks led Monday's market decline as traders took profits following the sector's recent rally. Intel dropped more than 4% Monday alongside Micron. The CNBC Investing Club used Monday's pullback to add to its Intel position, consistent with Jim Cramer's view that the chipmaker remains one of the portfolio's highest conviction investments. Nvidia slipped almost 2% Monday, though Jim Cramer remains bullish on the long-term AI story. In his Sunday column, Jim Cramer argued Nvidia should pursue a more aggressive share repurchase program.
WTI Crude Climbs 4% Following US-Iran Tensions
West Texas Intermediate crude climbed about 4% to roughly $74 per barrel on Monday. The increase followed weekend escalations between the United States and Iran, which renewed concerns over the Strait of Hormuz.
FAQ
What price target did Citi set for Apple stocks on Monday?
Citi raised its price target on Apple to $365 from $315 on Monday. The firm stated Apple remains well positioned to gain market share despite raising prices on several MacBook and iPad models to offset soaring memory costs.
Why did semiconductor stocks decline on Monday?
Semiconductor stocks led Monday's decline as traders took profits following the sector's recent rally. Intel and Micron each dropped more than 4% on Monday. The CNBC Investing Club used the pullback to add to its Intel position.
What lawsuit did Apple file late Friday?
Apple filed a lawsuit against OpenAI late Friday alleging trade secret theft. Portfolio director Jeff Marks noted Jim Cramer thinks "it's a serious lawsuit with legit concerns," though Marks stated he does not have a view on the legal merits of the case.
