— Today’s newsletter was written by the Investing Club’s director of portfolio analysis, Jeff Marks.

1. The S&P 500 is on track for a muted open Wednesday following another record close Tuesday. Club holding Nvidia helped lift the market Tuesday but earnings loom from fellow chipmaker Micron. Our trusted momentum indicator, the S&P Short Range Oscillator, remains very overbought.

2. Morgan Stanley’s well-known auto analyst Adam Jonas downgraded his view on the U.S. auto industry to “in line” from attractive while also lowering his ratings on Ford, General Motors and Rivian. Jonas cited a range of factors for his sector downgrade, including Chinese competitors and vehicle affordability in the U.S. We sold out of Ford earlier this year.

3. Tyson Food was downgraded to a sell-equivalent underweight at Piper Sander on worsening beef margins and rising chicken supply. Shares, down more than 4% over the past month, were lower Wednesday.

CNBC’s Jim Cramer said Friday that global insurer and recently revealed Warren Buffett mystery stock Chubb is still undervalued.

Cramer called Chubb — selling at 12 times forward earnings — “ridiculous” given the stock’s 19% year-to-date rise and nearly 40% gain over the past 12 months.

“This stock is going much higher,” he added.

Chubb offers a variety of insurance products, including commercial and personal property and casualty. Sixty percent of its business comes from the U.S. The bulk of its non-U.S. business is in Asia.

“[The company] has a great relationship with China,” Cramer said on CNBC, arguing the world’s second-largest economy is a “tremendous opportunity” for the insurer.

During a “Mad Money” interview Thursday evening, Chubb CEO Evan Greenberg said the U.S. and Asia are the two regions of the world with the “greatest potential for growth.”

Adding to the enthusiasm for the stock was the disclosure last month that Buffett’s Berkshire Hathaway accumulated nearly 26 million shares. The stake at Friday’s stock price was worth around $7 billion. Berkshire had been keeping this purchase secret for two quarters straight as the stake was being built.

Cramer believes it’s possible that Buffett could continue purchasing Chubb in the future, which would be a further catalyst for shares to go higher.

Berkshire’s insurance portfolio includes Geico, General Re, and lots of home and life insurance services.