Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch – an actionable afternoon update, just in time for the final hour of Wall Street trading. Markets rebound: Stocks are rebounding from a low start, led by tech and the Nasdaq, which hit another record high. One reason behind the reversal may be the bond market. After nearly falling to 4.33% on the 10-year Treasury, yields began to fall and moved back below 4.3%. Honeywell: We are also downgrading Honeywell to a 2. After further reflection on the company’s third quarter earnings results, we believe that Honeywell’s execution challenges in the last quarter combined with continued softness in its business of industrial automation are overshadowing the company’s efforts to streamline its diversified business portfolio around higher-growth end markets. The company lowered its full-year guidance two quarters in a row — in July, it was for margins, earnings and cash flow, while sales were revised last week — landing the stock in our penalty box. Honeywell also lost another long bull at Wolfe Research after the firm cut its rating Monday to a stable equivalent on concerns about another year of slow growth. On the other hand, Wolfe upgraded Dover to a best buy performance on the same day. We agree that of the two reasonably priced companies, Dover is the better growth story and stock to buy right now. Arrivederci Oleato: Bloomberg reported that Starbucks will permanently remove its Oleato olive oil drinks from its main menu starting November 7th. We don’t think this drink has ever dropped in public after its US debut earlier this year, and it’s not going to miss out. Most importantly, this update is perfectly aligned with one of the core tenets of CEO Brian Niccol’s “Back to Starbucks” plan. If Niccol can simplify a complex menu, the company should start to see some improvements in the speed at which drinks and food are delivered to customers. We’ll hear more about this broader strategy in the company’s earnings call on Wednesday night. Next: We have a busy few days ahead. Some of the big names reporting after the bell are Alphabet, AMD, Snap, Chipotle, Visa, First Solar and Reddit. Before the bell on Wednesday we’ll see quarters from Eli Lilly and GE Healthcare. Caterpillar, Humana, Brinker International, AbbVie, Trane Technologies, Wingstop, Otis Worldwide, Shake Shack, and Illinois Tool Works are a handful of other companies reporting. On the data side, we’ll see the ADP payroll report and the advanced third quarter GDP reading. (See here for a complete list of stocks in Jim Cramer’s Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you’ll receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a share in his charitable trust portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after the trade alert is issued before executing the trade. THE ABOVE INVESTMENT CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY ALONG WITH OUR STATEMENT. NO OBLIGATION OR FIDUCIARY DUTIES EXIST, OR ARE CREATED BY VIRTUE OF YOUR RECEIVING ANY INFORMATION DIRECTED IN CONNECTION WITH THE INVESTOR CLUB. NO SPECIFIC RESULTS OR PROFITS ARE GUARANTEED.
Starbucks Coffee customer using mobile app to pay in Atlanta, Georgia.
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Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch – an actionable afternoon update, just in time for the final hour of Wall Street trading.
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