CNBC Investing Club: Cramer’s Morning Take on Salesforce 5/28/26

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Jim Cramer (1:00)

Jim Cramer here to share a short preview of my take on the market from today's members only CNBC Investing Club morning meeting. Join the club for full access to the morning meeting every day at 10 20 a.m. Visit cnbc.com/morningtake to sign up today. That's one word, morning take.

I am thrilled that one of our situations that I said that I was hurting on Salesforce and Salesforce is lifting. I'll just say that I do believe that when I was at 173 this morning, there's no more reason to sell it and back and forth with Mark going over the call. And what matters here with Salesforce, just so you know, and it's going to be a battleground, is that they have a pivot that's not as pronounced as Snowflake. That was the one of the most pronounced pivots I've seen in ages. But I got to tell you, I think that it's worth it to stay long Salesforce when we're going to. Now, the macro story here is that US and Iran have reached a deal apparently, that Axios has been the outfit that has been calling the shots here. The possibility is there is no Trump approval yet. There is a camp that says, thank you Michael Warren for this, there's a camp that says that he's agreeing with the Obama position and there are people who say he's not going to, and I think it's going to be controversial. Let's go over with some of the big things here. NASA is slightly negative, SME doing better, oil is up a few bucks, I think that goes down on this news. It's all about, once again, technology. The ones that really influenced me last night were Snowflake. As you know, I had Sridhar Ramaswamy, and he's made that company from a, let's just say a plain vanilla enterprise software company into an AI rival of Databricks, which I had on last week. Databricks goes much faster, but it's something to watch.

Last night was also Marvell's time to shine. They did a terrific job. Matt Murphy has just been crushing it, and it's also been Dell's time. They got a big army contract. Tonight, they report, I think Dell is going to be good. The stock is up a great deal, but I think it's important to point out that Dell is one of the companies that I was most angry about myself because I told you I thought we should buy it. Then I never pulled the trigger, and that was my bad. Again, part of the remonstration I had with Nicole yesterday.

Costco is tonight. Now, remember, there are a lot of people who misinterpret Costco. Costco reports on a monthly basis, so we already have two months out of three, and those two months were good. That's why the stock went up to where it is, but I will tell you that they did something that is very important. They're opening gas stations, standalone gas stations. Why is this important? Because they don't want to make any money on gas.

They want you to get a club membership, and they have accelerated this program, and what that tells me is they all have a hook. The reason why the hook's important is because one of the reasons that it sells at 45 times the earnings instead of 48 times the earnings, which has been the magic number for many, many years, is because it hasn't had renewal by younger people. Well, I think this is an initiative directly related to younger people not renewing. I'm looking for a decent number, no need to buy it ahead, that would be a mistake, it's had a big move.