Cramer's Morning Take: Disney & Google 4/1/24

Jim Cramer (0:02)

I'm Jim Cramer, and you're about to hear a sample taken directly from today's CNBC Investing Club morning meeting.

Jeff Marks (0:09)

So let's talk about the couple of sales we made today, starting with Disney, a right sizing of the position. It got us to about 5% of the entire portfolio.

A lot of that is due because it was the ninth best performer in the S&P and Q1, up 35%. Top stock in the Dow as well. Well, a lot of this attributed to Iger's turnaround strategy working, but also activist investor Nelson Peltz keeping management accountable to those goals.

Jim Cramer (0:36)

My friend Jeff Seidenfeld has been saying he's a great wealth destroyer, Peltz, but at the same time, I would attribute a lot of this to the company frantically reacting to trying to keep it off the board, doing things that sound exciting, making promises on the cost cuts.

Jeff Marks (0:52)

Yes.

Jim Cramer (0:52)

They better deliver on those cost cuts or else the stocks can go right back down.

Jeff Marks (0:55)

Well, I know Bank of America today, they raised the price target of $145 from $130. They think they're on track to exceed that $7.5 billion cost savings.

Jim Cramer (1:02)

Jessica Reeve, she's a real serious analyst.

Jeff Marks (1:05)

Also talking about strength in parks. But just back to the activist idea real quick. The meeting is this week. It's Wednesday, is the annual shareholder meeting. So if you want to vote, you have to do it, you know, in the next, call it two days.

Jim Cramer (1:18)

Yeah.

Jeff Marks (1:18)

And we will know soon whether or not Tryon's campaign was successful or not. It seems like it's going to be pretty close.

Jim Cramer (1:25)

They've got some momentum. They had CalPERS. They had Newberger Berman. At the same time, a lot of the Disney people, you know, they focus on George Lucas, who I've oddly had money with Pels until recently.

But Disney, the family. But then again, you can look at those versus these organizations that rate. And one of them really is this.

Jeff Marks (1:49)

But and then just to circle back real quick, after 35 percent year to date, we moved our rating to a two. So kind of look for a pullback. The stocks rallied more than 50 percent from its lows in late 2023

Really powerful move there.

Jim Cramer (2:02)

And then Google.

Jeff Marks (2:03)

Yeah, we trimmed some Google. I know this one has it's been very controversial late, but it's recovered. All of those losses from that fourth quarter earnings pullback.

Jim Cramer (2:12)

Nice prices for us.

Jeff Marks (2:15)

Really powerful day in some of the Mag 7 stocks.

Jim Cramer (2:19)

Amazon had a really good piece out today about how their quarter is going to be good. I am waiting for Alphabet to tie up with Apple like we thought.

Start your day with my outlook on the daily market every morning at 10, 20 a.m. Visit cnbc.com/morningtake to access all the benefits of being a CNBC Investing Club member.

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