Club meeting recap: Fed in Focus, Estee Lauder, earnings roundup

Published Wed, May 3 202311:44 AM EDTUpdated Wed, May 3 202311:54 AM 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 Wednesday's key moments. Fed decision day Sit tight on Estee Lauder Earnings roundup: AMD, SBUX, F 1. Fed decision day Equities were mixed Wednesday morning ahead of the Federal Reserve's announcement on interest rates this afternoon. Wall Street widely expects the central bank to raise the benchmark borrowing rate by another 25 basis points . But investors will be closely watching any signals from Fed Chair Jerome Powell on a potential pause in rate hikes going forward. Meanwhile, we're keeping an eye on the regional banking sector, given the continued uncertainty over the stability of mid-sized lenders. Club holdings Wells Fargo (WFC) and Morgan Stanley (MS) are likely to benefit from any deposit withdrawals from smaller banks. 2. Sit tight on Estee Lauder Do not sell Estee Lauder (EL) on Wednesday's plunge, Jim Cramer said. Shares of the Club holding tumbled more than 17%, to around $203 apiece, after the company issued disappointing guidance for the final quarter of its fiscal year. It missed on fiscal third-quarter earnings-per-share and slightly beat on revenue. Right here Tuesday, we told you Estee Lauder was going to miss the quarter and it did, we just didn't expect it to be this bad. Jim said he's going to work all day on Estee Lauder and will bring members the full story on Wednesday's "Homestretch." 3. Earnings roundup: AMD, SBUX, F Advanced Micro Devices (AMD) delivered a first-quarter beat Tuesday, though won't resume significant growth until the second half of this year. Starbucks ' (SBUX) quarterly results proved the coffee maker is the China play we had long predicted. And Ford (F) demonstrated it righted the ship in the first quarter following a dismal end of 2022, easing our concerns that the legacy automaker had lost its way. (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.