Cramer has a problem with Alphabet. Plus, updates on 2 industrials
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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. 1. The S & P 500 fell more than 1% Thursday as oil prices surged on intensifying conflict in the Middle East. Treasury yields rose too, with the 10-year Treasury hitting its highest level since January 2025. "I am very glad that we have 12% cash," said Jim Cramer, noting the market is on a "very tough run." Portfolio director Jeff Marks added that the rise in interest rates "is a worrying sign," and could make it harder for the Federal Reserve to hold rates steady in the second half of 2026. 2. Shares of Alphabet slid 7% following Wednesday evening's decent quarterly report . Though AI adoption is increasing top-line growth, it is also driving higher levels of capital spending. As a result, Jim disagrees with Alphabet's view that its balance sheet is in good shape. "They're upping their spending with really an uncertain payback. That's not a good balance sheet," he said. "I like to buy companies with good balance sheets, and this is no longer one." This is why we're not using this pullback as a buying opportunity. Kurian defended the company's "very, very disciplined" capex spending when Jim interviewed him shortly after the meeting. 3. Dover shares tumbled nearly 8% after a mixed report this morning. Sales for the industrial conglomerate came in soft, while operating margin and earnings topped estimates. The biggest disappointment was an execution issue that led to a miss on its refrigeration production volume target. Jim said he "is very disappointed" with Dover CEO Richard Tobin, and we're ready to move on from this investment. Meanwhile, fellow Club industrial Honeywell gained more than 6% after a good quarter report, in which the company saw organic revenue growth of 4% and adjusted earnings per share rise 10%. Jim is a supporter of Honeywell CEO Vimal Kapur. "He's a very competitive guy, and that does matter tremendously." Please keep an eye on your inboxes as we have more detailed reports on both companies coming shortly. 4. Stocks covered in Thursday's rapid fire at the end of the video were Tesla , ServiceNow , and RTX . (Jim Cramer's Charitable Trust is long HON, DOV, GOOGL. 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.