Salesforce record highs – plus a possible stock to buy after Tuesday’s results

by Junna Base November 12, 2024

Every weekday, CNBC Investing Club hosts a “Morning Meeting” livestream with Jim Cramer at 10:20 a.m. ET. Here’s a recap of Monday’s key moments. 1. The S&P 500 rose slightly on Monday, extending all-time highs after Friday’s election. The tech-heavy Nasdaq was basically flat. Club chip names Advanced Micro Devices, Broadcom and Nvidia were lower – as were the rest of our Super Six except Alphabet. The pause in the megacap tech rally suggests that the market rally is expanding. Highlights of the week include two key inflation data – the consumer price index on Wednesday and the producer price index on Thursday – as well as retail sales on Friday. Club names Home Depot and Disney report their earnings on Tuesday morning and Thursday morning, respectively. 2. Salesforce shares jumped to an all-time intraday high on Monday after the company said late Friday that it plans to hire 1,000 new salespeople for its Agentforce tool. That’s a “positive demand signal” for the artificial intelligence platform and a significant turnaround from weakness seen earlier this year due to a slowdown in demand, said club portfolio director Jeff Marks. Wall Street firm Jefferies raised its Salesforce price target to $400 per share from $350, representing a 40% increase from Friday’s close. The analysts said their industry reviews indicate increased interest in larger deals following Salesforce’s annual Dreamforce conference in September. This year’s event showcased the company’s capabilities in artificial intelligence. “We haven’t heard this sentiment around Salesforce in quite some time,” Marks noted. 3. Home Depot’s third-quarter results are expected to be weak this week as same-store sales decline year-over-year. However, Marks said the club would buy any post-earnings dip in anticipation of a recovery once mortgage rates cool. A new housing sales cycle is likely to drive demand for home improvements, putting Home Depot’s strengths on full display. The stock rose more than 1% on Monday, suggesting investors have already priced in the weaker reading and are waiting for a rebound as the Federal Reserve continues to cut interest rates. (A complete list of Jim Cramer’s Charitable Trust stocks can be found here.) As a subscriber to CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable foundation’s portfolio. If Jim discussed a stock on CNBC television, he waits 72 hours after the trade alert is issued before executing the trade. THE INVESTING CLUB INFORMATION SET FORTH ABOVE IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY, ALONG WITH OUR DISCLAIMER. THERE ARE NO fiduciary duty or duty IN RECEIVING YOUR INFORMATION PROVIDED IN CONNECTION WITH THE INVESTMENT CLUB. NO SPECIFIC RESULTS OR PROFITS ARE GUARANTEED.

Every weekday the CNBC Investing Club with Jim Cramer hosts one “Morning meeting” Livestream at 10:20 a.m. ET. Here’s a recap of Monday’s key moments.

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