Every weekday, CNBC Investing Club hosts a “Morning Meeting” livestream with Jim Cramer at 10:20 a.m. ET. Here is a summary of the important thing moments. The Dow Jones surpassed 40,000 points for the primary time ever on Thursday. The S&P 500 and Nasdaq also hit record highs for the second day in a row – pushing the market further into overbought territory. “I’ve always felt that if you have a big, quick move up, it’s time to take something off the table because you can have a big, quick move down,” Jim Cramer said Thursday. For this reason, we reduced our positions in Morgan Stanley on Wednesday and in Palo Alto Networks on Thursday. Honeywell has had a lackluster 12 months. Jim said the commercial conglomerate “needs a transformation” and may learn from the split of General Electric into three firms – one in every of which was club-named GE Healthcare. Honeywell operates in too many industries and may deal with higher-growth businesses, Jim said. Of course, Honeywell plans to divest as much as 10% of revenue streams that will not be aligned with the three identified megatrends of automation, aviation and energy transition. However, we would love to see management take a more aggressive approach. Costco shares hit all-time highs after the retailer surged on the back of a powerful quarter and Walmart’s increase in forecasts. Dow shares Walmart also rose sharply to all-time highs. “I continue to think Costco is the stock to buy from Walmart,” Jim said Thursday. “Costco and Walmart are frugal consumers [goes].” Ongoing concerns concerning the U.S. economy and ongoing inflation are causing shoppers to want more price-friendly goods, which Costco membership offers. (Jim Cramer’s Charitable Trust is long HON, COST, PANW, MS, GEHC. An entire list of stocks might be found here.) As a subscriber to CNBC Investing Club with Jim Cramer, you’ll receive a trade alert before Jim shares a stock after sending a trade alert in his charitable foundation’s portfolio. After discussing a stock on CNBC television, he waits 72 hours after the trade alert is issued before executing the trade. OR NO PARTICULAR RESULT OR PROFIT WILL BE GUARANTEED BY RECEIVING YOUR INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
