Analysis: WFC MS AMZN F WYNN

In today's Daily Rundown, Jim Cramer discusses the markets, the rotation between growth and value, Wells Fargo (WFC) , Morgan Stanley (MS) , Amazon (AMZN) , Ford (F) , Wynn Resorts (WYNN) , and more!

JEFF MARKS: Welcome to the Daily Rundown, everyone. I'm Jeff Marks, standing on the floor of the New York Stock Exchange with Jim Cramer. Jim, we got a little bit of a mixed market. It's a very bifurcated market. We're seeing value, interest rate, stocks that tend to rise when interest rates go up. They're outperforming today, while growth taking a little bit of a backseat. What are you watching?

JIM CRAMER: I mean, I'm watching Ford finally breaking out again. It's almost as if Ford is in a situation where it's got-- 2022, we saw some Goldman numbers saying do not cut Ford. Boost numbers for 2022, and that is very exciting for us, because obviously we are now looking at 2022 numbers.

At the same time, Morgan Stanley really breaking out. Wells Fargo almost back to where it was at its high, and certainly recognition that when we said that that $250 million penalty-- what? Even though $250 million a lot of money-- was much lower than we thought, Wells making a major comeback. I suspect that Mastercard is going to have a big run, even though there it's a hybrid.

My favorite here is Disney. We bought a lot of Disney when it was much lower now, and they've got a genuine hybrid, where they've got movie theaters and they've got Direct TV. They have enough quality programming that it can matter. People are going to sell Amazon, they're going to sell Apple, they're going to sell Facebook. But understand, you can't just own Boeing, you know, it doesn't work like that.

And I understand that people want to sell, like, an Abbott Labs. That's what you buy! I mean, we remember we go back and forth, and back and forth. Rates have had a very big back up, 6% last week. That's going to make people sell housing and buy banks, but we've got banks! We have Morgan Stanley, we have Wells. I was speaking to Stephanie Link on Friday night, and she was saying we don't have enough banks. So I said well, when things are hot, you never have enough of the hot ones, you know what I mean? You never--

JEFF MARKS: Well, we should point out Wells Fargo, you know, second largest position in the portfolio.

JIM CRAMER: Yes.

JEFF MARKS: And Bank of America, which isn't in the portfolio, but maybe one to keep an eye on.

JIM CRAMER: Yeah, I'd keeping an eye on them, too.

JEFF MARKS: Those are the two of the large banks that are most levered to higher rates.

JIM CRAMER: I think we're going to have to figure out how to get Bank of America in the portfolio. Maybe that's when DuPont exits-- now, Du Pont should rally here, because they're buying the industrials up a little bit, but it's a little bit above where we sold. I don't want to sell any more down here. We had that on the call. We said we're going to split the position, sell some-- remember, we sold 600 on the call, and remember, we always sell after we tell you to sell. That's very important for people to understand.

And I do think that we're having a comeback for a lot of our names that look like that we had made mistakes not selling. Linde-- I even think Wynn is going to come back here. I believe what Maddox said when he was on "Mad Money." He was saying that some of the Macau problems are health care issues. So let's not be so quick to write off Wynn as a big travel story, and Boeing, I think, is probably the best of all.

JEFF MARKS: And Jim, I was actually reading an article last night that they are putting in some restrictions in Macau right now, but that's really to protect the Golden Week holiday, which is the first week of October. They want to make sure that they can get plenty of people in. There was that Morgan Stanley survey from a couple of weeks ago that noted Wynn was sold out when Macau was sold out for Golden Week. So I guess a good thing that they are putting in the restrictions, because they want it to go off very well. They want that holiday to be good for them.

JIM CRAMER: Right, and remember that Mr Maddox, the CEO of Wynn, said that he feels the company is being valued for only Vegas and Massachusetts-- you're getting Macau for free. I now tend to agree with that.

JEFF MARKS: All right, Jim, you mentioned the pullback in Amazon earlier. I do want to call out Morgan Stanley lowered their price target on the stock to 4,100 from 4,300, citing the hiring spree that they're doing and higher wages-- that's going to be a hit to EBITDA. Look, Amazon, it hasn't really done much this year, and they're saying that it could continue to trade sideways until they do see some type of re-acceleration in growth. So let's just get your thoughts on Amazon.

JIM CRAMER: It's a tough situation for us. We're up about 400 points. I remember we bought it three years ago. We bought it great. It was when Trump was attacking it over a ridiculous post office thing. So then the question is, do you ring the register on a stock that, what, at one time has been our largest position? And I think the answer is I don't trust the research, which says that they're not going to do that well.

Andy Jassy was an amazing cost cutter at Web Services. He's now addressing retail. I suspect that when he addresses retail, you're going to see-- it won't be Costco, which is amazing, but you'll see some good numbers.

JEFF MARKS: All right, Jim, I also want to talk about a story that was reported today in China, cracking down on some of their manufacturing due to energy risk and--

JIM CRAMER: But that's Apple.

JEFF MARKS: And there's an Apple supplier in there, a Tesla supplier in there. So let's just get your latest thoughts on--

JIM CRAMER: Well, I think that Apple-- Apple report a great quarter, and now the next data point is T-Mobile, AT&T, Verizon, and how many phones they've sold.

JEFF MARKS: They're giving away those phones.

JIM CRAMER: Ah, they are. You see the ads in the NFC. Now here's what I have to say about this. It is true that they're obviously cutting back on power, but remember, the Chinese need Apple. It employs so many people. I think what you hear about is there's a factory that closes. What you don't hear about is that maybe there's another factory that opens, and so I urge people to not sell on Apple, yes.

JEFF MARKS: All right, Jim, any other thoughts for today? We do have-- it looks like the Dow is kind of making a little bit of a comeback now. It's a little bit shy of that, but again, big bifurcated--

JIM CRAMER: Yeah, well look, this is--

JEFF MARKS: --day between value and growth.

JIM CRAMER: What have we been buying? We bought some more Wells. We have big position in Boeing, big position in Linde. We know, we built Wynn. We didn't buy more-- we had this with what Mr. Maddox, had to say. Do I wish we had all the American Express in the world? You know, sure, but I would point out that we have Ford, and I think Ford at $14-- I have said over and over again, whether it's a $12, $6, $7, $8, $9, $10, $11, $12, $13, $14, still buy it, still buy Ford.

JEFF MARKS: All right, we'll leave it right there for today. I'm Jeff Marks. We'll see you tomorrow.

Action Alerts PLUS, which Cramer co-manages as a charitable trust, is long WFC, MS, AMZN, F and WYNN.