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.
1. Stocks are higher across the board Friday, with the S&P 500 up 0.3%, heading for its third straight positive week. The Nasdaq is up 0.6%, while the Dow Jones Industrial Average added 0.1%. This market has been "taken over by the bulls," Jim Cramer said Friday, citing a better-than-expected November jobs report as one catalyst.
"Nonfarm payrolls rose by 227,000, topping estimates of 220,000, while the unemployment rate edged up to 4.2% from 4.1%,"
The solid report gives the Federal Reserve room to cut interest rates at its upcoming policy meeting on Dec. 18. The market is already pricing in an 87% chance of a quarter-point cut, according to CME FedWatch. Jim says this "unleashes a lot of opportunity" for the market.
2. Shares of Constellation Brands got a 1.5% lift Friday after Wall Street firm Needham initiated coverage with a buy rating and a $280 price target, implying a 17% upside. Analysts said Constellation is strong in revenue growth and operating margins.
"If beer companies are exempt from tariff increases, Constellation stock 'is very very primed to go much higher,'"
Jim noted that without tariff concerns, the stock wouldn't be under as much pressure.
3. Looking to next week, Jim predicts strong earnings from Costco, which reports Thursday after the bell. The retailer's solid November comparable sales provide an early glimpse into its quarterly results.
"We will be watching for commentary on whether card scanners in the U.S. are creating an uptick in membership growth,"
Costco shares rose over 1% Friday as investors anticipate insights into pricing strategies driving traffic and management's take on inflation.
4. Stocks covered in Friday's rapid fire were: Lululemon, Ulta Beauty, Hewlett Packard Enterprise, Deere, and DocuSign.
(Jim Cramer's Charitable Trust is long STZ and COST.)