Every weekday, Jim Cramer’s CNBC Investment Club releases the Homestretch, a practical afternoon update to coincide with the last hour of trading on Wall Street. The stock lost some momentum in Friday afternoon trading. Despite falling oil prices, the S&P 500 and Nasdaq Composite are trading near flat lines. Buoyed by an impressive rally in artificial intelligence stocks, the S&P 500 rose 5% and the Nasdaq rose more than 8% in a mixed trade to cap off a strong May. With both indexes entering the day at record highs, it would be hard to blame anyone for wanting to take a break heading into the weekend, especially amid uncertainty surrounding the Iran peace deal. President Donald Trump said on Truth Social the same day that he intended to “make a final decision” on Iran’s demands. Within the portfolio, the biggest winners this month were chip designer Arm Holdings, up more than 67%, and cybersecurity vendors CrowdStrike and Palo Alto Networks, up about 63% and 55%, respectively. Blue Origin’s New Glenn rocket exploded Thursday night during a test launch at Cape Canaveral, Florida, putting Amazon’s satellite ambitions in jeopardy. The incident casts doubt on the schedule for Amazon Leo, the company’s planned low-orbit broadband satellite network. The Blue Origin explosion occurred during a ground test while the rocket remained fixed on the launch pad. No injuries were reported. The plan was to launch 48 LEO satellites into orbit using rockets. Blue Origin said the satellite was not on board at the time of the explosion. Still, the incident is under investigation and could delay future launches. This is important for Amazon because Blue Origin’s New Glenn rocket is part of the company’s strategy to put thousands of LEO satellites into orbit. “A total of 24 companies have launched in New Glenn,” Amazon said in a March blog post. Blue Origin is owned by Amazon founder Jeff Bezos, who remains chairman of the e-commerce giant’s board. Amazon also has other launch providers through its deal with United Launch Alliance, Arianespace, and Elon Musk’s SpaceX. For investors, the news highlighted the major challenges facing Amazon’s satellite business, which is scheduled to launch its first commercial services in the third quarter. Amazon has deployed about 240 satellites in the past year. The company is rushing to build a space-based internet network that can compete with SpaceX’s Starlink, which already has thousands of satellites in orbit and benefits from the industry’s most active launch platform. SpaceX has conducted more than 600 launches and is currently responsible for the majority of launches in Earth orbit. Indeed, Amazon’s use of multiple launch providers reduces the risk of a single failed launch derailing its plans. Amazon also avoided losing valuable inventory because the New Glenn vehicle had no satellites on board at the time of the explosion. But delays could complicate efforts by Amazon, which competes with the incumbent Starlink, to deploy the satellite on time. Amazon did not respond to CNBC’s request for comment on Friday. Separately, an FCC filing released this week provides details about Amazon’s previously announced acquisition of Globalstar, which includes the transfer of a 20% ownership stake in Apple. As we explained in April, Amazon’s efforts to acquire Globalstar are a key part of its plan to expand its satellite services into so-called direct-to-device services. Next week is off to a good start with Nvidia CEO Jensen Huang giving a keynote speech at Computex in Taiwan on Monday morning local time. Also on Monday, a spinoff of the club’s FedEx cargo division will begin trading under the ticker FDXF under the name FedEx Freight. Another conference we’re keeping an eye on is Microsoft’s developer event Build, which starts Tuesday in San Francisco. Next week, we’ll hear from three other club names: Palo Alto Networks on Tuesday night, and CrowdStrike and Broadcom on Wednesday night. As mentioned above, Palo Alto and CrowdStrike are extremely popular, so anticipation for their release is high. Broadcom has rebounded from its mid-May decline, hitting new highs on Friday. On the economic front, it’s all about the employment statistics that will be highlighted in next Friday’s May non-farm employment report. (See here for a complete list of Jim Cramer Charitable Trust stocks.) As a subscriber to Jim Cramer’s CNBC Investment Club, you will receive trade alerts before Jim makes a trade. After Jim sends a trade alert, he waits 45 minutes before buying or selling stocks in his charitable trust’s portfolio. If Jim talks about a stock on CNBC TV, he will issue a trade alert and then wait 72 hours before executing the trade. The above investment club information is subject to our Terms of Use and Privacy Policy, along with our disclaimer. 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