The CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream every weekday at 10:20 a.m. ET. On a recent Monday, stocks were rebounding from the previous week’s sell-off, with the S & P 500 and Nasdaq Composite both seeing gains. Tech stocks showed signs of strength, but Cramer cautioned that the group, including Nvidia, still faces challenges. Despite Nvidia’s 2% increase at the start of the week, Cramer remains negative on the stock in the short term. He shared his latest thoughts on the “Magnificent Seven” tech stocks, including Nvidia, in a recent column.
Brian Niccol began his role as CEO of Starbucks on the same Monday, following a surprise announcement about his appointment to replace Laxman Narasimhan. Despite a nearly 25% one-day surge in Starbucks shares in response to Niccol’s hiring, the stock has drifted lower alongside the broader market in recent days. Cramer noted the temptation to lock in small profits after struggling with Starbucks stock and then buy back at a lower price. However, he advised against this strategy and highlighted BMO Capital Markets’ raised price target on Starbucks to $110 a share, citing potential positive catalysts ahead as Niccol clarifies strategic priorities.
Tesla and Eaton announced a collaboration on Monday aimed at simplifying home energy storage. Starting in the following year, Tesla’s Powerwall home battery will work with Eaton’s new smart breaker system, AbleEdge. Shares of Eaton rose by about 2% on the news, prompting Cramer to recommend buying Eaton stock. He sees significant potential for growth, especially as the electricity grid faces shortages and Eaton can help address the need for more power. Cramer disclosed that his Charitable Trust is long on Nvidia, Starbucks, and Eaton.
As a subscriber to the CNBC Investing Club with Jim Cramer, members receive trade alerts before Cramer makes a trade. Cramer waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If he discusses a stock on CNBC TV, Cramer waits 72 hours after issuing the trade alert before carrying out the trade. It is important to note that the information provided by the Investing Club is subject to terms and conditions, privacy policy, and a disclaimer. There is no fiduciary obligation or duty created by receiving information from the Investing Club, and no specific outcome or profit is guaranteed.
