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 Thursday’s key moments. Stocks tumble Sell high, consider buying Quick mentions: LLY, EXPENSES 1. Stocks tumble Stocks teetered on Thursday after starting the week with strong gains that carried through to Wednesday. The short-lived rally was undermined by hawkish comments from the Federal Reserve on possible further rate hikes to fight inflation, Jim Cramer said. Investors are keeping an eye out for key economic data for clues on how the Fed might proceed at its next meeting on Nov. 2, including the latest monthly nonfarm payrolls report from the US Bureau of Labor Statistics on Friday, Jim explained. 2. High selling amid buying Oil continued to rise on Thursday after OPEC and its oil-producing allies, led by Russia, decided to cut crude production by 2 million barrels a day in November. The US oil benchmark West Texas Intermediate, which gained more than 10% for the first three days of the week, traded down 0.67% to $88.3 a barrel on Thursday. As a result, we sell 200 shares of Devon Energy (DVN) in strength. We plan to take the money from this sale and buy more shares of our stock that hasn’t gone up that much. In other words, we sell high and try to buy low. We are eyeing Estee Lauder (EL), which we believe will have a great next quarter, and Constellation Brands (STZ) as stocks to potentially buy on the weakness. 3. Quick Mentions: LLY, COST Here are updates on two club names: The US Food and Drug Administration has accelerated the approval process for the obesity treatment of Eli Lilly (LLY), which is already approved for type 2 diabetes. Jim reiterated his prediction that Tirzepatide could become “the best-selling drug of all time.” While The Wall Street Journal reported on Thursday that Costco (COST) is yet to plan on cutting costs despite lower shipping and merchandise costs, we take the report with caution and remain loyal to a club favorite. “Costco remains exactly the story we told, which is that they are number one [in retail]said Jim. (Jim Cramer’s Charitable Trust has long been COST, LLY, DVN, EL, STZ. 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 makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling any stock in his charity’s portfolio. If Jim has discussed a stock on CNBC television, he will wait 72 hours after the trade alert is issued before executing it THE INVESTING CLUB INFORMATION ABOVE IS GOVERNED BY OUR TERMS OF SERVICE AND PRIVACY POLICY, ALONG WITH OUR DISCLAIMER. YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB SHALL NOT EXIST OR CREATE ANY OBLIGATION OR OBLIGATION OR CREATE ANY SPECIFIC RESULT OR PROFITS WILL BE GUARANTEED.
Shares falter, oil trim, anti-obesity drug
