We’re making a few trades on Wednesday as stocks continue to recoup some of its recent losses. We are buying 75 shares of Advanced Micro Devices at roughly $134.50. Following the trade, Jim Cramer’s Charitable Trust will own 500 shares of AMD, increasing its weighting to 2.1% from 1.8%. We are also buying 75 shares of Wells Fargo at roughly $52.70. After the trade, the portfolio will own 2,440 shares of WFC, increasing its weighting to about 4.1% from 3.95%. In addition, we’re selling 150 shares of Abbott Laboratories at roughly $111.30. Following the trade, we will own 800 shares of ABT, decreasing its weighting to 2.8% from 3.35%. We’re buying more AMD shares as we continue to average into this position. Shares are up this week but still down from where it traded before the company reported a better-than-expected quarter and gave upbeat guidance off the strength of MI300x chip sales. And if Nvidia truly has a delay launching its Blackwell GPUs — and Super Micro indicated on its earnings call Tuesday night that a pushout was likely —AMD could get a nice boost in orders from its compute-hungry customers. We’re also adding to our Wells Fargo position, after buying shares twice on Monday. The bank stocks have been crushed since the start of August on concerns that the Federal Reserve is behind the curve and the economy is headed for recession. We don’t see that yet, making this weakness a good opportunity to increase our financial exposure. We prefer Wells in particular because of its turnaround led by CEO Charlie Scharf, which includes rightsizing the cost structure, increasing fee-based businesses, and significantly improving its risk control and regulatory oversight. Lastly, we are selling some Abbott Labs shares and downgrading our rating to a 2. The stock has made a solid move from the low $100s over the past few weeks, and this strength is an opportunity to lighten up as the company deals with its premature infant formula litigation overhang. While we continue to believe the market capitalization Abbott has lost since March far exceeds what a potential settlement may look like, we don’t see this overhang going away anytime soon. This small trim will give the position some breathing room to buy at lower prices in case the stock gets hit again on this litigation risk. We’ll realize a small loss of less than 1% on stock purchased in January 2024. (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.
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