Video: AAP Daily Rundown for Thursday

In today's Daily Rundown, Jeff fills in for Jim and discusses Salesforce.com (CRM) , Lam Research (LRCX) , and more! 

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Katherine: I'm Katherine Ross and I'm here on the floor of the NYSE. Jim Cramer is off at Dreamforce this week, so joining me is Jeff Marks, Senior Portfolio Analyst. Jeff, let's kick it off by talking about Salesforce's Investor Day. What's your thoughts there?

Jeff: Yeah, so they hosted that yesterday. They gave several long-term guidance targets, which I thought were actually pretty quite bullish. They're talking about doubling their revenue again over the next four years, which is just incredibly impressive. They gave guidance. I think it was this year and next year, and it was a little bit ... Well, one side it was a little bit greater, better than expectations. I think that's important because, if you look at really what the concerns are ... A lot of people are concerned with, right now, with these companies, and as it deals with enterprise spending is, is the macro really going to slow things down? Salesforce just really isn't seeing that right now because of that digital transformation that we hear co- CEO, Marc Benioff, speak of so much and how important it is for companies to digitize and really use their services to get a better feel of the customers.

Jeff: So, it made me even more bullish on Salesforce. I think it's also bringing up a lot of stocks in the group. If you looked at Twilio lately, Twilio has been on fire and really recovering from the blunder, so to speak, that we saw them have a couple of weeks ago. But it's good. We'll put out a note later more on some of the long-term targets for Salesforce and what it means for the whole perspective of things. But, yeah Salesforce, it's back near its 52 weeks highs. There's just a very strong, strong analyst day in my opinion.

Katherine: Lam Research was downgraded to a Sell at UBS.

Jeff: Yeah. I read this note. I read this note and I'm going to read it again just to get a better feel of it. They're talking about maybe some of the spending that we're seeing. I think, on a run rate basis, maybe it's a near term peak. Look, we've been in Lam Research since early this year. It's been one of the best performing stocks in the S&P 500. I know this week it's down quite a bit, but we've taken gains all the way up on this stock, and maybe we should have sold in the 280s, and then we could say maybe we can buy it back here in the 260s, but I think longer term, this stock is still set up to outperform.

Jeff: You're going to have so many tailwinds coming through as it relates to 5G and with pricing, really, finally getting down on the DRAM side and demand expected to grow faster than the supply. That's going to do well for pricing. And then you see the capital expenditures return into Lam Research's favor. So that's the cycle that I'm talking about. So again, yeah. Could we have sold it at 280? Probably, but do I still think it has room to go higher in the long-term? I think so.

Katherine: Let's do a market checkup. It's about 10:08 AM. We're seeing the Dow down around 19 points. What else are you watching in the market today?

Jeff: Yeah, so I think we're still being a little bit prudent right now with our cash. Obviously, we exited Caterpillar yesterday. Again, we were just kind of ... We had some nice ... We had a double digit gain. We didn't want to give it up in case of some type of errant tariff headline, and lo and behold, later that afternoon there was some ruffling of feathers between the US and China and what's going to be the next move on tariffs. So, we stand by that sale.

Jeff: Wall Street Journal today, if you have a subscription to the Wall Street Journal, on Heard on the Street, their section where they talk about some stocks, there was actually a pretty good article about energy and the oil market, and the possibility that some of these wells out in Permian Basin and elsewhere, they may need some more servicing than what's actually thought. I thought that read really well for Schlumberger. You remember, yesterday we upgraded Schlumberger back to a one and we bought some shares off of two really bullish analyst reports on Schlumberger. So I think the narrative of the article the Wall Street Journal put out fits the upgrade perfectly. And then, yeah, we got some eyes out on some other things. We're waiting for prices to come down, but I would stay tuned onto the alerts in case we see something.

Katherine: All right, Jeff, thank you so much for joining us today.

Jeff: Thank you.

Katherine: Guys, thanks so much for watching. I'm Katherine Ross and we'll see you tomorrow.

Action Alerts PLUS, which Cramer co-manages as a charitable trust, is long CRM, LRCX.