Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Markets: The S & P 500 is on track for its seventh straight positive session, extending its run to record highs to kick off the new trading week. The tech-heavy Nasdaq also is higher, while the Dow Jones Industrial Average was slightly negative. The AI trade is leading Monday’s gains following news that OpenAI and AMD have entered into a major multiyear partnership. The market’s initial reaction was to sell Club names Nvidia and Broadcom on this news, but we don’t see the tie-up as a major threat to either company. Both Nvidia and Broadcom have relationships with OpenAI, which is racing to secure as much computing power as it can get. It also wouldn’t be a new week without major M & A news. Cincinnati-based Fifth Third announced it will acquire Dallas-based Comerica in an all-stock transaction valued at $10.9 billion, marking the largest U.S. bank merger of the year. Goldman Sachs , which we own for its investment banking leadership, served as the exclusive financial advisor to Fifth Third. When the big banks report their third-quarter results next week, we expect they will echo Jefferies’ results and show strong investment banking fee growth . Both Goldman Sachs and Wells Fargo report earnings next Tuesday, Oct. 14, before the opening bell. Bullpen entrance : We’re adding Corning to the Bullpen. The upstate New York-based company is known for making all sorts of specialty glass, including fiber optic cables. With the global demand for video usage growing exponentially, telecommunications networks are transitioning from copper to optical-based systems that deliver improved cost-effective capacity. The rise of artificial intelligence is also driving strong demand for fiber and connectivity products inside data centers. When UBS upgraded Corning stock to buy from neutral in early September, the analysts noted that modern AI data centers are requiring anywhere from four to 16 times more fiber content than earlier generation data centers. That’s a big reason why Corning’s business is booming and the stock is up about 80% this year. The company is also a huge supplier to Apple. In August, Apple announced a $2.5 billion commitment to Corning to produce all of the cover glass for iPhones and Apple Watches in Corning’s Harrodsburg, Kentucky, manufacturing facility. Last month, Jim Cramer traveled to Kentucky and sat down with Corning CEO Wendell Weeks and Apple CEO Tim Cook to discuss the partnership. Up next: Corona and Modelo brewer Constellation Brands reports after the closing bell on Monday. Before the opening bell on Tuesday, the spice maker McCormick reports its earnings. (See here for a full list of the stocks in Jim Cramer’s Charitable Trust.) 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.
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