Replay: Jim Cramer Breaks Down the Chewy IPO, Broadcom Earnings and the Fed

Happy Friday!

It's a busy day at the NYSE as investors welcome Chewy (CHWY) to the public market, react to earnings from Broadcom (AVGO - Get Report) and look ahead to the Fed decision next week.

Jim Cramer and Action Alerts PLUS research analyst Zev Fima break down what investors need to know heading into the weekend.

Katherine Ross has the morning off and will return on Monday.

CHEWY LET THE DOGS OUT

There are plenty of dogs outside the NYSE and even some on the floor of the exchange as pet retailer Chewy is set to go public today. Priced at $22 a share, Chewy hopes to raise around $1 billion and is valued around $8.8 billion.

PetSmart bought Chewy in 2017 and is expected to make $900 million on the IPO.

Chewy is the Real Money Stock of the Day. Jim Cramer breaks down 3 things investors need to see before putting a collar on the stock and taking it home.

Broadcom Earnings Disappoint

Broadcom missed on revenue and forecasted weaker-than-expected guidance with CEO Hock Tan citing the impact of "continued geopolitical uncertainties" and the Huawei ban on chip demand.

Cramer wrote in his most recent column on Real Money, that President Trump is happy to sacrifice Broadcom if it means winning the trade war with China. Is a trade resolution enough to save the stock?

"I see panic everywhere in the semis because of this, as it confirms the decline in Micron Technology (MU) and Lam Research (LRCX) , among others, that has been happening for a week now", Cramer says.

Read his full take here: Jim Cramer: What the $2 Billion at Risk for Broadcom Really Means

Fed Meeting Next Week

On June 19, investors will finally hear how the Federal Reserve feels about the economy, with much of Wall Street wondering when (and if) we will see the next rate cut. While Cramer doesn't expect a rate cut next week, it's always interesting to hear what Fed chair Jerome Powell has to say.

A Bit About Today's Host, Zev Fima