Jim Cramer’s CNBC Investment Club hosts a “Morning Meeting” livestream every weekday at 10:20 a.m. ET. A recap of Monday’s key moments. 1. The S&P 500 rose modestly on Monday as Wall Street tried to make sense of the latest news in the Middle East. President Donald Trump announced the closure of the Strait of Hormuz after the United States and Iran failed to reach an agreement over the weekend. The news follows a strong week for the market. The S&P 500, Nasdaq, and Dow each posted their best weekly performance since November. The club is looking for opportunities to improve their fitness. For example, this morning we sold part of Broadcom and picked up a gain in a rising chipmaker. 2. Starbucks has been upgraded from sale to pending at Jefferies. Analysts said the coffee giant could stabilize its important U.S. business by reducing its exposure to China through a joint venture with Boyu Capital. Jefferies also raised its price target to $92 from $86. Still, Jim Cramer said investors shouldn’t get too optimistic. Management’s turnaround plan will require more patience. “Frankly, I’m trying to keep my expectations low because there are so many moving parts,” he said. “Let’s not get too excited.” 3. HSBC downgraded Nike stock from buy to hold, lowering PT from $90 to $48. Analysts called the retailer’s turnaround a “show-me story with no short-term catalyst.” Phone calls are frustrating, but not shocking. After all, Piper Sandler just dragged its stock price down last week. “We’re not going to get to the bottom of Nike unless everyone gives up,” Jim said. I’m doing my best for now. 4. Stocks featured at the end of Monday’s video were Williams-Sonoma, Best Buy, Conagra, and T-Mobile. (Jim Cramer’s charitable trusts are long SBUX, NKE, and AVGO. See here for a complete list of 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. No fiduciary duties or obligations exist or arise from your receipt of information provided in connection with the Investment Club. No specific results or benefits are guaranteed.
