Every weekday, the CNBC Investing Club with Jim Cramer holds a live “Morning Meeting” at 10:20 a.m. ET. Here's a summary of Monday's key moments. 1. The S&P 500 rose on Monday, extending the all-time highs it set on the Friday after the election. The tech-heavy Nasdaq was essentially flat. The names of the club segments, such as Advanced Micro Devices, Broadcom, and Nvidia, were lower, as were the rest of the Super Six segments, with the exception of Alphabet. A pause in the big tech rally indicates that the market's rally is expanding. Highlights for the week include two major inflation releases — Wednesday's CPI and Thursday's Producer Price Index — and Friday's retail sales. The name of the club is Home Depot and Disney reporting their earnings Tuesday morning and Thursday morning, respectively. 2. Salesforce shares jumped to an all-time high intraday Monday after the company late Friday announced plans to hire 1,000 new sales representatives for its Agentforce tool. Club portfolio manager Jeff Marks said this is a “positive demand signal” for the AI platform and a significant turnaround from the weakness seen earlier this year due to slowing demand. Wall Street firm Jefferies boosted its Salesforce price target to $400 per share from $350, implying a 40% upside from Friday's close. Analysts said their industry scans point to increased interest in larger deals after Salesforce's annual Dreamforce conference in September. This year's event showcased the company's capabilities in the field of artificial intelligence. “We haven't heard that sentiment about Salesforce for some time,” Marks noted. 3. Home Depot's third-quarter results this week are expected to be weak, with same-store sales declining year over year. However, Marks said the club would be a buyer of any post-earnings pullback in anticipation of a rebound once mortgage rates calm. The new housing turnover cycle will likely spark demand for home upgrades which plays directly into Home Depot's strengths. The stock rose more than 1% on Monday, suggesting that investors had already priced in weaker prices and were eyeing its rebound as the Federal Reserve continues to cut interest rates. (See here for a complete list of stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you'll receive a trade alert before Jim takes a trade. Jim waits 45 minutes after a trade alert is sent before buying or selling a stock in his charitable fund's portfolio. If Jim talks about a stock on CNBC TV, he waits 72 hours after the trade alert is issued before executing the trade. The above Investment Club information is subject to our Terms and Conditions and Privacy Policy, as well as our Disclaimer. No obligation or fiduciary duty exists or is created by your receipt of any information provided in connection with the Investment Club. No specific results or profits are guaranteed.
Every weekday, the CNBC Investing Club with Jim Cramer holds a live “Morning Meeting” at 10:20 a.m. ET. Here's a summary of Monday's key moments.
