Every weekday, the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Monday’s key moments. 1. Stocks were mixed Monday as investors continued rotating out of semiconductor stocks and into software companies. Micron fell 3% amid concerns about growing competition from China’s CXMT , while Salesforce gained roughly 1.5% following a double upgrade from Bank of America. Although Jim remains bullish on the AI trade over the long term, he cautioned against buying more semiconductor stocks until they show signs of bottoming. He also pointed to profit-taking ahead of many mutual funds’ October fiscal year-end as a possible contributor to the weakness. Still, Jim urged investors to stay the course rather than try to time the market, warning that sitting on the sidelines could mean missing the sharp rallies that account for much of the market’s long-term gains. 2. Starbucks is not pursuing an acquisition of Chipotle , Jim reported Monday morning. Instead, the coffee chain remains focused on its turnaround under CEO Brian Niccol. Shares came under pressure last week following reports that the company had explored a potential deal . Portfolio director Jeff Marks said those kind of reports can spark concern among investors that a company’s growth prospects may be dimming, but we don’t think that’s the case with Starbucks. Case in point: Jim referenced last week’s encouraging data from research firm HundredX showing that Starbucks’ turnaround efforts are resonating with consumers, with future purchase intent continuing to improve even as other quick-service restaurant chains face weakening demand. Jim also pushed back against investors solely shunning Starbucks and other consumer stocks over concerns about higher interest rates. “I think that’s a big mistake,” he said. 3. Three Club holdings — Goldman Sachs , Wells Fargo and Johnson & Johnson — report earnings Tuesday. Jim remains bullish on the two banks, arguing that investors are overlooking their ability to benefit from elevated market volatility . He said Goldman, which is up about 1% this year, looks attractive at current levels. “I actually would recommend that you buy some right here if you don’t own any Goldman,” he said. For Wells Fargo, we’ll be watching for signs of stabilizing net interest margins and further improvement in profitability. Johnson & Johnson, meanwhile, has been a strong performer this year, though Jim cautioned that the stock has a history of selling off following earnings . We’ll be looking for updates on the company’s plaque psoriasis drug Icotyde and a potential sale of its orthopedics division. 4. Stocks covered in Monday’s rapid fire at the end of the video were: Adobe , T-Mobile , Verizon , AT & T , and General Motors . (Jim Cramer’s Charitable Trust is long MU, CRM, SBUX, GS, WFC, JNJ. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
Cramer: Starbucks tells me Chipotle takeover won’t happen and that’s good for the stock
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