Every weekday the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Monday’s key moments. Sell into any strength Still own it, don’t trade it Quick mentions: TJX, MSFT, MS, WFC 1. Sell into any strength Jim Cramer reiterated his advice from Friday’s “Mad Money” to sell stocks on any spikes in the market before they come back down. We also stand firm in our advice not to chase any market rallies because any upswings in this market are temporary. We trimmed our position in Advanced Micro Devices (AMD) on Monday, in keeping with this mindset and our view that semiconductors stocks are in a tough spot. While this was painful to do, we believe it was the best for our portfolio given the U.S. controls on chip exports to China. and the weakness in the PC market. Last week, we said we would trim our exposure to semis, and AMD in particular, when we were not handcuffed by our Club trading restrictions. 2. Still own it, don’t trade it Morgan Stanley lowered its price target for Apple (AAPL) to $177 per share from $180 but maintained that the stock is its top pick in IT hardware. Analysts there also raised their September and December quarter estimates, stating that the strength in iPhone, iPad and Mac offsets a weaker outlook for wearables and services. We maintain our position that investors should own, not trade, AAPL. This case is different from AMD, for example, because Apple’s business has not changed radically. We also believe that it’ll be incredibly difficult for investors to try to guess when AAPL will bottom and peak, and then sell and buy at those moments, so it’s better to just hold onto it. We warned against the difficult-if-not-impossible task of market timing in our October “Monthly Meeting” last Thursday. 3. Quick Club stock mentions: TJX, MSFT, MS, WFC Bernstein said Monday that Microsoft (MSFT) is well-positioned going into a possible recession despite weakness in the PC market. The reason: the company’s shift to cloud services over Windows. We have no plans to sell shares of MSFT. JPMorgan Chase added TJX Companies (TJX) to its analyst focus list with an $80 price target. We believe the off-price retailer is in a great position, especially given the inventory glut that major brand name retailers are facing. Jim said that TJX is the Club’s favorite name in the portfolio. Wells Fargo (WFC) and Morgan Stanley (MS) reported their latest quarters on Friday. While we believe that MS will eventually recover, we are recommending that investors buy shares of WFC instead. That’s because WFC has more interest rate exposure than the other banks and is also less exposed to the frozen IPO market than MS. (Jim Cramer’s Charitable Trust is long AAPL, AMD, MS, MSFT, TJX, WFC. See here for a full list of the stocks.) As a subscriber to the 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 trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
