Analysis: MSFT AMD ABT CRM WMT

In today's Daily Rundown, Jim Cramer discusses the markets, Microsoft (MSFT) , Advanced Micro Devices (AMD) , Abbott Labs (ABT) , Salesforce (CRM) , Walmart (WMT) , and more!

JEFF MARKS: This is the Action Alerts PLUS Daily Rundown. I'm Jeff Marks, standing on the floor of the New York Stock Exchange with Jim Cramer. Jim, last day of the second quarter today. And look, you dived right through into that Larry Williams chart last night on Mad Money.

JIM CRAMER: Wow.

JEFF MARKS: Saying July, it could be a pretty-- it's a seasonally strong time to be in the stock market.

JIM CRAMER: Buy tomorrow and sell by the 8th. And it's about 78% chance that you make money. If you hold on to the 12th, it's not as good a chance. But there's much more money made. These are documented. Larry Williams does a lot of historical work.

Everyone knows Larry. He does technical work cause he's the single best. And there isn't anyone who'd disagree with that. And this is a seasonally strong period like none other.

We did it last year. We just rocked. Today when the market was down, I was saying to you, what the heck? This is on the free video. What the heck? That's a mistake. Got to use it to buy. And a lot of our stocks are rocking.

JEFF MARKS: Yeah, we're going to get into a lot of those names shortly. I also just have to bring it up, Microsoft. He did say that could be the one.

JIM CRAMER: I know, that bummed me up

JEFF MARKS: To be a little bit careful about, because it's not going up on high volume.

JIM CRAMER: No, and I don't have a thesis of why we should trim it. It's been such a win for us.

JEFF MARKS: Yeah, it's a great stock. One of very strong performers.

JIM CRAMER: One of our great wins.

JEFF MARKS: Owned it for years. So I guess, instead of trying to be nimble in and out of Microsoft just because of this call, you consider this, it's a hold, and even a buy if we do see some weakness.

JIM CRAMER: Exactly, and what I said, the traders might want to listen to Larry. The investors, just take a pass. Don't try to go out and in.

JEFF MARKS: All right, so let's get into one stock. This has been a very strong stock on the move the last couple days, AMD.

JIM CRAMER: Wow.

JEFF MARKS: Now, we didn't even get to it yesterday. They got approval from the UK to do the Xilinx deal. This morning they get European Union approval. So all that's left is China is here.

JIM CRAMER: Kind of done.

JEFF MARKS: And it is really moving.

JIM CRAMER: Kind of done now. And apparently Intel Sapphire, is it delayed?

JEFF MARKS: Yeah, it's delayed, right.

JIM CRAMER: See, that damn-- I mean, think about this. OK, so you have this guy, Gelsinger. And I like

Gelsinger, OK. But he comes in, and he starts talking about how Intel is going to directly challenge Advanced Micro.

Lisa Su, the genius who's rebuilt AMD, did not want to come on and say, all right, let me explain to you how behind Intel is. She said, I'm going to show, not talk.

Well, Intel is falling further behind. AMD, by doing the Xilinx deal, it will no longer just be a PC gaming chip. They're in everything, Xilinx. They're an internet of things play, not unlike Analog Devices and Texas Instruments. Look at those charts.

So I am salivating. How much did we buy?

JEFF MARKS: Oh, yes. It's a pretty big position now. We have 1,500 shares.

JIM CRAMER: Which is large for us. And we kept buying, and buying, and buying. Now, those of you who

are new to Action Alerts you have to understand, you're not going to see us own 3,000 shares of an $80 stock. That's just not us. We're running a charitable trust.

And remember, the bullpen is part of our recommended list. We try to tell you-- like you wanted to sell some Abbott.

JEFF MARKS: We're going to talk about that. We're going to talk about that.

JIM CRAMER: I feel strongly that people have to understand what the product is. It's an educational product. And on Advanced Micro, when we did AMD, what was important with AMD was that I kept saying to you, I want to buy more. I want to buy more. I want to buy more.

You pushed back and said, well, wait a second. We bought a lot at this level. There is a lot that goes on behind the scenes that we try to share in these videos. But suffice it to say that I had tremendous faith in Lisa. And I think it's going to be rewarded.

JEFF MARKS: A couple more points on AMD. One, you talked about how her actions spoke louder than her words. Very true with that $4 billion share repurchase program that they announced not too long ago. So that's just an easy sign of a management team saying, we're confident that our stock price is too cheap.

JIM CRAMER: Right, right.

JEFF MARKS: Plus you had BAML today. They increased their price target on AMD to $120--

JIM CRAMER: I know. It was very aggressive.

JEFF MARKS: They said it could be part of a catch up trade as well in the semiconductor complex.

JIM CRAMER: It's done poorly, like Micron. Micron's only up 10% for the year. The average stock is up 20%. Advanced Miro's been a very big disappointment. We got a lot of heat on AMD.

So people understand, we got a lot of heat on Lilly. We got a lot of heat on AMD. Heat should make you double down.

By the way, what's going on here is an IPO. So I just want people to know that there's excitement here. Right, there's big excitement today. And we love that. These are my guys from the exchange I love.

JEFF MARKS: This is why it's great to be back on the floor.

JIM CRAMER: Right, and we will be doing more and more of interviewing people and saying, what's the hell is going on? Because this is capitalism.

See, this is capitalism.

JEFF MARKS: At its finest.

JIM CRAMER: This is why I got in the business in 1981, because of capitalism. I like capitalism.

JEFF MARKS: All right, so you talked about Abbott a little bit earlier. Let's hit on this now. It's had a very strong move off of that preannouncement sell off.

JIM CRAMER: Yes, they have.

JEFF MARKS: It got all the way down to $106. We upgraded our rating, saying this is a sell off that you need to buy. Now, it's all the way back to its preannouncement levels, back in the mid teens, 100 teens. But we think it might be time to start taking some profits again.

JIM CRAMER: Right, well, it's a delta variant play. People have been looking for a way to play the delta variant. And the best way is people know that Abbott has the Binax, which is the at home test. And there are a lot of people--

Now, I know Dr. Gottlieb's been saying the odds of you getting delta crashing through-- he's got a great term for it. But it's like, getting it, if you've had Moderna or Pfizer, is very, very low. And if you get it, you're not going to be sick, and people aren't dying from it.

Jeez, no one wants COVID, for heaven's sake. And we still don't know the ramifications of having COVID long term. And so people are going to want to test immediately. And that's Abbott with Binax. And I don't think this is going to be as long as people think it is. So I want to trim Abbott very badly, especially because they mismanaged the whole Binax launch.

JEFF MARKS: And we like it when our stocks go up for the right reasons. What are the right reasons? For Abbott it would be things related to the core of its business, whether it's Libre in the medical devices, diabetes, their nutrition business.

But in this case, this is an example of a stock that is rallying for something that is one time in nature. And I think that's a great opportunity to sell into strength. I think I saw it down a little bit today.

JIM CRAMER: And I'm not crazy about Abbott right now.

JEFF MARKS: We'll downgrade to a two right after this.

JIM CRAMER: Not crazy about it.

JEFF MARKS: We are restricted, as you mentioned. So we'll have to downgrade it. And we'll trim when we can. But for those who aren't restricted, which is the general population, you could trim it today.

JIM CRAMER: And by the way, this Wynn, which we like--

JEFF MARKS: Which we added to yesterday.

JIM CRAMER: I'm going to the Eagles game in October.

JEFF MARKS: Oh, that's booked?

JIM CRAMER: Yeah, and suffice it to say, there are no tickets to any NFL game this year or next.

JEFF MARKS: Wow.

JIM CRAMER: And how good is that for Wynn, come the season?

JEFF MARKS: Yeah, I think that's going to-- remember, Wynn, they're actually going to have a presence inside that stadium. They're going to have like a little nightclub.

So when I think about how they want to-- if there's no tickets available, well, if they want to comp their high rollers--

JIM CRAMER: That's the whole point. So Wynn will be comping. And understand that the communist Chinese are not going to be defeated by COVID. They will find-- I mean, remember, they were the first to solve it.

Now, their vaccines are very ineffective. They're only 50% effective. There's probably a black market for Moderna and Pfizer.

But they will solve it, because they are a dictatorship that is going to be able to find American vaccines and squelch. They'll do that because they have tremendous power.

JEFF MARKS: All right, just moving on real quickly, cause I know we're running a little bit short on time. Salesforce, they raised bonds.

JIM CRAMER: Raised money.

JEFF MARKS: Raised money to get that Slack deal.

JIM CRAMER: Oh, god. And we need that deal done.

JEFF MARKS: It's got to be imminent at this point, right?

JIM CRAMER: Oh, my God. But remember, Salesforce and Slack are going to be going up against Microsoft and Outlook. And remember, a lot of people like this read. Slack is very collaborative. And market's a big believer in collaborative plays.

JEFF MARKS: All right, now and we trimmed Crown Castle earlier this morning.

JIM CRAMER: What are we going to do? We're up huge.

JEFF MARKS: It's been hanging around $197 for quite a while.

JIM CRAMER: It's like bulls make money. Bears make money. Hogs get slaughtered. We were in the hog quotient here.

JEFF MARKS: Yep, and then lastly, let's talk about Walmart. We upgraded this to a one last Thursday. It's run in about 3% this morning.

We've been debating, is this the insulin news that they came out with yesterday? A bigger push into health care? A little bit of a delayed reaction possibly?

JIM CRAMER: Let me tell you something, how much do I love moves based on nothing that then get the verification of analysts? We had that with Costco.

Remember when Costco bottomed at $330 and everyone was like, oh, whoa is me.

JEFF MARKS: It gave away all of its pandemic gains. That was silly. That was silly.

JIM CRAMER: Yeah, and then it started after the special dividend. And then it went up 10. Then analyst after analyst got on board. Right now the analysts are very lukewarm on Walmart.

JEFF MARKS: And what we talked about last week in our upgrade alert, Walmart is just trading at a huge discount relative to its peer group, Costco, BJ's, Target, some other names in there, collective peer group.

JIM CRAMER: And that's cause Walmart+ hasn't had-- maybe someone knows that Walmart+ had a good June.

JEFF MARKS: There you go. That might be something to keep thinking about.

JIM CRAMER: Something going on.

JEFF MARKS: Yeah, I'm going to leave it right there. That's the show for today. I'm Jeff Marks. We'll see you tomorrow.

Action Alerts PLUS, which Cramer co-manages as a charitable trust, is long MSFT, AMD, ABT, CRM and WMT.