Jim Cramer says Ford is still a good buy despite scaling back a $3.5 billion EV battery plant

Published Tue, Nov 21 20233:03 PM ESTUpdated Tue, Nov 21 20234:00 PM EST

Kevin Stankiewicz @in/kevin-stankiewicz-b5593466 @kevin_stank

Every weekday the CNBC Investing Club with Jim Cramer releases the Homestretch audio feature in time for the last hour of trading on Wall Street. Here's today's edition. The major U.S. stock benchmarks are down Tuesday afternoon, but traded off their lows of the morning as the market remains in overbought conditions. The S & P 500 is on pace to close lower and snap a five-session winning streak. After Monday's rally, the S & P had traded at its highest levels since August. Meanwhile, Club holding Nvidia (NVDA) is set to release highly anticipated quarterly results after the close Tuesday, along with forward guidance for the three months ending in January. Despite his long-term faith in the company being intact, Jim lamented how Nvidia is capturing the majority of Wall Street's attention Tuesday. "There are 499 other stocks that matter," Jim said, alluding to the other constituents in the S & P 500 index. Still, Ford Motor 's (F) decision to scale back its investments on an electric-vehicle battery plant in its home state of Michigan has broken through some of the Nvidia anticipation Tuesday. Jim said even though Ford is dealing with the ramifications of a new contract based on a deal with the United Auto Workers union, along with softer demand for EVs, he believes the automaker is on solid footing with CEO Jim Farley at the helm. "If the economy is coming out of a [Federal Reserve] tightening period ... I know you're supposed to buy the autos," Jim said. (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) 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.