Every weekday, CNBC Investment Club will host a live “Morning Meeting” with Jim Cramer at 10:20 a.m. ET. Here’s a look back at Friday’s key moments. Stocks rose on Friday as Wall Street tried to end a tumultuous week on a cheery note. The Dow Jones Industrial Average rose more than 600 points, or 1.6%. The S&P 500 and Nasdaq rose 1% and 0.75%, respectively. The market’s biggest winners on Friday included companies such as club name Stanley Black & Decker, which stand to gain hugely from the Fed’s interest rate cuts. An encouraging inflation report released Friday morning set the stage for the Federal Reserve to cut interest rates at its September policy meeting. We trimmed our position in Stanley Black & Decker as Friday’s surge pushed week-to-date gains to about 10%. Amid the wreckage of Dexcom’s second-quarter earnings report, there was good news for club-owned Abbott Laboratories. Dexcom shares fell 40% on Friday after the diabetes management company reported lower-than-expected revenue between April and June and slashed its full-year sales guidance. Dexcom and Abbott compete in the continuous glucose monitor (CGM) market, and we just learned from Abbott that sales of its CGM device, FreeStyle Libre, grew 20% in the second quarter to $1.6 billion. Dexcom attributed its problems to factors including a sales team restructuring and higher-than-expected rebate absorption rates for the new G7 CGM. Regardless, the company says it lost some market share. Abbott may have regained that lost ground, which is further evidence that its business fundamentals remain strong despite the legal hangup over infant formula. Abbott shares rose 0.75% on Friday. Club name Dover saw some price target upgrades following a strong second-quarter earnings report Thursday morning. Mizuho Securities raised its target price per share to $200 from $185 and maintained an Equal Buy rating – in line with our outlook on the stock. Analysts are optimistic about Dover’s order momentum, noting that its biopharmaceutical business is “firmly recovering.” Baird set a new target price on Dover of $219 per share, up from the previous price target of $208. Dover shares edged lower on Friday despite the positive research. But that’s hardly a problem. It looks like just some profit-taking after shares rose 5.7% on Thursday. (Jim Cramer’s Charitable Trust buys SWK, ABT, and DOV. See here for a complete list of stocks.) As a subscriber to Jim Cramer’s CNBC Investing Club, you will receive trade alerts before Jim makes his trades. Jim waits 45 minutes after sending a trade alert before buying or selling stocks in his charitable trust portfolio. If Jim talked about a stock on CNBC TV, he would wait 72 hours after issuing a trade alert before executing the trade. The investment club information above is subject to our Terms and Conditions and Privacy Policy and our Disclaimer. No fiduciary duty or obligation is created or created by any information you receive in connection with the Investment Club. No specific results or profits are guaranteed.
