Why we're planning to stick with this 2023 cybersecurity stock standout again this year
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 Wednesday's key moments. 1. U.S. stocks edged higher Wednesday ahead of Thursday's important December consumer price index. Among the S & P 500 and the Dow , the tech-heavy Nasdaq was the best performer — helped by gains in Club names Microsoft , Amazon and Nvidia . In fact, Nvidia rose more than 2% higher Wednesday, pushing further into record-high territory. U.S. oil benchmark West Texas Intermediate added about 65 cents a barrel, to nearly $73, while natural gas futures slid more than 5% after a hot start to the year. 2. Analysts at Morgan Stanley on Wednesday doubled down on Palo Alto Networks as their top idea in cybersecurity and lifted their price target on the stock to $375 per share from $304. The firm said it expects 2024 to be a "banner year" for the cybersecurity industry for a host of reasons, including an elevated threat environment and the Securities and Exchange Commission's new disclosure rules . Shares of the Club holding jumped more than 4% on Wednesday and were on pace for their third straight day of gains following a seven-session skid that began in the final days of 2023. After making a small, disciplined trim last week to lock in profits on a 2023 standout, we don't envision another Palo Alto sale anytime soon. 3. In a potential readthrough to Club holding Stanley Black & Decker , Wedbush Securities upgraded Home Depot to buy with a $380-per-share price target. The research firm previously had a hold-equivalent rating and price target of $330 on the retailer. Wedbush's newfound bullishness is tied to its belief that home-improvement spending will return to growth by the second half of this year. This could bode well for Stanley Black & Decker if Home Depot customers — both on the professional and do-it-yourself sides — direct some of their dollars to the Club holding's tool brands such as DeWalt and Craftsman. (Jim Cramer's Charitable Trust is long NVDA, MSFT, AMZN, PANW, and SWK. 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.