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. Muted market: Wall Street is having a subdued session on Thursday. The Nasdaq Composite and S & P 500 were little changed, while the Dow Jones Industrial Average was modestly lower. Within the S & P 500, consumer discretionary was the top-performing sector, up roughly 1%, with help from Tesla’s nearly 3% advance and Amazon’s over 1% move. The worst-performing group was materials, down more than 1%, amid a more than 6% swoon in aluminum products maker Ball Corporation and a nearly 3% drop in steelmaker Nucor . We’ve been watching Nucor in the Bullpen . Hearing from Honeywell: Honeywell CEO Vimal Kapur on Thursday spoke publicly for the first time since activist investor Elliott Management initiated a more than $5 billion stake in the industrial conglomerate and called for a break up of the company. Central to Elliott’s vision is turning Honeywell’s aerospace and automation divisions into standalone companies. Kapur has been working to get rid of the dead weight in Honeywell’s myriad businesses and also make acquisitions and partnerships that bolster the company’s focus on three key areas: automation, the future of aviation, and the energy transition. Kapur said the company is “engaged” with Elliott, but did not elaborate further on actions that management would take to appease the hedge fund’s call to simplify its portfolio. “We’ll constructively work with them and find the right outcome, which is good for our shareholders and good for our company,” Kapur said at Goldman Sachs’ Industrials and Materials Conference. “We actively engage with all shareholders. … Our goals are aligned. We both want the same outcome — shareholder value creation.” Kapur also addressed Honeywell and Canadian planemaker Bombardier’s recently announced partnership , which resulted in management lowering its full-year guidance on several key metrics including revenue and free cash flow. Shares tumbled on the news in Tuesday’s session. The stock rose Wednesday but fell again Thursday. Kapur argued that this is a case of short-term pain for long-term gain, citing an estimated $17 billion in revenue from the partnership over its lifetime. “This is an accounting treatment of contract revenue, which is required to fulfill the obligations we have towards this [Bombardier deal],” Kapur said in explaining why Honeywell’s outlook was affected. “This will also have, as we have stated before, no impact on 2025 in any rich manner. It’s very positive news. The fact is that it has to be treated this way is the reality.” Investors should understand that the technology development agreement with Bombardier is one of the “largest deals in our aerospace business history,” Kapur said. He noted that a similar agreement Honeywell struck in 2007 is providing a sizable revenue stream in 2024 and 2025. “So these things really compound over a period of time,” he said. This partnership was made to further boost Honeywell’s crown jewel aerospace division. It’s been an important growth driver in recent years after Covid pandemic-related disruptions in the industry. Looking ahead to 2025, Kapur said the aerospace business will see a more normalized level of revenue growth. “It will not sustain its double-digit growth, which we have delivered for eight quarters in a row,” he said. “But at the same time, it’s not going to shift to low-single digits either.” Waymo’s world: Club holding Alphabet’s self-driving car unit is taking its talents to South Beach, a la LeBron James back in the day. On Thursday, Waymo said it plans to launch its robotaxi service in Miami in 2026 through its Waymo One app. Testing with human drivers in its all-electric Jaguar vehicles is set to start next year. The planned expansion in Miami is the latest sign of momentum for Waymo, which for years had disappointed investors, including Jim Cramer, due to steep losses and an uncertain path to commercial success. Jim turned positive on Waymo in September after the company said it was expanding into Austin and Atlanta in partnership with ride-hailing giant Uber . “Waymo has been a big disappointment until this very day. I no longer feel it is,” Jim said then, touting its potential to be “a very big business.” In the months since, Waymo announced its largest expansion ever — making its robotaxi service in Los Angeles, a city of nearly 4 million people, open to the general public rather than waitlist-only. That made LA the third U.S. city where Waymo was generally available, joining San Francisco in June and Phoenix in 2020 . On Alphabet’s earnings call on Oct. 29, CEO Sundar Pichai said Waymo was providing more than 150,000 paid rides a week. That’s up from 100,000 in August and 50,000 in May. Jim said Thursday he’s still upbeat on Waymo’s prospects, particularly after using the service on a trip to San Francisco this fall. He said he found it was cheaper than Uber and “you don’t need to leave a tip on the app.” He added, “Waymo doesn’t get tired, doesn’t drink, doesn’t play music when you don’t want to. It’s all good. I love them.” Up next: The earnings calendar after Thursday’s closing bell is headlined by athletic apparel retailer Lululemon , cosmetics firm Ulta Beauty and software provider DocuSign , as well as server maker and Nvidia partner Hewlett Packard Enterprise . The biggest economic event of the week comes on Friday when the government releases its November nonfarm payrolls report at 8:30 a.m. ET. Economists polled by Dow Jones expect that the U.S. added 214,000 jobs last month, with the nation’s unemployment rate ticking up to 4.2% from 4.1% in October. (See here for a full list of the stocks in Jim Cramer’s Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. 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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.