Zinger Key Points
- Jim Cramer endorses Home Depot after strong earnings and boosted 2024 outlook.
- Cramer warns against Hafnia Limited, calling it a stock to avoid.
On CNBC's “Mad Money Lightning Round,” Jim Cramer said he likes The Home Depot, Inc. HD and recommended buying the stock.
On Nov. 12, Home Depot beat its third-quarter earnings estimates and lifted its full-year 2024 outlook. HD reported third-quarter sales growth of 6.6% year-over-year to $40.217 billion, beating the consensus estimate of $39.173 billion.
“You got to ring the register on some of that,” Cramer said when asked about SoundHound AI SOUN. “At this point, it is a short squeeze and a short squeeze only.”
On Dec. 23, HC Wainwright & Co. analyst Scott Buck maintained SoundHound AI with a Buy and raised the price target from $8 to $26.
Hafnia Limited HAFN looks “so juicy. Those are stocks that you must avoid,” Cramer said.
On Nov. 27, Hafnia reported better-than-expected third-quarter financial results.
When asked about Cleveland-Cliffs Inc. CLF, he said, “The steel stocks are the worst stocks in the market. And I think that you could buy the stock, and if you're willing to take a point or two down, then I think it's ok. But you have to accept the fact that that's exactly what could occur.”
On Jan. 3, Cleveland-Cliffs named Jane M. Cronin to its Board of Directors, effective immediately.
Price Action:
- SoundHound shares gained 2.3% to settle at $20.62 on Friday.
- Hafnia shares fell 3% to close at $5.55 during the Friday session.
- Home Depot shares gained 0.2% to settle at $389.18.
- Cleveland-Cliffs shares fell 0.4% to settle at $9.50 on Friday.
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