Analysis: F NUE CRM CSCO NVDA

In today's Daily Rundown, Jim discusses the markets, company management teams' commentary versus the macroeconomic data, how we are approaching this market, Ford (F) , Nucor (NUE) , Salesforce (CRM) , tonight's earnings releases from Cisco (CSCO) and Nvidia (NVDA) , and more!

JEFF MARKS: Welcome to the Daily Rundown I'm Jeff Marks, senior portfolio analyst at Action Alerts PLUS, standing on the floor of the New York Stock Exchange with Jim Cramer. Jim, we opened lower today, and it was a pretty nasty sell-off yesterday. We did do some buying. We can talk about it a little bit, but now we are seeing markets trying to make a bit of a move higher. What are you seeing here?

JIM CRAMER: Well, think that there's always a stock that defines things. Yesterday, it was Home Depot. Today, it's Lowe's.

I mean, Lowe's is so remarkable that it calls into question, this is what I was saying, calls into question whether the Home Depot was not good. I'm looking at a Toll Brothers. People were saying that housing is weak. That was the housing story.

JEFF MARKS: Bad housing starts, yep.

JIM CRAMER: Toll Brothers saying things are strong. People are saying that retail sales were weak. Well, Lowe's is saying things aren't weak. Same thing with Target, by the way. So you get these aggregate numbers--

JEFF MARKS: Walmart.

JIM CRAMER: Walmart is amazing. You get these aggregate numbers, and the band doesn't play the song of the aggregate numbers. I mean, the lyrics aren't the right lyrics, and I have often found that with the exception of the unemployment number, the aggregate numbers for individual areas, retail sales for housing, don't use them. They don't work.

Now, I know people will say, Well, Jim, they don't work. I mean, why would they put them out if they don't work? Well, no, that's not the way to think it. Maybe, it's just not calculated right.

JEFF MARKS: Is that because there's always winners and losers in every type of category within the different companies?

JIM CRAMER: Maybe but I just question the validity. I mean, let's think about it. OK, so what are the big retailers in the country? Walmart, sharply better than expected. Brick and mortar.

JEFF MARKS: Raised guidance.

JIM CRAMER: Costco. Much-- raiser.

JEFF MARKS: All time high today.

JIM CRAMER: Yeah. Target, well, they raised guidance. We may not like it, but they raised guidance Lowe's raised guidance. So I do feel that there is a lot to like, and maybe we should take off the table that retail sales.

I'll give you another one, by the way. I think that Ford should be bought. Those who are new to the club, you got Ford down from 15 to 12. That's got to be my number one name right now.

JEFF MARKS: All right, Jim, let's get into some of the big analyst notes for today. Let's start off with Nucor. Analysts at Credit Suisse. They increased their price target to $142. To they basically say this steel cycle is much more resilient than what the market is currently giving it credit for. They talk about how an increase in auto production. That's going to be a big kicker as well, and they're saying 2022 numbers need to come much higher.

JIM CRAMER: It's discouraging because remember, a lot of people are using 2022, and this is what I'm looking at now because it's August, saying that it's numbers going to be cut in half. So the multiple looks like it's a six, but it's really a 12. This piece still had EBITDA down for 2022. I would have felt better had they said flat or up because what they're telling you is you buy it at the 140s, but it's going to be down year for EBITDA.

If it's going down year for EBITDA, then this analyst is going to be wrong. And people going to sell, and it's not going to get to $140. You need to see this company get that head of steam that comes from continued price increases that stick in all different grades of steel. I think you'll get that. That's why you want to own it.

JEFF MARKS: All right, Jim, another big note today, JMP Securities increased their price target on sales force to $320, they had a lot of positive checks ahead of the quarter. Salesforce did also recently close that big acquisition of Slack. What do you what do you think about Salesforce?

JIM CRAMER: It's done nothing. They have Dreamforce coming up, but we don't know because of-- damn.

JEFF MARKS: I think it's a multi-city Dreamforce.

JIM CRAMER: Yes, multi-city Dreamforce. I think it's more of a-- the JMP notes surprised me because I'm looking at Salesforce as here's the integration and just so you know that what we're seeing is an acceleration. Slack, actually, in the last three months, accelerated. This is going to be a pincer movement against Microsoft, and I think that if they do get big customers, I want to know whether those customers are pulling out of Microsoft.

You might be able to develop an entire suite of product that doesn't involve Microsoft now that's considered to be really good, and it may be more cloud-based, and safer because we know from many of the cybersecurity companies, that Microsoft is at the heart of so much of the problem. So I'm looking at that too.

JEFF MARKS: All right, Jim, and when I think about what we've done this week within the portfolio, we trimmed 150 shares of AMD at around $111 on Monday.

JIM CRAMER: Huge win there.

JEFF MARKS: And we put that capital back into the market. Yesterday, we added to Boeing, we added a Wynn Resorts, which it got down all the way down to around $90. You're still looking to buy today, is that correct?

JIM CRAMER: Yeah, I am. I feel that yesterday was an outlier day. You based entirely on the idea that variant is never going to go away. I think that's wrong. Look, there are going to be more variants, no doubt about it, but I think that the biggest risk to the market is for the bears with a peak of delta.

And remember, delta peaked in the UK, and delta peaked in India. If anything can peak in India, then it's really a sign that maybe we're too bearish about the disease. I wish they called it a disease. That's what it is. It's a disease.

JEFF MARKS: All right, Jim, and the show that we do before this on TheStreet Live, you had some very positive things to say about AbbVie with its low multiple and that big dividend yield. Why do you think AbbVie is currently under-loved?

JIM CRAMER: OK, I'm doing a piece that talks about the notion that the drug stocks are now back in favor, and if that's the case, then I don't know how AbbVie can have an 8, given the fact that the two drugs that you often talk about, Skyrizi and Rinvoq-- I think they're going to be approved. I think Rinvoq should be approved. That's just going to be like, boom.

I also think the aesthetic business is going to get better and better now that they're really starting to get a handle on Allergan, but the main thing is that multiple on the dividends is ridiculous. I mean, why does it have such a low multiple, and that, of course, is a worry about a patent cliff, which is Humira.

JEFF MARKS: 2023 numbers when Humira goes off.

JIM CRAMER: And if we get these approvals, then what people are going to say is, what am I doing dumping this stock? Now, remember, this stock did get dropped to $79, $80, when people felt that Rinvoq would never be approved. That's wrong. I think Rinvoq gets approved.

Look, I'm positive on JJ. I'm also positive on Lilly. I mean, Lilly, we had a double, I mean, a baseball double, not a double like stock price. And if we had hold on, obviously, it was a grand slam.

I like to look at the losses not the wins. I was more concerned about-- and I'm more concerned about a Wynn or a United Parcel than I am about the fact that we missed the 30-point-- we missed a lot in Lilly, but we made money in Lilly. Don't worry about the ones you win. I mean, it's a club.

The reason why it's a club is because it's educational. The educational takeaway should be if you worry and fret about how much you didn't make enough money in Lilly. Well, then you're a fool. What you need to do is say, OK, how do I reconfigure Wynn in order to get back in the game? And that's what I worry about.

JEFF MARKS: Yeah, and, Jim, I did see UPS pushing back to around 200 bucks per share earlier. Is that really ever since they announced that share repurchase program?

JIM CRAMER: Look, I expect a dividend boost, too. The share and purchase program, I think, gave--

JEFF MARKS: She called that on your show.

JIM CRAMER: Yes, she did, and I was a little mystified. Remember, I was very hard on her. Harder meaning, are you kidding?

Come on. Things are better than that. Things are better than that. Things are better than that. And I got that. And I think that United Parcel is a buy. All right, Jim,

JEFF MARKS: I know we're running short on time. I do want to do a little bit rapid fire, so we have Cisco and Nvidia tonight. Estee Lauder tomorrow morning.

JIM CRAMER: Cisco I wish it wasn't at $56. I wish it was at $53. I think Chuck's got to talk about Campus 5G.

Nvidia has to be able to say that they are the platform for the metaverse. I know that sounds silly, but metaverse is going to be what you think about in 2022. It's going to be metaverse. That's the most important thing. Again, they obviously have a very big gaming business.

Gaming is so red hot. It's incredible. We had AppLovin on Monday, and, jeez, the gaming business is on fire. SE, by the way, there's one to look at. SE over in Malaysia, it's got everything.

Sea limited, so it's kind of like a PayPal meets a gaming company meets Amazon. But there's a lot of things that I think that are based on Nvidia. And I want Nvidia down so that people who are watching can buy it.

JEFF MARKS: Yeah, Estee Lauder, possibility of conservative guidance, but if it pulls back, we'll just buy back what we sold higher?

JIM CRAMER: Yeah, look, Estee Lauder is a play. I mean, remember how Fabrizio Freda looks at it. Its a Dufry play, D-U-F-R-Y. He looks at how much business is done at the Dufrys. The Dufrys are an indicator of travel, and I still think that were more opening than closing when it comes to international travel, which is very good for Estee Lauder.

China is very important for Estee Lauder. The idea that everybody is worried, I like. They weren't worried last time, so that's a positive.

And don't forget, by the way, Robinhood reports tonight, and if they say that things are great, you're going to have a rosy hue about everything, because Robinhood is going to become a barometer of how much people like the market or not. I think it's going to be the most important barometer within the next two years.

JEFF MARKS: All right, a lot of big earnings reports coming out. We'll be ready. Have a great day, everyone.

Action Alerts PLUS, which Cramer co-manages as a charitable trust, is long F, NUE, CRM, CSCO and NVDA.