Every weekday, the CNBC Investing Club hosts a “Morning Meeting” live stream with Jim Cramer at 10:20 am ET. Here’s a recap of Friday’s key moments. Stock rally Earnings move Club names Stick to DHR 1. Stock rally Stocks rallied on Friday on a report from the Wall Street Journal that suggested the Federal Reserve might slow the pace of rate hikes in December to avoid an unnecessarily harsh jolt to the economy. The S&P 500 was up 1.3% in Friday trading. The club’s banking shares – which we see as a potential leader in this market – also rose. Morgan Stanley (MS) is up more than 2% to $78.15 a share, while Wells Fargo (WFC) is up more than 1% to $44.09 a share. Jim Cramer said Friday the club views financial institutions as some of the most solid stocks on the market and continues to support MS and WFC. 2. Earnings Movement Club Names Oilfield services group Schlumberger (SLB) reported a solid earnings hit before the bell on Friday. The company said it forecasts sequential revenue growth and margin expansion, meaning it has pricing power — and we expect competitor and club holding company Halliburton (HAL) to demonstrate the same advantage when it reports quarterly earnings next week . Accordingly, Halliburton’s shares rose more than 5% to $33.47 per share. “You gotta buy the hell out of Halliburton,” Jim said. Snap (SNAP) missed sales expectations last quarter, sending shares down more than 30%, with knock-on effects for club holdings Alphabet (GOOGL) and Meta (META), which fell 0.28% and 2.5%, respectively. fell. Snap blamed the failure on advertising partners who are cutting back on their marketing budgets. But that contradicts club holding company Procter & Gamble (PG), which said this week it’s actively reallocating money to spend more on targeted digital advertising rather than TV ads. Jim said Friday that digital ad dollars appear to go to companies like Amazon (AMZN), Alphabet, and to some extent Meta — but not Snap. 3. Sticking with DHR Shares in science and technology group Danaher (DHR) fell on Thursday after it reported better-than-expected third-quarter results but lowered its 2022 bioprocessing sales growth forecast to avoid a reduction in contributions from $200 million to consider Covid-19 market. We’re not worried about the growth expectation being cut, however, as the company’s underlying business posted organic growth of 8.5%. That means Danaher isn’t overly reliant on the sales surge it experienced during the height of the pandemic. We expect investors to realize their mistake in selling Danaher and encourage others to buy the stock. Danaher traded up 0.73% on Friday at $241.31 a share. (Jim Cramer’s Charitable Trust is long AMZN, DHR, GOOGL, HAL, META, PG, MS, WFC. For a full list of stocks click here.) As a subscriber to CNBC Investing Club with Jim Cramer, you’ll receive a trade alert before Jim gets a trades. Jim waits 45 minutes after sending a trade alert before buying or selling any stock in his charitable foundation’s portfolio. When Jim spoke about a stock on CNBC television, he waits 72 hours after the trade alert is issued before executing the trade. THE ABOVE INVESTMENT CLUB INFORMATION IS GOVERNED BY OUR TERMS AND CONDITIONS AND PRIVACY POLICY ALONG WITH OUR DISCLAIMER. NO OBLIGATION OR OBLIGATION SHALL BE OR CREATED BY YOUR RECEIVING OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC RESULT OR PROFIT IS GUARANTEED.
Inventory rally, membership names, DHR
