In today's Daily Rundown, Jim Cramer discusses the markets, Cisco (CSCO) , Nucor (NUE) , Nvidia (NVDA) , Advanced Micro Devices (AMD) , Wynn Resorts (WYNN) , Costco (COST) , and more!

JEFF MARKS: Happy Friday, everyone. Welcome to The Daily Rundown. I'm Jeff Marks standing on the floor of the New York Stock Exchange with Jim Cramer. Jim, we're looking at a little bit of a market a little lower today. Sept. 17 has been a day that has been a big focus of yours, so now that we're here, and the market has been coming in, what should we expect going forward? 

JIM CRAMER: Well, I do think that you pull forward the decline. Larry Williams acknowledges that. I think that I'm now looking for a time -- the data shows that it's been a weak period, but if you pull forward all the negativity, it's possible that the downturn could last less or be less pronounced. The bull-bear -- it's 20% that are bull. That's the worst -- that's the fewest since 2000. That's an example of people getting ahead of this period. And remember, I push this every day on TV. People do listen. I'm not saying it's me, I'm saying the data.

But I am getting-- as it goes down, obviously, I get more optimistic. We have cash. I think next week, we're going to have to be looking to buy and not sell, even though I think that this period is a weak period. Because if we pulled forward a week, and I know that the worst part is Sept. 17 to like October 10, I very much am looking for bust.

JEFF MARKS: So that's the contrarian in you. When sentiment gets too negative, that's actually your signal to buy.

JIM CRAMER: Absolutely. I mean, I was quite surprised. Now, the oscillator's not as negative as you like-- 1, 2. Minus 1, minus 2. But I do think that I am shocked at the negativity on the polling basis. And that has historically been a buy signal.

JEFF MARKS: Let's catch up on some news from the last couple days. So Cisco, that big analyst day, investor day. Couple days ago, they laid out targets, 5% to 7% revenue and earnings growth through fiscal year 2025. You had the CEO Chuck Robbins on the show. Now, what did you make of the investor day? We did see Credit Suisse upgrade to outperform after that, and JP Morgan. They added the stock to their analyst focus list. Price target's about $70.

JIM CRAMER: I think people are missing the fact that Cisco had, for the longest time, not been in-- not getting-- white boxes were getting some of these big accounts. I'm talking about the Amazons, the Microsofts. Chuck's-- you can look at the numbers. It's very clear that he's getting those contracts. Those are software contracts. And I think that the software numbers are going to be fabulous. He did keep the expectations low for earnings, so you're going to have upside surprise coming.

I cannot believe that the stock is down. I cannot believe it. After those upgrades and price target boosts, I think that was ridiculous. That's a stock that has to be bought. Just buy it.

JEFF MARKS: Right, so when we talked about in our preview note at the event, people wanted to see earnings grow faster than revenues. That's that leverage with margins. But it was the same target, 5% to 7%. Now, maybe some supply chain headwinds there, and some investment in the early goings, but they'll see some nice margin expansion in the outer years.

JIM CRAMER: I mean, look, their strategy of the hybrid is great for them. Coming back to campus is great for them. Their product cycle's great for them. The fact that their product shift is going more towards service and long-term contracts is great for them, RPO. So I really think that people are misinterpreting once again. We had a good call when Cisco's - people didn't like the last quarter. I am telling you that this analyst meeting was breakthrough, and that you should buy Cisco.

JEFF MARKS: All right, that's it. Nucor next. Yesterday, they pre-announced third quarter earnings. $7.30, $7.40 for the third quarter. Analysts were looking for $6.60. Big buyback as well for Nucor. We added to our position yesterday, so what do you think about this steel maker trading out four times earnings? 

JIM CRAMER: If you look at the buyback, in one quarter, it was extraordinary how much they bought with 105 basis. Extraordinary because that was-- they bought what they had done for whole years in a quarter. They are spewing cash. Numbers are going to go up.

Again, the Street's looking for $22 this year and $11 next year, literally I think it will be cut in half. Where is that recession that would cut it in half? It's not going to be cut in half by just a lack of orders. It's working full out. I think that steel demand-- steel's more in demand than ever. Not a lot of supply, so U.S. Steel is going to open a mill, but it's going to take a while to build that.

JEFF MARKS: You think that's why the stock might be down today, that new mill?

JIM CRAMER: That new mill, because people say, oh, wait a second, next is going to be Cleveland Cliffs is going to announce a new mill. But I have to tell you is these new mills are not going to alleviate the shortage. There's tremendous demand. What's amazing is this demand is coming-- even though they can't build autos at the level that you would expect because of the semiconductor problem, so selling Nucor is a hazardous thing to do.

JEFF MARKS: Yeah. When auto production, when that does bounce back after the chip shortage, that will be a big growth driver for steel.

JIM CRAMER: I think that the auto companies are frantically trying to get the major semiconductor producers to open fabs quickly that are for full-featured semis. Now, full-featured semis historically have not brought the margin that high performance computer semis have, but I've got to tell you, one of the big stupid stories out there is that people think that the margin, that they're not going to raise prices. They can raise prices on this full-featured chips tenfold, and the companies will still have to pay for it.

JEFF MARKS: Yeah, well, let's talk semis. Bank of America, they increased their price target on Nucor. I believe the number was-- excuse me, Nvidia. Number was around, I think, $270 or around their ballpark. They also called AMD as a top pick as well for continued share gains against Intel. They said Marvell is transforming into a cloud vendor. So let's just get your take on the semi landscape right now.

JIM CRAMER: Nvidia -- Jensen Huang on the cover, how deserving, of the "Time" 100 Most Influential. I think that -- I find it amazing that people are willing to raise price targets Nvidia without knowing whether they're going to get Arm or not, which just shows you how strong their basic business is. AMD has to close the Xilinx deal soon. It's stalled in part because people are saying maybe there's something we don't know of the Xilinx deal. I don't know anything that makes it so it won't be approved. I think it will be.

But both of these two companies are doing big acquisitions and yet they're still moving up. That's very positive. Because once they close or they fail, you're going to get another leg up. Stay long both.

JEFF MARKS: Yeah, so that Xilinx deal expected to close before the end of this calendar year. Of course, we are waiting for approval from China, which is going to bring me to Wynn Resorts. Now, we are finally seeing the stock stabilize a bit today despite a downgrade from Jefferies this morning, which would have been a little bit helpful previously. So let's just get your most recent thoughts on Wynn Resorts, and--

JIM CRAMER: I think we can start thinking about the sum of the parts. I think if you break it up, or if you had to rebuild, I think Matt Maddox would tell you it's worth $13 billion. It's selling at a fraction of that. I think that Matt would tell you -- there's a very good article in "The Las Vegas Sun" that has a lot of good points that also includes the idea that it wasn't like Wynn just sat there and didn't expect it. They understood that there was going to be a groundswell. Of course, the stock did fall before this, so we obviously, now we started thinking that Wynn-- some shareholders had a sense of what was going to happen, but they're not shocked by the Chinese regulation. And they think they can work with the Chinese.

Now, does that say go buy them? We know they're working with the Chinese, anyone that thinks the word Chinese, it has proven to be false. That said, I do think that the stock now reflects very little value for a monster casino and a huge moneymaker. And unless you think they're going to have to close it, you should buy right here. 

JEFF MARKS: Yeah, and I think that's a little bit of a misconception. People are worried that those licenses may not be renewed, but that doesn't seem to be the case at all based off the reporting in the region. 

JIM CRAMER: There are times when I've been worried. This is not one of them.

JEFF MARKS: Yeah. All right, so Jim, let's talk about a little bit-- a look ahead to next week. We will have Costco reporting. Now, stocks trading around its all-time highs, and it's up more than 40% since March. 

JIM CRAMER: Traders shouldn't-- traders going to sell it.

JEFF MARKS: Yeah, the stock tends to sell off on earnings, because they do report on a monthly basis.

JIM CRAMER: Traders sell it and buy it back. There's going to be no surprise, this is just the monthly forecast. So therefore, don't expect anything really seriously to come for the quarter. But if you do think, then you're probably going to be disappointed, so sell it now, you can buy it back after.

JEFF MARKS: All right, any other thoughts heading out into the weekend? 

JIM CRAMER: Once again, I waffle on these oils. I spoke to Mike Wirth. I love that yield.

JEFF MARKS: CEO of Chevron. 

JIM CRAMER: Yeah, the yield is good at Chevron.

JEFF MARKS: Big buyback at Diamondback now.

JIM CRAMER: The Diamondback buyback. The cutback of the spending of the free cash flow by Pioneer and Devin. I think that oil is going to break out. This is all new. When you see Diamondback returning cash flow, I mean, they have been the most aggressive. So I think that we all should brace ourselves for the possibility that we have to give them the oils to really reform themselves, maybe own one. And it would be Chevron that I would like.

JEFF MARKS: Yeah, very-- quite interesting there. So everyone will have to stay tuned, that's the show for the day. Have a great weekend everyone. We'll see you on Monday. 

Action Alerts PLUS, which Cramer co-manages as a charitable trust, is long CSCO, NUE, NVDA, AMD, WYNN, COST.