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. Stocks head for a winning week Questions about on our banks Key events coming up next week 1. Stocks head for a winning week Stocks got a boost Friday from a drop in the U.S. dollar, sending the S & P 500 up more than 1%. A strong greenback can be a headwind for multinational companies doing business overseas. Despite this week’s strength, the market is still oversold, according to the S & P 500 Short Range Oscillator . Oil was heading for a second straight weekly decline even though WTI crude rising 3% on Friday. We have made some trades in our oil stocks the last couple weeks to book some profits and reduce our overweight energy exposure. In this still-oversold market, we added 100 shares of Qualcomm (QCOM) at about $132 each. The semiconductor company will be hosting its auto investor day later this month, which could be a positive catalyst for the stock. Recently, the company partnered with Meta Platforms (META) to make custom chips for the Facebook-parent’s virtual reality headsets in a multi-year agreement. QCOM stock has had some strength this week, up about 2% on Friday but still down roughly 13% since the mid-August top of the market’s summer rally. 2. Questions about our bank holdings While banks are sensitive to a slowing economy, we think Club holdings Wells Fargo (WFC) and Morgan Stanley (MS) are solid picks for their dividend yields and buyback programs. “I like to think of Morgan Stanley more as an asset gatherer and I think they’re executing well on that strategy, driving fee-based revenues,” said Jeff Marks, director of portfolio analysis for the Club. As for Wells Fargo, we think the bank can benefit from higher rates while restructuring to reduce expenses. 3. Key events coming up next week Club holding Starbucks (SBUX) will hold its Investor Meeting this coming Tuesday. We hope to get more insights into the coffee giant’s investments to upgrade the customer experience. We like the vision Howard Schultz and Starbucks incoming CEO Laxman Narasimhan laid out in this week’s CNBC interview . On Tuesday and Wednesday, the government is set to release its readings on consumer prices and wholesale prices for August. These two reports are going to be extremely important as investors try to gauge whether the Federal Reserve later this month will hike interest rates by 75 basis points at a third straight meeting. Club holding and health insurer Humana (HUM) will hold its Investor Update on Thursday. We’re looking for more color around the company’s earnings growth target and its Medicare Advantage product offering. And finally, the Investing Club will be hosting our “Monthly Meeting,” also on Thursday, where we will be looking at the portfolio and answering member questions. (Jim Cramer’s Charitable Trust is long WFC, MS, SBUX, QCOM, META and HUM. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert 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 issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
3 takeaways from the Investing Club's ‘Morning Meeting’ on Friday
