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 on Tuesday hit another all-time intraday high and was headed for a record close. Investors didn’t seem too bothered by President-elect Donald Trump ‘s new tariff threats Monday evening. The tech-heavy Nasdaq was also higher on Tuesday but still more than 1% away from its all-time high on Nov. 11. Coming off a record-high close Monday, the Dow Jones Industrial Average was pretty much flat in afternoon trading. It was being held back by Dow component Amgen . Shares of Amgen dropped nearly 8% on Tuesday after mid-stage trial results on the biotech company’s experimental weight loss drug came in on the low end of expectations. The news boosted shares of Club name Eli Lilly by nearly 5%. Lilly and rival Novo Nordisk pretty much own the current market for obesity treatments. Lilly was our top-performing stock on Tuesday. The Club’s worst performer of the day was Best Buy whose shares dropped 6% after a weaker-than-expected quarter and disappointing guidance. The electronics retailer did, however, say that early November sales were solid heading into the holiday shopping season. We knew the numbers were going to be weak. Jim Cramer’s advice? Don’t buy Tuesday’s dip. He said he would buy if shares were to drop into the $70s. Tariff talk: It’s too early to pull the trigger and buy Constellation Brands on weakness, despite the Modelo and Corona brewer being one of our worst-performing stocks on Tuesday. Shares were down more than 3.5% in the session, likely in response to Trump’s threat to impose a 25% tariff on goods from Mexico shortly after taking office. Trump also said Monday evening that he would issue the same sized levy on Canadian imports, along with an additional 10% tariff on products imported from China. If Trump were to follow through, the exact impact on Constellation would be unclear. In a recent interview with Jim, CEO Bill Newlands noted tha t Constellation was successful during Trump’s first term . “We have a fair amount of our inputs that come from the United States and then are made into beer in Mexico.” It’s possible that Constellation could be exempted from the tariffs, analysts at Roth MKM said in a note to clients Tuesday. The reason for that is Constellation effectively has to produce its portfolio of Mexican beers in Mexico due to an agreement with the Justice Department. Anheuser-Busch InBev sold the U.S. rights to Grupo Modelo’s beers to Constellation Brands in 2013 to satisfy antitrust concerns . “We believe it would be illogical to force a tariff on the same U.S. company (largest U.S. brewer) that you obligate the location of production,” Roth analysts wrote. Jim said earlier Tuesday he found Roth’s argument to be interesting. “I thought the idea of maybe buying some Constellation intrigued me, but I have to wait until the analysts who are on the fence about it come out negatively. So, no buy today of Constellation Brands,” he said. Alphabet: If the incoming Trump administration wants to change course in the Justice Department’s antitrust case against Google, it will need to do so quickly. On Tuesday, the federal judge overseeing the trial, Amit Mehta, said he will not delay the remedy hearing, which is set to begin in April. That’s according to Reuters . Mehta ruled in August that Google was an illegal monopoly in the online search and text advertising markets. In a filing last week, the DOJ outlined its proposed remedies , which included forcing Alphabet ‘s Google to divest its Chrome browser. Jim Cramer is on the record as not being a fan of the DOJ’s ideas and some Wall Street analysts have been critical of them, too. But, as we wrote last week, we don’t want to underestimate the DOJ. Looming over these recent developments is the changeover in the White House coming in January. While this case against Google was filed in 2020 during Trump’s first term, the president-elect has more recently expressed skepticism about breaking up the company, given it is competing on a global stage. China is “afraid of Google,” he said at the Economic Club of Chicago in October. “I’m not a fan of Google. They treat me badly,” Trump said at the time. “But are you going to destroy the company by doing that? … What you can do without breaking it up is make sure that it’s more fair.” We’ve trimmed down our position in Google parent Alphabet in recent months over concerns about its regulatory challenges. We continue to await additional clarity on what Trump’s second administration could mean for the case at hand. Up next: Club holding CrowdStrike is set to report quarterly earnings after the closing bell Tuesday. The results will cover the first full three-month period since CrowdStrike’s software update caused a global IT outage in July. While the stock has recovered all its losses tied to that glitch, analysts at Morgan Stanley said in a recent note that investor sentiment is still “largely negative.” That could open the door to more upside if CrowdStrike’s results come in better than expected, they said. Economic data takes center stage Wednesday morning, led by the release of the Federal Reserve’s favorite inflation gauge, known as the PCE price index. With the U.S. markets closed Thursday for the Thanksgiving holiday, the Labor Department is releasing initial jobless claims at 8:30 a.m. ET on Wednesday. And, don’t forget: Friday’s stock market trading session ends early, at 1 p.m. ET. — CNBC’s Matthew J. Belvedere contributed to this report . (See here for a full list of the stocks in Jim Cramer’s Charitable Trust.) 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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.
