Jim Cramer's daily quick look at stocks in the news outside the CNBC Investing Club portfolio. Corning: Shares of the specialty materials company jumped more than 10.5% on Monday after pre-announced better-than-expected earnings. Management is now forecasting higher revenue and earnings per share at the high end of its previous guidance for the second quarter. The company is expected to report on July 30. Shares of Corning, which makes glass for Apple devices, hit their highest levels since February 2022. Tesla: Shares of the electric vehicle leader surged 27% last week after the company reported better-than-expected second-quarter production and deliveries. The stock rose nearly another 3% on Monday. Cramer called the rally a short squeeze, meaning investors who bet Tesla stock would fall were forced to cover as it shot up. JPMorgan: The bank received a rare downgrade, with Wolfe Research cutting its rating to peer perform from outperform (hold) on valuation and exposure to lower net interest income given the threat of looming lower interest rates from the Federal Reserve. Cramer said he is concerned about JPMorgan's second-quarter earnings report on Friday, given a big sell-off following the bank's first-quarter earnings report in April, when it forecast a flat 2024 NII. “I don't want the stock to come in too hot,” he added. Domino's Pizza: The pizza delivery chain was upgraded to an outperform rating from neutral (buy) at Baird. The analysts also raised their price target to $580 per share from $530. Baird sees the recent 7.4% pullback in Domino's shares over the past eight sessions as an opportunity. They cited strong fundamentals, product pipeline and management. Cramer said it was the right call, considering Domino's CEO Russell Weiner is “crushing it.” ServiceNow: Shares of the enterprise software company fell more than 4% on Monday after Guggenheim downgraded the stock to sell from neutral. Analysts said the company will get a boost from its generative artificial intelligence business in the second half of this year, but won't see that momentum until 2025. Cramer said the call was at odds with CEO Bill McDermott's view that generative AI offerings are resonating with customers.
