Jim Cramer is holding on to Starbucks as new CEO starts making changes

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. ET. Here's a recap of Monday's key moments. 1. Stocks edged higher Monday morning with the S & P 500 hitting a fresh record high, extending last week's gain of more than 1%. Big tech led the charge with Apple up 1.3% after positive commentary about iPhone lead times from Evercore ISI. "Own it, don't trade it" remains our stance, given all the conflicting analyses around new iPhone sales. Elsewhere, Wells Fargo continued its rally after reporting a solid third quarter Friday, with shares popping 3% Monday. "Don't sell the stock," Jim urged, outlining several reasons why investors should hold in his Sunday column . 2. We scooped up more shares of Constellation Brands Monday, taking advantage of the stock's 6% drop since Oct. 3 earnings report. While Wall Street may currently view the beer giant as out of favor due to economic pressures on consumers, but Jim sees value. He noted the stock's attractive valuation, the company's investment in marketing to boost beer sales and management's buyback of $250 million of stock in the quarter. Jim said he'd like to see Constellation sell off their second-rate spirits to free up space for their better performing beverages, particularly its popular Mexican beers. 3. Starbucks is cutting back on discounts, a move spearheaded by new CEO Brian Niccol, according to a Monday report by the Wall Street Journal . Investors are anxiously awaiting Niccol's turnaround strategy for the coffee giant, which has been hit by slower traffic and sales. "This tells me that Brian Niccol has a plan and we don't know what the plan is," Jim noted. Since Niccol took over, we've held steady with the stock, betting on his leadership. While it'll take some time to revamp operations and improve the customer experience, Jim prefers "to hold it because I believe in Brian Niccol." 4. Stocks covered in Monday's rapid fire at the end of the video were: Caterpillar , Amgen , Boeing , VF Corp , and Southwest Airlines . (Jim Cramer's Charitable Trust is long AAPL, WFC, STZ, SBUX. See here for a full list of the stocks.) 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.