Jim Cramer’s CNBC Investment Club hosts a “Morning Meeting” livestream every weekday at 10:20 a.m. ET. A recap of Friday’s key moments. 1. Stocks rose on Friday, led by a rally in Big Tech stocks as AI trading looks to regain momentum. Nvidia shares rose nearly 3% after Bernstein noted that the company trades at a forward P/E ratio of 25 times, which puts it in the 11th percentile of valuation over the past 10 years. That’s cheap for the AI chip leader. The market strength spread across the semiconductor group, with Broadcom, AMD, and Micron all gaining. One stock that didn’t participate in the rally was Nike. Shares in the sneaker and sportswear maker fell 9.5% over the past day after it reported strong financial results but a disappointing outlook. 2. Jim also highlighted an outstanding year for Wells Fargo under CEO Charlie Scharf. “Don’t bet on Charlie,” he said late Thursday after the Wall Street Journal reported that the bank had risen to seventh place on the U.S. M&A League table from 14th place last year. The bank advised on high-profile transactions, including Netflix’s bid for Warner Bros. and Union Pacific’s bid for Norfolk Southern. Financial stocks have fallen sharply this year, and we cut our position in Capital One on Friday, locking in a big rally. On Thursday, we raised Capital One’s price target from $250 to $270 and lowered its rating to ‘2’. Additionally, they raised Goldman Sachs’ price target to $925 from $850 and Wells Fargo’s price target to $96 from $90. 3. Boeing shares rose 2.6% on Friday after JPMorgan reiterated the company as a top stock while raising its price target to $245 from $240, implying a 15% upside from its current price of $213 per share. Analysts say the path to growth for aerospace manufacturers is simple: build and deliver more aircraft. Cash flow expectations have declined, but JPMorgan believes it has at least a $10 billion outlook by the end of 2010. Jim said he likes the stock as a buy on Friday. He called Boeing a “long-term idea” given its strength in the travel industry. 4. Stocks mentioned in rapid succession on Friday at the end of the video were FedEx, Conagra Brands, KB Home, Oracle, and CoreWeave. (Jim Cramer’s charitable trusts are long NVDA, AVGO, WFC, GS, COF, BA. 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.
