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. Stocks wavering Club stocks soar China vaccine news Buying up more CTRA 1. Stocks wavering Stocks were mixed in midday trading Friday after rallying this morning following four consecutive days of losses. The S & P 500 Short Range Oscillator is still overbought at 6.53%, while the major stock indices are on track to close out the week with losses. Meanwhile, oil prices soared on expectations China could soon move to open its economy, with West Texas Intermediate crude — the U.S. oil benchmark — trading up 3.6%, at nearly $92 a barrel. 2. Club stocks soar on China news Investor hopes that China could loosen its restrictive zero-Covid policy also pushed shares of both U.S.-listed Chinese stocks and U.S. firms with China exposure higher Friday. But Beijing has not officially signaled any change in its draconian Covid-19 restrictions, which have significantly hampered the world’s second largest economy for nearly three years. Shares of Estee Lauder (EL) jumped nearly 7% Friday, to roughly $207.32 a share. We continue to see solid potential for the cosmetics giant, which relies on China for roughly 36% of its revenue, once Chinese authorities open up the economy. The same goes for Starbucks (SBUX), which gained nearly 9% on Friday and was trading around $92.2 a share. We are bullish on the company’s plans to expand in China, where it currently does about 13% of its sales. 3. Buying up more CTRA We’re buying 100 shares of Coterra Energy (CTRA) Friday after the company reported a solid third-quarter earnings beat , robust free cash flow and a dividend raise late Thursday. Shares were down nearly 9%, at $27.94 a share in midday trading, likely on an aspect of the report showing Coterra’s total proved reserves will decrease year-on-year. But that give us a chance to buy on the dip. (Jim Cramer’s Charitable Trust is long CTRA, EL, SBUX. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
3 takeaways from our daily meeting: Equities mixed, hopes for China reopening, buying Coterra
This article was originally published by Cnbc.com. Read the original article here.