Wall Street analyst jumps to Disney's defense — plus, why Broadcom is bucking the chip decline

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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. (We're no longer recording the audio, so we can get this new written feature to members as quickly as possible.) Resilient Dow: The Dow Jones Industrial Average is on pace for its sixth positive session in a row Wednesday, adding nearly 150 points, or 0.4%. Meanwhile, the S & P 500 was basically flat, putting its four-day win streak in jeopardy. The tech-heavy Nasdaq Composite was slightly lower, as some of its largest companies — such as Club holding Alphabet and Tesla — were in the red. One factor influencing Wednesday's trading is a slight pick up in bond yields, which had trended lower in recent sessions. In general, it's a bit of a calmer week on Wall Street, with the pace of earnings reports slowing and no major economic reports to speak out this week, though we'll get the usual jobless claims data Thursday morning. Bucking the trend: Broadcom is among the top-performing Club holdings in Wednesday's otherwise muted session, adding more than 1% to roughly $1,320 per share. Broadcom is defying a broader move lower for the semiconductor stocks, with a closely watched exchange-traded fund for the industry down about 0.3%. Positive numbers from Arista Networks may be driving Broadcom's gains. "The strong results from Arista Networks is a good sign for Broadcom. Both Arista and Broadcom are on the Ethernet side of AI networking," Jim Cramer said. Starbucks stabilizing: Another Club name solidly higher Wednesday is Starbucks . The stock finally found some buyers Wednesday, exactly one week after the coffee chain's earnings disaster sent shares tumbling nearly 16%. There was a half-hearted attempt at buying last Thursday and the stock ended modestly higher. But Friday, Monday and Tuesday saw the stock go on a three-session losing streak. In afternoon trading, Wednesday, shares were up more than 1%. We're in a holding pattern on Starbucks, waiting to see if CEO Laxman Narasimhan's turnaround plans can work. Jim Cramer took Narasimhan to task in a CNBC interview last week, questioning whether the CEO's plan was enough to right the ship. Starbucks ex-CEO Howard Schultz said in a LinkedIn post Sunday that he too was disppointed after Starbucks's earnings and offered advice to management. Sell-off overdone : We touched on Barclays' note on Disney in the Morning Meeting. The analysts agreed with us that the post-earnings selling in Disney on guidance concerns was overdone. Shares were steady on Wednesday, one day after sinking 9.5%. Here's a passage from the Barclays note explaining its take and why we're thinking that if Disney stock were to drop below $100 we would buy more. Barclays analysts said: "The company's guidance however is impacted by a number of one-time items in Q3 this year, the biggest of which appears to be pre-opening costs for new cruise ships. Adjusted for one time items the company guided to mid- to- high single-digit growth in [operating income] next quarter. However, one of the nuances that may have been missed in the shuffle yesterday since the company was not explicit about it, is the fact that the guidance also adjusts for the accelerated depreciation impact last year. In other words, the [operating income] base for Q3 last year to calculate the mid-to-high single digit growth should be ~$100mm higher than the reported number. Based on this, the underlying EBITDA guidance adjusted for one time items isn't really that different from our estimates and probably higher than consensus estimates pre earning." There's a lot of unpack there. But the upshot from Barclays is that Wall Street is getting it all wrong. And the sellers didn't take the time to do their homework. Up next : After Wednesday's closing bell, the earnings report we'll be paying close attention to is Arm Holdings because it will provide a read into the AI semiconductor market. There's a lot of concerns in the market about the health of the consumer and travel spending, making AirBnB another report to watch as well. A few other notable companies reporting are Robinhood and Trade Desk. Before the bell Thursday, some of the key names to watch are Roblox, Warner Bros. Discovery, and Constellation Energy. (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. 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. (We're no longer recording the audio, so we can get this new written feature to members as quickly as possible.)