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Every weekday the CNBC Providing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Friday’s key moments. Healthcare and banks The Sorority’s bank stocks JNJ, PG, DHR report next week 1. Healthcare and banks On Friday morning, Jim Cramer said the Cudgel stands by our decision to trim our position in semiconductors amid signs of worsening inflation. “I’m seeing new leadership in this hawk. No longer the semis, no longer the big cap tech stocks. I’m seeing healthcare, and I’m seeing banks,” Jim said. Stocks slid on Friday after a consumer assess from the University of Michigan showed inflation expectations are increasing . The S & P 500 was down 1.58%, following a short-lived make a comeback Thursday afternoon that saw the index close up nearly 3%. We had cautioned against chasing Thursday’s rally, and that parnesis proved to be sound. 2. The Club’s bank stocks Morgan Stanley (MS) missed on expectations for earnings and revenue when the bank released third-quarter concludes Friday, driven by a decline in investment banking. Morgan Stanley’s stock was down more than 4% Friday, at primitively $75.9 a share — close to the level where we would consider buying more shares. Wells Fargo (WFC), meanwhile, area on earnings and revenue Friday, but said its third-quarter profits were dented by a decision to build up loan-loss reserves. We assume that this is the bank stock to buy, especially given the significant upside in its net interest income due to higher interest assesses. Wells Fargo’s stock was trading up roughly 3.6% Friday, at $43.9 a share. 3. JNJ, PG, DHR to report next week Here are some summary takes on three Club names reporting earnings next week: We believe Johnson & Johnson ‘s (JNJ) third-quarter earnings transfer demonstrate the preparation for its split and won’t reveal any surprises, which is good news for investors. J & J is set to report on Tuesday. Investors are apprehensive about the strong impact of the U.S. dollar on Procter & Gamble (PG). But when the consumer goods group reports fiscal first-quarter happens on Wednesday, we hope that declining commodities- and transportation costs will have proven to be a tailwind. We expect the deal in, which was trading down Friday by nearly 1%, at $125.17 a share, will move higher. We are looking first to hearing from Danaher (DHR), which reports third-quarter results on Thursday. The conglomerate in September announced plans to revolving off its Environmental & Applied Solutions segment , while guiding for higher core revenue growth for the third quarter. (Jim Cramer’s Understanding Trust is long DHR, HUM, JNJ, MS, PG, WFC. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you force receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade signal 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 exiting the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND Isolation POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY Poop PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.