We're locking in profits on 2 stocks that are surging on Trump's election win

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Morgan Stanley Nouvelles

Wells Fargo & Co,Financials,Banks

Shares of the Club holdings were up big in premarket trading after NBC News projected Donald Trump defeated Kamala Harris in the presidential election.

Shortly after the opening bell, we will be selling 150 shares of Morgan Stanley at roughly $128.81 and 240 shares of Wells Fargo at roughly $71.02. Following the trades, Jim Cramer's Charitable Trust will own 750 shares of MS, decreasing its weighting to roughly 2.5% from 3.06% and 2,100 shares of WFC, decreasing its weighting to roughly 3.86% from 4.33%. U.S. stock futures surged Wednesday after Republican nominee Donald Trump was elected president, according to NBC News projections .

That's very positive for the future earnings of investment banks like Morgan Stanley and Goldman Sachs . There's also an assumption that the Tax Cuts and Jobs Act of 2017 will be renewed, and this legislation — enacted during Trump's first term — was very bank-friendly. This all amounts to a great setup for the banks, but we are sellers into Wednesday's strength because these moves look a little too far, too fast.

 

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