Micron elevates two executives. Plus, what the Meta settlement means for its top line
Article excerpt
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch - an actionable afternoon update, just in time for the last hour of trading on Wall Street. The S & P 500 is basically flat on Wednesday as the market awaits several key tech earnings reports after the bell, including Nvidia. Oil was lower for most of the session but turned positive amid a lack of new developments to open the Strait of Hormuz. Treasury yields have been higher throughout the session following a slightly higher-than-expected reading from the Federal Reserve's preferred inflation gauge, the personal consumption expenditure (PCE) price index. Meta Platforms shares are holding onto slight gains after the company announced it reached a proposed settlement with 52 state and U.S. territory attorneys general over its social media addiction cases. Jim Cramer called this a "big win" for Meta earlier this morning, noting the potential fines could have been much larger, and litigation could have lasted for a very long time. That's why he argued the stock should trade higher on the news. Equally as important, the new protections for teens and stronger parental controls that were announced shouldn't materially impact the company's products or business model. Analysts at Piper Sandler estimated in their reaction to the settlement that these changes will impact roughly 0.5% of Meta's global...
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But the memory-chip maker appointed Manish Bhatia to president and chief operating officer and Scott DeBoer to president and chief technology and products officer.
