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 Friday’s key moments. There’s a Fork in the Market Quick Hit: AMZN, PG, DHR, AAPL Club Events to Watch for Next Week 1. There’s a Fork in the Market Stocks fell on Friday after FedEx (FDX) feared a deterioration of the global economy had warned. Transportation stocks are typically viewed as guard rails for the economy. Wall Street was heading 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 Thursday that he believes the global economy is headed for a recession. As we try to figure out how much of FedEx’s guidance is due to macroeconomic headwinds versus potential problems for the company, we’re sure of one thing. There are two markets right now: one that is defensive and not economically sensitive, and another that is still being impacted by the state of the global economy and the strong dollar. 2. Quick Win: AMZN, PG, DHR, AAPL As Amazon (AMZN) does business with FedEx, we stand by our decision to buy more stock if it hits $120. We are bullish on Procter & Gamble (PG), a defensive stock, as it sells off consumer staples and its commodity costs are beginning to fall. We bought 25 more shares on Friday. Danaher (DHR) is doing everything right, especially given the positive earnings forecast and plans to separate the Environmental and Applied Solutions unit. That’s a big win for shareholders like us. Looks like Apple (AAPL) has a huge number of orders for its new iPhone 14 Pro and Pro Max, leading us to believe the stock is a buy when shares are falling. 3. Club events to watch out for next week While Nvidia (NVDA) CEO Jensen Huang often excites investors when he talks about the company, we’re not sure what’s in store for us at the GTC conference on March 19 by September 22, after the company warned of challenging gaming conditions and chip export restrictions in August. Salesforce (CRM) is holding its Dreamforce software conference on September 20-22. However, Jim said on Friday that the stock is not a buy at the moment as a significant portion of its business is overseas, hurt by the strong U.S. dollar. Qualcomm (QCOM) is holding its Automotive Investor Day on September 22nd. We added additional shares last week as we continue to believe that the stock’s undemanding forward earnings multiple does not properly reflect the company’s efforts to diversify into automotive and Internet of Things revenue streams. Costco (COST) will report its fourth quarter results on September 22nd. CEO Craig Jelinek told Jim on Tuesday that he expects inflation to turn around in six to 12 months. Looking at the wholesaler’s monthly sales numbers, they remain strong even as inflation persists. (Jim Cramer’s Charitable Trust is long AMZN, AAPL, CRM, DHR, PG, NVDA, QCOM. 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 charitable foundation’s portfolio. When Jim spoke about a stock on CNBC television, he waits 72 hours after the trade alert is issued before executing the trade. THE ABOVE INVESTMENT CLUB INFORMATION IS GOVERNED BY OUR TERMS AND CONDITIONS AND PRIVACY POLICY ALONG WITH OUR DISCLAIMER. NO OBLIGATION OR OBLIGATION SHALL BE OR CREATED BY YOUR RECEIVING OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC RESULT OR PROFIT IS GUARANTEED.
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Three takeaways from Friday’s assembly, together with how defensive performs win on this two-sided market
