Jim Cramer’s CNBC Investment Club hosts a “Morning Meeting” livestream every weekday at 10:20 a.m. ET. A recap of Thursday’s key moments. 1. Stocks were little changed Thursday as Wall Street missed mixed labor market data. The announcement of U.S. job cuts in November brought the annual total to more than 1.1 million, the highest level since 2020, according to employment agency Challenger, Gray & Christmas. However, the number of new jobless claims for the week ending November 29 was lower than expected. Despite quiet trading, the market is still overbought, says Jim Cramer. In other words, we have no plans to inject new funds at this time. Meta Platforms outperformed the portfolio. Shares rose 4% after Bloomberg reported that Facebook’s parent company plans to make significant cuts to its Metaverse division. 2. Costco announced that its US sales for November were slightly down from the previous month, and its stock price fell 3%. However, companywide same-store sales rose 6.9% last month, an acceleration from October’s 6.6% increase. According to Jim, Thursday’s drop in stock price is not yet a buying opportunity because the multiple is still too high. “Costco has had its share of downturns, but over the long term it’s one of the best-performing companies in history,” he added. 3. Salesforce stock rose Wednesday night after management raised its outlook for a significantly higher quarterly profit. The company reported slightly below revenue. All paid transactions conducted by Agentforce, Salesforce’s AI-powered platform, during the quarter were well received. Still, the introduction of generative AI continues to pose risks to Salesforce’s seat-based business model. CEO Marc Benioff will appear on “Mad Money” Thursday. 4. The stocks mentioned in rapid succession Thursday at the end of the video were Snowflake, Five Below, Hormel Foods, PayPal, and Kroger. (Jim Cramer’s Charitable Trust is long META, CRM, COST. 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.
