My top 10 things to watch Monday, Nov. 25 1. President-elect Donald Trump’s pick for Treasury secretary, hedge fund veteran Scott Bessent, is viewed as a moderate. It’s a sign from Trump that he cares enough about the deficit and the potential destruction tariffs can cause, and that means it may be a more reasonable administration than we thought. 2. One place where Trump’s pledge of 60% tariffs on imports from China may be fully realized is Chinese steel dumping. It been routed through Mexico. That could help domestic steel producers in the U.S., such as Nucor , but it might be too early to save its next few quarters. 3. Wall Street is set for a higher open, with Bessent’s nomination contributing to the positive sentiment. Bond yields moved lower. Despite a holiday-shortened week of trading, there’s still a number of big events on the docket , including the Federal Reserve’s favorite inflation reading Wednesday. In my Sunday column for Club subscribers , I thanked the short-sighted traders for creating opportunities for long-term investors. 4. D.A. Davidson upgraded Procter & Gamble to a buy rating from neutral with a price target of $209 a share. Analysts suggested the worst is behind P & G in China, giving them more confidence about an acceleration in organic sales growth in the second half of the year. The stock has been acting great and year-over-year comparisons should get easier. Good consumer stock to own even if the Fed is easing. 5. A couple price-target bumps for EQT Corp . Wells Fargo went to $52 a share from $42, while Morgan Stanley went to $56 from $45. EQT is a natural gas play. The better nat gas story, with lower prices, is Club name Coterra Energy . Shares of Coterra have jumped more than 18% since Election Day. 6. Hospitals could lose the benefit of enhanced subsidies for Affordable Care Act plans, which is creating negativity around the stocks of HCA Holdings and Tenet Healthcare . Wells Fargo downgraded them today, taking HCA to a sell-equivalent rating and Tenet to a hold. There is a 100% probability that the enhanced subsidies included in the Inflation Reduction Act will expire next year, according to Wells. 7. Truist and Wedbush Securities upped their price targets on Club holding Salesforce ahead of Dec. 3 earnings, going to $380 a share and $375, respectively. Wedbush argued it’s time for the broader software group to “get in on the “AI Party.” I think Salesforce’s new Agentforce offering will turn CEO Marc Benioff into the market leader. Benioff has been critical of fellow Club name Microsoft’s AI efforts, but we’re not picking sides . 8. Macy’s delayed its third-quarter earnings report after finding an employee hid certain delivery expenses . The preliminary revenue figure of $4.74 billion came in above consensus, but this is just plan embarrassing. Shares fell about 3%. 9. Oppenheimer reinstated its top-pick designation on Target in the wake of its disastrous earnings report last week , which sent shares tumbling. Analysts see a compelling risk/reward for the stock, given sentiment is so negative and current-quarter guidance looks achievable. Target does look like an interesting bounce candidate. 10. JMP Securities lifted its price target on Reddit to $160 a share from $118 and reiterated its buy-equivalent outperform rating on the stock. The social-media site has multiple product catalysts on the horizon, analysts said. This is one of my favorite stocks as the market undervalued it when it went public in March. Sign up for my Top 10 Morning Thoughts on the Market email newsletter for free (See here for a full list of the stocks at Jim Cramer’s Charitable Trust.) 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.
Scott Bessent, founder and chief executive officer of Key Square Group LP, at an interview during the Republican National Convention (RNC) near the Fiserv Forum in Milwaukee, Wisconsin, US, on Tuesday, July 16, 2024.
Vincent Alban | Bloomberg | Getty Images
My top 10 things to watch Monday, Nov. 25
1. President-elect Donald Trump’s pick for Treasury secretary, hedge fund veteran Scott Bessent, is viewed as a moderate. It’s a sign from Trump that he cares enough about the deficit and the potential destruction tariffs can cause, and that means it may be a more reasonable administration than we thought.
2. One place where Trump’s pledge of 60% tariffs on imports from China may be fully realized is Chinese steel dumping. It been routed through Mexico. That could help domestic steel producers in the U.S., such as Nucor, but it might be too early to save its next few quarters.
3. Wall Street is set for a higher open, with Bessent’s nomination contributing to the positive sentiment. Bond yields moved lower. Despite a holiday-shortened week of trading, there’s still a number of big events on the docket, including the Federal Reserve’s favorite inflation reading Wednesday. In my Sunday column for Club subscribers, I thanked the short-sighted traders for creating opportunities for long-term investors.
