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 Friday's key moments.
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Stocks reversed to trade sharply higher Friday. The Dow, around noon ET, jumped more than 750 points, or over 1.8%. In fact, the S & P 500 and Nasdaq also surged roughly 1.8% each. The market was rather flat at the time the Morning Meeting was recorded. But even with these strong gains Friday, the market will still likely finish the week oversold due to how much selling there was in recent sessions. We have been doing some buying lately—in line with our discipline when sellers come out in force. We made the decision to buy more CrowdStrike as premarket futures were weaker and the stock had pulled back over the past few sessions. Shortly after the opening bell, we booked the trade when shares were flat. In the midday market rally, the stock was up 3%. We also bought Goldman Sachs to get more exposure to investment banking and capital markets.
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Jim Cramer noted Club name Broadcom as "a terrific place to be" after Jefferies named the stock a 2025 top pick. The analysts also raised their price target on the custom chipmaker to $300 per share from $225—implying more than 37% upside from Thursday's close. We took some profits on Tuesday after Broadcom made a parabolic move of more than 30% in the two sessions following last Friday's strong earnings print. The stock rose sharply in afternoon trading—pacing to break its three-day losing streak. Jim has expressed confidence in Broadcom's custom AI chip business, which is poised for significant growth in the years ahead.
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Club name Eli Lilly jumped roughly 5% on Friday after a study showed that competitor Novo Nordisk's next-generation obesity drug did not meet weight loss expectations. Novo shares plunged 17%. Citi analysts called the results a "best-case scenario" for Lilly. The update is also creating some relief in diabetes-related medtech companies like Club name Abbott Laboratories. Wall Street firm TD Cowen raised its Abbott price target by $5 on the stock to $135. Jim said he really likes the Abbott story for next year given the company has multiple levers of growth in its pipeline.
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Stocks covered in Friday's rapid fire at the end of the video were: FedEx, Nike, Vertex, and Darden. (Jim Cramer's Charitable Trust is long CRWD, GS, HD, AVGO, LLY, ABT. 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.
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