1. U.S. stocks saw a rise on Monday, although August continues to be challenging. Nvidia (NVDA), which has been experiencing a downturn recently, experienced a 5.5% surge at the beginning of the week. Morgan Stanley reaffirmed Nvidia as a top pick in anticipation of the upcoming earnings announcement on Aug. 23. Jim Cramer mentioned that Nvidia remains a “highly valued stock,” reiterating a point discussed in his Sunday column about exercising patience with the Club name.
2. Coterra Energy (CTRA), a stock held by the club, was upgraded to overweight (buy) by Piper Sandler, with the price target raised to $35 per share from $30. Jim emphasized that the Club took advantage of the dip in CTRA’s stock price after a poor quarter and bought more shares. Furthermore, Jim expressed his enthusiasm for GE Healthcare (GEHC), stating that it is currently his “favorite stock in the portfolio” and recommending others to buy it. He shared that the Club had acquired GEHC shares last week.
3. Morgan Stanley defended Palo Alto Networks (PANW) against negative sentiment, taking the opposite position. Analysts expressed a more positive outlook for PANW ahead of Friday’s earnings report and investor update, as expectations have decreased due to a recent drop in stock price triggered by a competitor’s warning. Morgan Stanley also believes that Palo Alto has the potential to secure its largest deal ever with the Defensive Department, estimated to be worth $150 million to $200 million over the next five years. (Jim Cramer’s Charitable Trust holds positions in NVDA, CTRA, GEHC, PANW. Please refer to this link for a complete list of stocks.)
As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive trade alerts before Jim executes trades. Jim follows a 45-minute waiting period after sending a trade alert before making any stock transactions in his charitable trust’s portfolio. If Jim discusses a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.
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