Doggone it, at last it's Friday... 

As Wall Street searches for direction, investors welcome Chewy (CHWY) to the public market, digest earnings from Broadcom (AVGO - Get Report) and look ahead to the next Fed decision. 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. 

Chewing Into Chewy

Today, the NYSE welcomes online pet retailer Chewy to the public markets, 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.

Is the Real Money Stock of the Day more bark than bite? Jim Cramer breaks down 3 things investors need to see before putting a collar on the stock and taking it home. 

Broadcom Broadly Disappoints

Broadcom slumped Thursday evening after missing on revenue and forecasting weaker-than-expected guidance with CEO Hock Tan citing the impact of "continued geopolitical uncertainties" and the Huawei ban on chip demand. 

Broadcom $AVGO reports earnings:
- EPS: $5.21 (ADJ) vs. estimates of $5.16
- Revenue: $5.52 billion
- GAAP operating profit margin of 18%; Non-GAAP operating profit margin of 53%
- Revenue outlook of $22.5 billion

— TheStreet (@TheStreet) June 13, 2019

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 Watch Begins

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

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