Every weekday, the CNBC Investing Club with Jim Cramer hosts a live “Morning Meeting” at 10:20 AM ET. Here’s a summary of Friday’s key highlights. Stay Selective Buying Added to Estee Lauder Alphabet Watch 1. Stay Selective Buying The S&P 500 short-term range oscillator closed down 0.09% on Thursday, indicating the market is finally out of the overbought zone. This means that it is finally safe to start buying stocks after reducing our positions lately. But we remain cautious and selective about the stocks we choose to buy and end up looking for companies that promise big returns in the long term, not just in the short term. 2. Addition to Estee Lauder We bought more shares of Estee Lauder (EL) on Friday, taking advantage of the stock’s weakness relative to the broader market this year. While stocks fell after the cosmetics giant released conservative guidance for the current quarter, we are not bogged down by possible short-term issues. We still love Estee Lauder as a post-Covid zero game that reopens China’s economy. We are confident that the company will be able to return to growth mode in the future. 3. Alphabet Watch Alphabet (GOOGL) finally stabilized on Friday, the stock rose slightly. Parent company Google suffered its worst two-day downturn since March 2020 after Microsoft (MSFT) introduced a new AI-enhanced search experience for Bing — courtesy of startup OpenAI, creator of ChatGPT. We are also concerned about the Justice Department’s antitrust lawsuit against Alphabet over online advertising practices. While we have no immediate plans for our position on GOOGL, we are monitoring the situation. (Jim Cramer Charitable Foundation – long EL, GOOGL, MSFT. See full list of stocks here.) As a CNBC Investing Club subscriber with Jim Cramer, you will receive a trade notification before Jim completes the trade. Jim waits 45 minutes after sending a trade notice before buying or selling shares in his charitable foundation’s portfolio. If Jim was talking about a stock on CNBC, he waits 72 hours after a trade alert is posted before making a trade. THE ABOVE INFORMATION ABOUT INVESTMENT CLUB IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY, TOGETHER WITH OUR DISCLAIMER. NO FIDUCIARY RESPONSIBILITIES OR OBLIGATIONS ARE OR ARISING IN CONNECTION WITH YOUR RECEIVING ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTMENT CLUB. NO SPECIFIC RESULT OR PROFIT IS GUARANTEED.
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