Jim Cramer’s CNBC Investment Club hosts a “Morning Meeting” livestream weekdays at 10:20 a.m. ET. A recap of Friday’s key moments. 1. Stocks rebounded Friday after the Supreme Court struck down most of President Donald Trump’s tariffs. The S&P 500 had fallen in early trading due to slowing GDP growth. In terms of portfolio changes, we decided on Friday to exit our position in Texas Roadhouse due to lackluster returns. Stocks opened higher as accelerating comp sales helped Wall Street avoid a spike in beef prices. “They have the worst real cattle problem in American history,” Jim Cramer said Friday. After that, stock prices fell. We also trimmed Qnity Electronics’ early rally after a recent strong performance in its DuPont spinoff. Qnity’s stock price has since fallen slightly. 2. The high court’s ruling that President Trump exceeded his authority with emergency tariffs has sparked much debate over whether the president would reimpose tariffs through another mechanism. As we wrote Thursday, the court’s decision is welcome news for consumer companies. “If you run a company like we do, a retailer like Nike, you’re probably going to be excited,” Jim said. On the other hand, Jim added, the market is “cautious about how much of an impact this will actually have on eliminating tariffs.” That’s probably why retail and consumer stocks didn’t rise much on the news, and most stocks fell. 3. Corning stock rose 7% on Friday after UBS raised its price target to $160 from $125, making it one of the biggest gainers in the S&P 500. This was a new all-time high. Analysts raised their revenue and profit forecasts based on the hyperscaler’s big capital spending plans. A portion of this spending will go towards Corning’s fiber optic cables and connectivity solutions to support AI data center expansion. Analysts believe there could be more capital spending revisions after Nvidia releases its earnings next week, which could result in more deals like Corning’s recent fiber-optic cable deal with Meta Platforms. “The way to solve the energy problem is going to be fiber in Nvidia chips,” Jim said, suggesting that would be a big tailwind for Corning. (Jim Cramer’s charitable trusts are long with NKE, GLW, and NVDA. See here for a complete list of stocks.) As a subscriber to Jim Cramer’s CNBC Investment Club, you will receive trade alerts before Jim makes a trade. After Jim sends a trade alert, he waits 45 minutes before buying or selling stocks in his charitable trust’s portfolio. If Jim talks about a stock on CNBC TV, he will issue a trade alert and then wait 72 hours before executing the trade. The above investment club information is subject to our Terms of Use and Privacy Policy, along with our disclaimer. No fiduciary duties or obligations exist or arise from your receipt of information provided in connection with the Investment Club. No specific results or benefits are guaranteed.
