3 takeaways from the Investing Club’s ‘Morning Meeting’ on Thursday

Published Thu, Jul 28 20221:31 PM EDTUpdated Thu, Jul 28 20221:40 PM EDT

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. Don't fear the GDP report Quick takes: F, QCOM, META, HON, LIN Watching for Apple and Amazon earnings 1. Don't fear the GDP report U.S. economic growth declined in the second quarter at an annualized pace of 0.9% , according to an advance estimate from the Bureau of Economic Analysis. GDP in the first quarter decreased by 1.6%. Because many define a recession as having two consecutive quarters of negative growth, the report has investors worried about how severe the economic slowdown is — just one day after Federal Reserve Chairman Jerome Powell indicated the central bank could take a softer approach to increasing interest rates going forward. The Fed on Wednesday hiked rates by another 75 basis points after its July meeting. We believe investors should acknowledge the latest economic data, but not necessarily fret it, because two quarters of negative growth doesn't mean the stock market will automatically turn even lower. Cramer reiterated his statement from Wednesday's "Mad Money" that he, and the Club, are "case-by-case" people who invest in companies based on their underlying fundamentals, not entirely on fears of a recession. While stocks initially fell Thursday morning, the major benchmarks have since rallied and were on track for a winning week and their best month of 2022. 2. Quick takes: F, QCOM, META, HON, LIN With a jam-packed week of earnings soon coming to a close, we have a round-up on some Club names that reported this week. We believe Ford Motor (F) reported a great quarter, sweetened by its decision to raise its quarterly dividend hike by 50% to 15 cents per share. The Club sold some shares of Ford at much higher levels earlier this year, but now would consider buying some back if it goes down. Read about CEO Jim Farley's Wednesday appearance on "Mad Money" here . While Qualcomm (QCOM) shares fell after the semiconductor firm reported a forecast that fell short of Wall Street expectations, we believe it was overdone on the downside. The company's strong growth in automotive chips and Internet of Things (IoT), as seeks to diversify its business portfolio, underline our belief. We did not find a reason to buy more Meta (META), which is not a big position for the Club, after the parent company of Facebook and Instagram reported its latest quarter. While Reels makes us hopeful, it's hard to monetize, and CEO Mark Zuckerberg has not provided a ton of updates on what Meta is doing in the metaverse. Cramer gave advice for investors who still want to buy the stock: "Let everybody sell today." Honeywell (HON) reported a great quarter , reaffirming that the Club's decision to keep a position in it was the right one. Linde (LIN) is a growth cyclical stock, in our view, meaning we think it can perform well even in a slowing economic situation. If the economy gets better – which might not necessarily happen – it'll get an extra kick. 3. Watching for Apple and Amazon earnings Amazon (AMZN) reports its latest quarterly results after the closing bell Thursday, and we expect that its Amazon Web Services division will be strong after Microsoft 's (MSFT) Azure had a standout performance. But the e-commerce giant's retail business likely won't be. We hope to hear about how the company will fix its overexpansion issues, as well as any macro comments about the supply chain and fuel costs. Apple (AAPL) reports later after the bell, too. The company said in April that the company expects $4 billion to $8 billion in sales headwinds during the quarter related to supply chain issues, and we expect the actual impact will end up being at the higher end of that range. Still, we are cautiously optimistic and sticking by our mantra of own it, don't trade it. (Jim Cramer's Charitable Trust is long F, QCOM, META, MSFT, AAPL, HON and LIN . 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.

A cargo ship filled with containers moves through New York Harbor as it heads out to the Atlantic ocean on October 12, 2021 in New York City.

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