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. 1. Stocks fall, market oversold Stocks are lower again Friday, putting the S & P 500 on track for a third-straight week of declines for the first time since February. But the market is, at least, finally oversold, with the S & P 500 Short Range Oscillator at minus 4.54% following Thursday’s sell-off. So, even though it may feel painful to buy, our discipline says to put some money to work if you have it — and we certainly do, with a cash position north of 10%. That doesn’t mean one should expect an immediate oversold bounce. The market could always move lower and become even more oversold from here. But in these circumstances we always hold our noses and do a little buying in quality companies. Stay tuned. 2. Estee Lauder reports Prestige beauty company Estee Lauder (EL) managed to eke out a small profit for its fiscal fourth quarter, ahead of expectations for a loss. That’s not a complete surprise given CEO Fabrizio Freda has a strong track record of beating analysts’ forecasts, even if the bar was as low as it could be this time around. But the company’s profit outlook came in much lower than analysts predicted, sending the stock down more than 2% Friday morning. Still, Estee Lauder expects to return to organic sales growth in fiscal year 2024 and deliver sequentially improving margins throughout the year. We’ll provide a full analysis of the results later Friday. 3. Watch Palo Alto Networks Cybersecurity leader Palo Alto Networks (PANW) reports quarterly earnings after the bell Friday, with significant market uncertainty around the results. The stock is down roughly 18% since the start of the month amid a broader industry pullback. But cybersecurity remains an important area of investment for companies, and Palo Alto is the best in the space. So let’s give CEO Nikesh Arora the benefit of the doubt. Elsewhere,…
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