Every weekday, the CNBC Investing Club with Jim Cramer does a live “morning session” at 10:20am ET. Here’s a recap of the key moments this Wednesday. Don’t trade on the Fed’s decision Stay cautious on QCOM Stick with Eli Lilly 1. Don’t trade on the Fed’s decision. Stocks gained on Wednesday ahead of the Federal Reserve’s December interest rate decision, with the S&P 500 up 0.6% by mid-morning. Wall Street expects the Fed to raise interest rates by 50 basis points, after 4 consecutive increases of 75 basis points. We urge investors to wait for the dust to settle before trading the Fed’s announcement, as markets tend to be volatile after the central bank issues a decision. 2. Be wary of Qualcomm JPMorgan Chase reiterated an overweight, or buy, rating on Qualcomm ( QCOM ) on Wednesday, arguing that the stock could see upside in 2023 as the smartphone market stabilizes ligents and the company’s digestion of its excess inventory. But we remain wary of the market’s narrow focus on Qualcomm’s smartphone business and trimmed our position earlier this month. We advise investors to be patient here until there are clearer signals about the chipmaker’s trajectory. Qualcomm was trading up about 1.35% Wednesday morning, at $125.18 a share. 3. Stay on Eli Lilly JPMorgan Chase also raised its price target on Eli Lilly on Wednesday to $400 from $380, a day after the drug company issued weaker-than-expected profit guidance expected by 2023. Shares fell more than 2% Tuesday on the news, a selloff we found misplaced. So we’re happy to see that Wall Street analysts are bullish on the stock. We are pleased with the company’s strong revenue guidance for next year and its pipeline of drugs. LLY shares were trading up about 1.5% by mid-morning at $363.92 a share. (Jim Cramer’s Charitable Trust is long LLY, QCOM. See a full list of stocks here.) As a subscriber to the CNBC Investing Club with Jim Cramer, you’ll receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a share in his charitable trust portfolio. If Jim has discussed a stock on CNBC TV, wait 72 hours after issuing the trade alert before executing the trade. INFORMATION ON THE ALTERNATE INVESTMENT CLUB IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY, WITH OUR DISCLAIMER. NO OBLIGATION OR FIDUCIARY DUTY EXISTS OR IS CREATED BY YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTOR CLUB. NO SPECIFIC RESULTS OR BENEFITS ARE GUARANTEED.
