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. The S & P 500 and Nasdaq Composite declined Friday as Wall Street parses through a slew of fresh economic data. The personal consumption expenditures price index – the Federal Reserve’s preferred inflation gauge – for April was mostly in-line with expectations. But the Chicago PMI, a measure of health for the region’s manufacturing sector, hit its lowest level since May 2020. Softer economic releases have recently been a positive for stocks as the U.S. central bank attempts to tame sticky inflation. This release, however, may have been too weak for the market. Shares of Club holding Best Buy were lower Friday after a 13.4% surge in Thursday’s session in response to its quarterly earnings report . Despite a revenue miss, Best Buy’s profits topped expectations, and management indicated that artificial intelligence-integrated PCs and other new devices will be a key catalyst for the electronics retailer. That’s why we started buying the stock in the first place. New investors may consider buying Best Buy if shares fall another $1, Jim Cramer said, as the stock was trading around $80 apiece. “If you missed it, start buying … because this could be a multi-quarter move,” Jim said. Costco Wholesale shares fell 2.3% Friday, which Jim described as profit taking following a quality quarterly print. The retail giant posted an earnings and revenue beat on Thursday evening. Investors should not be concerned about the dip because Costco has a history of pulling back after fiscal results. “There’s nothing wrong with Costco whatsoever,” Jim said. “It was a perfect quarter.” In light of the report, we raised our price target on the stock to $875 a share from $800. (Jim Cramer’s Charitable Trust is long BBY, COST. 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.
Here’s the level to start buying Best Buy after its post-earnings surge