2 takeaways from our daily meeting: Pharma stocks under pressure, Club holdings report

Published Tue, Nov 1 20221:00 PM EDTUpdated Tue, Nov 1 20221:13 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 Tuesday's key moments. Pharma Club stocks under pressure Club earnings ahead 1. Pharma Club stocks under pressure The S & P 500 Short Range Oscillator is still over 6%, meaning the market is overbought — but there are some Club holdings under enough pressure to watch for a potential purchase. Eli Lilly (LLY) reported a beat on third-quarter results Tuesday. But the pharmaceutical company lowered its full-year outlook to reflect foreign exchange headwinds, sending the stock tumbling in midday trading. The stock was down around 4.75%, at $344.70 a share. But for investors who want to buy LLY, we recommend holding fire, as shares will likely move even lower by the time the market closes Tuesday. Johnson & Johnson (JNJ) said Tuesday it will acquire heart pump maker Abiomed in a deal valued at $16.6 billion, a move that will expand the company's profile into heart-failure solutions. As often happens when a company announces a large acquisition, shares of JNJ edged down in midday trading by nearly 1%, to $172.26. And as with Eli Lilly, we're sitting tight for the moment while sellers drive the price lower. 2. Club earnings ahead This week of earnings is jam-packed with Club names. Expectations are low for Advanced Micro Devices (AMD), set to report after the close on Tuesday, due to its ugly preannouncement that warned of a revenue shortfall in the third quarter. We'll be looking to see whether its data center revenues are holding steady, as well as any updates on how U.S. export controls limiting chip sales to China could impact the semiconductor firm. Devon Energy (DVN) also reports third-quarter results after the closing bell on Tuesday, and we're expecting a solid bottom line for the oil-and-gas producer. Other Club holdings reporting for the period ended Sept. 30 include: Wednesday: Humana (HUM) and Estee Lauder (EL) before the opening bell; Qualcomm (QCOM) after the market closes. Thursday: Bausch Health (BHC) before the opening bell; Starbucks (SBUX) and Coterra Energy (CTRA) after the market closes. (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.