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. Stocks trended lower Thursday as investors awaited Federal Reserve Chair Jerome Powell’s speech at the annual Jackson Hole meeting for central bankers. “People are afraid to do anything ahead of this big meeting tomorrow,” Jim Cramer said. Meanwhile, the S & P Short Range Oscillator , our trusted momentum indicator, is back to very overbought levels, at 7.29%, compelling us to scan our portfolio to see what we could sell. Anything above 4% is considered overbought. “We’ve gotten as far as we can out from the rebound,” Jim said, referring to the comeback from the market sell-off a couple weeks ago sparked by the Japanese yen carry trade. Jim said he’s wondering, “What can we sell?” One potential option is TJX Companies , though we’re currently restricted from trading the stock. Considering the stock’s 28% year-to-date run, “you may have to take some off,” Jim said. The stock rose 6.1% Wednesday, closing at a record high of $120.23, after the off-price retailer reported a strong beat and raise for its fiscal 2025 second quarter earnings . Analysts at Citi downgraded the stock to a hold-equivalent rating from buy, citing concerns about the stock’s valuation. While the “TJX story is as good as ever,” the analyst pointed out the company’s market cap is similar to Nike ‘s and 60% higher than Target , while the stock has a higher multiple than Walmart . “That’s what concerns me,” Jim said. He said trimming our TJX position would give us the flexibility to buy it back if it falls to, say, $110 a share. Former Morgan Stanley CEO James Gorman is leading Disney’s search for a new CEO to replace Bob Iger, the entertainment giant announced Wednesday. Iger’s current contract runs through 2026, which Jim argued could be an impediment to identifying and hiring a successor in the very near future. “There isn’t a CEO of any caliber who will wait a year and a half,” he added. Jim said he would like to see a younger CEO as Disney’s chief who can tackle the company’s multiple priorities. As for Disney’s stock, “I think it’s the right level,” Jim said. “Call me a buyer here.” Shares of Disney have clawed back all of their earnings-related losses on Aug. 7, when weak results in its theme-park division overshadowed the company reaching profitability in its overall streaming business for the first time. (Jim Cramer’s Charitable Trust is long TJX, DIS. 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.
