3 takeaways from Friday’s meeting, including how defensive plays are wins in this two-sided market
Every weekday CNBC Investing Club hosts a “Morning Meeting” live stream with Jim Cramer at 10:20 a.m. ET. Here’s a recap of Friday’s highlights. Market has a split Quick Hit: AMZN, PG, DHR, AAPL Club events to watch next week 1. Shares in FedEx ( FDX ) fell in the market on Friday after it warned about a worsening global economy. Transport stocks are generally seen as a bellwether for the economy. Wall Street was headed for a losing week that would more than erase the previous week’s gains. FedEx CEO Raj Subramaniam told Jim Cramer in an interview for “Mad Money” on Thursday that he believes the global economy is headed for recession. While we’re trying to figure out how much of FedEx’s guidance was due to macro headwinds versus any headwinds facing the company, we’re sure of one thing. There are currently two markets: one that is defensive and not economically sensitive and the other that is still hurting due to the state of the global economy and the strong dollar. 2. Quick Hits: AMZN, PG, DHR, AAPL While Amazon (AMZN) trades with FedEx, we stand by our decision to buy more shares if it hits $120. We are bullish on Procter & Gamble (PG), a defensive stock, because it sells consumer staples and its commodity prices are starting to fall. We bought another 25 shares on Friday. Danaher ( DHR ) is doing all right, especially considering its positive earnings announcement earlier and plans to spin off its Environmental and Applied Solutions unit. This is a big win for shareholders like us. Looking like Apple (AAPL), it has a large number of orders for its new iPhone 14 Pro and Pro Max, which leads us to believe that the stock is a buy as the stock bottoms out. 3. Club events to watch next week While Nvidia ( NVDA ) CEO Jensen Huang often surprises investors when he talks about the company, we’re not convinced the company’s challenging After the warning, what to expect at its GTC conference on September 19-22. Gaming conditions and restrictions on chip exports in August. Salesforce (CRM) held its Dreamforce software conference on September 20-22. However, Jim’s said on Friday that the stock is not a buy right now because a large portion of its business is overseas, which is being hurt by the strong US dollar. Qualcomm ( QCOM ) held its Automotive Investor Day on September 22. Last week, we bought more shares because we believe the stock’s unsolicited forward earnings multiple does not accurately reflect the company’s diversification efforts toward automotive and Internet of Things revenues. Costco (COST) will report its fiscal fourth quarter results on September 22. CEO Craig Jelinek told Jim on Tuesday that he sees inflation turning around in six to 12 months. Looking at wholesaler retailer monthly sales figures, they are strong despite inflation persisting. (Jim Cramer’s Charitable Trust long AMZN, AAPL, CRM, DHR, PG, NVDA, QCOM. See here for a complete list of stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you’ll receive trade alerts. Before Jim trades. Jim waits 45 minutes after sending a trade alert before buying or selling stocks in his charitable trust portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. The Investing Club information above is subject to our terms and conditions and privacy policy, along with our disclaimer. No formal obligation or duty exists, or is created, by reason of your receipt of any information provided in connection with Investing Club. No specific results or profits are guaranteed.