We're making a few trades on Wednesday as stocks continue to recoup some of its recent losses. We are buying 75 shares of Advanced Micro Devices at roughly $134.50. Following the trade, Jim Cramer's Charitable Trust will own 500 shares of AMD, increasing its weighting to 2.1% from 1.8%. We are also buying 75 shares of Wells Fargo at roughly $52.70. After the trade, the portfolio will own 2,440 shares of WFC, increasing its weighting to about 4.1% from 3.95%.
We prefer Wells in particular because of its turnaround led by CEO Charlie Scharf, which includes rightsizing the cost structure, increasing fee-based businesses, and significantly improving its risk control and regulatory oversight. Lastly, we are selling some Abbott Labs shares and downgrading our rating to a 2.