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. U.S. stocks were mixed Friday after four straight days higher. The Dow was on track for its top weekly performance of 2024. The S & P 500 and Nasdaq were also poised for strong weekly gains. Jim Cramer described the run as “amazing,” citing the extra boost the market got from the Federal Reserve signaling Wednesday that it still expects three interest rate cuts this year. He cautioned, however, that investors should not speculate too much on when central bankers will cut rates. Instead, he said, quarterly earnings are a much better indicator of a stock’s future performance. Palo Alto Networks has been “overly punished” this year, Jim said, adding he’s considering when to buy more shares of the Club cybersecurity name. Shares have dropped roughly 2% year to date compared to the S & P 500’s gain of 9.8%. The Club was reassured by CEO Nikesh Arora’s remarks during “Mad Money” on Thursday evening. Arora was upbeat regarding customer engagement around the company’s new “platformization” strategy. Why is this important? The stock had its worst trading session last month since its 2012 IPO after management slashed its full-year revenue guidance because of this business strategy shift. The Club sees this as short-term pain for long-term gains. Wall Street analysts touted portfolio name Constellation Brands . Piper Sandler analysts initiated the Mexican beer powerhouse with a buy-equivalent rating and a $300-per-share price target. The analysts expect Constellation to grab long-term and sustainable share gains in the beer market. “People don’t seem to understand Modelo is now the beer of kings,” Jim said, forecasting that the stock will “go much higher.” Constellation is the maker of Modelo as well as Corona and Pacifico. (Jim Cramer’s Charitable Trust is long PANW, STZ. See here for a full list of the stocks.) As a…
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