Salesforce hits all-time high — plus stocks to buy after Tuesday’s earnings

Every weekday, the CNBC Investment Club will host a live “Morning Meeting” with Jim Cramer at 10:20 a.m. ET. Here’s a look back at Monday’s key moments. 1. The S&P 500 index edged higher on Monday, extending its post-election record highs on Friday. The tech-heavy Nasdaq was essentially flat. Club chip names Advanced Micro Devices, Broadcom and Nvidia are all trading lower, as are the rest of the companies in our Super Six except Alphabet. A pause in gains in big tech stocks suggests the market’s gains are broadening. Highlights this week include two key inflation numbers – Wednesday’s Consumer Price Index and Thursday’s Producer Price Index – as well as Friday’s retail sales. Club names Home Depot and Disney report earnings on Tuesday morning and Thursday morning, respectively. 2. Salesforce announced plans late Friday to hire 1,000 new salespeople for its Agentforce tool, sending the company’s stock price to a record intraday high on Monday. Club portfolio director Jeff Marks said this is a “positive demand signal” for artificial intelligence platforms and a significant turnaround from the weakness seen earlier this year as demand slowed. Wall Street firm Jefferies raised its price target on Salesforce to $400 per share from $350, which would represent a 40% upside from Friday’s closing price. Analysts said their industry surveys showed increased interest in large deals following Salesforce’s annual Dreamforce conference in September. This year’s event showcased the company’s artificial intelligence capabilities. Marks noted that we “haven’t heard this sentiment about Salesforce in a while.” 3. Home Depot’s third-quarter performance this week is expected to be weak, with same-store sales falling compared with the same period last year. However, Marks said the club would be a buyer of any profit-taking returns as they anticipate a rebound once mortgage rates cool. The new housing cycle may spark demand for home upgrades, which is where Home Depot is well positioned. The stock rose more than 1% on Monday, suggesting investors had priced in the weak data and were looking for a recovery as the Federal Reserve continues to cut interest rates. (See here for a complete list of stocks in the Jim Cramer Charitable Trust.) As a subscriber to Jim Cramer’s CNBC Investing Club, you will receive trade alerts before Jim makes his trades. Jim waits 45 minutes after sending a trade alert before buying or selling stocks in his charitable trust portfolio. If Jim talked about a stock on CNBC TV, he would wait 72 hours after issuing a trade alert before executing the trade. The investment club information above is subject to our Terms and Conditions and Privacy Policy and our Disclaimer. No fiduciary duty or obligation is created or created by any information you receive in connection with the Investment Club. No specific results or profits are guaranteed.

Monday 11 November 2024: Club breaks down the asset manager’s catalysts

Every weekday, the CNBC Investment Club with Jim Cramer hosts a “Morning Meeting” Live broadcast at 10:20 a.m. ET. Here’s a look back at Monday’s key moments.

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