Every weekday, 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. Stocks rose Friday as Wall Street sought to end a turbulent week on a high note. The Dow Jones Industrial Average gained more than 600 points, or 1.6%. The S&P 500 and Nasdaq Composite gained 1% and 0.75%, respectively. Among the market's biggest winners on Friday were companies like club name Stanley Black & Decker, which would outsize benefit from a Federal Reserve rate cut. The gains follow an encouraging inflation report Friday morning, setting the stage for a rate cut by the Federal Reserve at its September meeting. With Friday's rise pushing gains to roughly 10% in weeks, we trimmed our position in Stanley Black & Decker. Amid the chaos surrounding Dexcom's second-quarter earnings report, there's good news for club holding Abbott Laboratories. Dexcom shares are plunging 40% on Friday after the diabetes management company delivered weaker-than-expected sales for the April-June period and significantly slashed its full-year revenue forecast. Dexcom and Abbott compete in the continuous glucose monitor (CGM) market, and we just heard from Abbott that sales of its FreeStyle Libre CGM device rose 20% to $1.6 billion in the second quarter. Dexcom attributed its woes to factors such as sales team restructuring and a larger-than-expected rebate expansion for its new G7 CGM. Be that as it may, the company said it lost some market share. And Abbott may have regained that lost ground, further evidence that the fundamentals of its business are strong despite the ongoing legal overhang in infant formula. Abbott shares gained 0.75% on Friday. Dover club name saw some upward price targets revised up following the industrial conglomerate's strong quarterly report on Thursday morning. Mizuho Securities raised its price target to $200 per share from $185 and maintained its Buy rating – which is in line with our own assessment of the stock. Analysts are optimistic about Dover's order momentum, noting that the biopharma business is “coming back strong.” Baird's new price target for Dover is $219 per share, up from $208 previously. Despite the positive research, Dover shares traded slightly lower on Friday. But that's hardly a cause for concern. It just looks like a little profit-taking after a 5.7% gain on Thursday. (Jim Cramer's Charitable Trust is long SWK, ABT and DOV. A full list of stocks can be found here.) As a subscriber to CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after he issues a trade alert before buying or selling a stock in his charitable foundation's portfolio. If Jim has discussed a stock on television on CNBC, he will wait 72 hours after the trade alert is issued before executing the trade. THE INVESTING CLUB INFORMATION ABOVE IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY, AS WELL AS OUR DISCLAIMER. NO FIDUCIARY OBLIGATION OR DUTY EXISTS AND WILL NOT BE CREATED BY RECEIVING INFORMATION RELATED TO THE INVESTING CLUB. NO PARTICULAR RESULT OR PROFIT IS GUARANTEED.
Carl Reiner has been an expert writer on all things MANLY since he began writing for the London Times in 1988. Fun Fact: Carl has written over 4,000 articles for Mans Life Daily alone!
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