Club meeting recap: Cramer applauds Well Fargo's 'amazing' quarter, as the stock jumps

Published Mon, Apr 17 202312:00 PM EDT

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. Stocks fall Watch Meta Stick with Wells Fargo 1. Stocks fall Equities edged down slightly Monday morning, as the market continued to move out of overbought territory , according to the S & P 500 Short Range Oscillator . This is a level at which "we don't want to commit new capital yet," Jim Cramer said Monday. His comments come as earnings season kicks into gear this week, with Club holdings Johnson & Johnson (JNJ), Morgan Stanley (MS) and Procter & Gamble (PG) all set to report. Meanwhile, shares of Club holding Alphabet (GOOGL) moved lower Monday on a New York Times report that Samsung Electronics (SSNLF) could abandon Google as the default search engine on its phones in favor of Microsoft 's (MSFT) Bing. We're downgrading GOOGL to a 2 rating . 2. Watch Meta New Street downgraded Club holding Meta Platforms (META) from to neutral buy on Sunday, while reiterating a $220-per-share price target. The analysts argued that Meta's "year of efficiency" — which has included cost cuts and layoffs — has now run its course. Any further cost cutting "could help boost [earnings] estimates" but "are unlikely to impact the [price-to-earnings] multiple materially," they wrote in a research note. Meta stock, which has climbed more than 80% year-to-date, was trading down 1.7% Monday, at $217.73 a share. Jim said Monday he continues to believe in Meta and thinks its future is in artificial intelligence. 3. Stick with Wells Fargo Jim on Monday said he was pleased with Wells Fargo 's (WFC) solid first-quarter results from Friday. The bank "had amazing numbers," beating Wall Street estimates and reiterating its full-year guidance. The stock initially fell on the news, creating a buying opportunity. But after investors digested the report, shares jumped more than 2.6% Monday morning, to around $40.70 apiece. (Jim Cramer's Charitable Trust is long JNJ, MS, PG, META, WFC. 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.