Cramer says TJX Companies, Palo Alto Networks are buys at current levels

Published Thu, Nov 16 202311:01 AM EST

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 Thursday's key moments. 1. Stocks edged lower in midmorning trading Thursday, with the S & P 500 down 0.19% and the Nasdaq Composite down 0.4%. The move comes amid post-earnings sell-offs of high-profile companies Walmart (WMT), Cisco Systems (CSC) and Club holding Palo Alto Networks (PANW). But the stock market remains in overbought territory, at plus 5.2%, according to the S & P 500 Short Range Oscillator . At the same time, bond yields were lower, with that of the 10-year Treasury hovering just above 4.4%. And oil prices tumbled by more than 3%, with West Texas Intermediate crude slipping back below $75 a barrel. 2. Palo Alto Networks reported strong results for the first quarter of its fiscal year 2024 after the closing bell Wednesday. But the stock is down nearly 6% Thursday morning, at $240.88 apiece, on management's decision to lower its full-year billings outlook. The company said the revised guidance was a result of higher borrowing costs, while reiterating it has seen no change in demand, the pipeline of future deals or close rates over the past three months. As such, we see the pullback as potential buying opportunity. 3. Club holding TJX Companies (TJX) reported fiscal year 2024 third-quarter results on Wednesday, with Wells Fargo calling the release "one of the most impressive prints we expect to see" this earnings season. The results showed customers are continuing to trade down to TJX's quality merchandise at discount prices. But the stock was weighed down by management's decision to shave its fourth-quarter guidance, even as it raised the full-year outlook. Shares lost 1.6% Thursday morning, to trade at just under $88 each. "If I didn't have TJX, this is not a bad place to start a position," Jim Cramer said Thursday. The Club on Wednesday upgraded TJX stock to a buy-equivalent rating . (Jim Cramer's Charitable Trust is long PANW, TJX. 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.