We're buying more shares of these two core holdings and trimming an oil stock

Published Mon, Aug 29 20222:22 PM EDT

We are buying 50 shares of Johnson & Johnson (JNJ) at roughly $163 and 25 shares of Microsoft (MSFT) at $264.86, and selling 20 shares of Pioneer Natural Resources (PXD) at $265.22 each. Following Monday's trades, Jim Cramer's Charitable Trust will own: 475 shares of JNJ, increasing its weighting in the portfolio to 2.63% from 2.36% 350 shares of MSFT, increasing its weighting in the portfolio to 3.15% from 2.93% 150 shares of PXD, decreasing its weighting in the portfolio to 1.36% from 1.53%. It has been a heavy day of trading for the portfolio. After Friday's 3.37% sell-off in the S & P 500, we viewed the continued selling at the open Monday as an opportunity to pick up shares of high-quality companies that either recently reported better-than-expected results or provided a bullish outlook for the future. That's why we bought up shares of Amazon (AMZN), Qualcomm (QCOM), Starbucks (SBUX), and TJX Companies (TJX). Later in the morning when energy was the only sector in positive territory during a still ugly day, we booked big profits in Devon Energy (DVN). Stocks may have bounced this afternoon, but we still see plenty of opportunities to shuffle our positions and put money to work. For Johnson & Johnson, shares are slightly down today after a drug they partner on with Bristol-Myers (BMY) missed its endpoint, or the hoped-for outcome (they are still pushing forward to the next phase of the drug's trial). Also, some people may be looking at the judge denying 3M 's bankruptcy plan for its earplug lawsuit and are worrying that the same could happen to Johnson & Johnson with talc. The company faces lawsuits from consumers and their survivors claiming its talc products caused cancer due to contamination with asbestos, a known carcinogen. Johnson & Johnson has denied the allegations. We are looking past these headlines. We continue to view JNJ favorably due to the minimal economic sensitivity of its businesses, the pristine balance sheet, and most importantly, the upcoming separation of the Consumer Health business from the Pharmaceutical and Med Tech businesses. For Microsoft, we are buying back 25 of the 50 shares we sold at around $283 earlier this m