Every weekday, the CNBC Investment Club with Jim Cramer hosts a live “Morning Meeting” broadcast at 10:20 a.m. ET. Here’s a recap of Friday’s key moments. Stocks rose Friday as Wall Street tried to end a turbulent week on a jubilant note. The Dow Jones Industrial Average added more than 600 points, or 1.6%. The S&P 500 and Nasdaq Composite added 1% and 0.75%, respectively. Among the biggest gainers in Friday’s market were companies, such as Club name Stanley Black & Decker, that would see an outsized benefit from a Federal Reserve rate cut. The gains follow an encouraging inflation report Friday morning that keeps the stage set for the U.S. central bank to cut rates at its September policy meeting. With Friday’s surge pushing its week-to-date gains up to about 10%, we trimmed our position in Stanley Black & Decker. Amid the wreckage of Dexcom’s second-quarter earnings report, there’s good news for Abbott Laboratories, which has stock in the Club. Dexcom shares plunged 40% on Friday after the diabetes management company reported weaker-than-expected revenue for the April-June period and cut its full-year sales outlook. Dexcom and Abbott compete in the continuous glucose monitor (CGM) market, and we just heard from Abbott that sales of its CGM device, FreeStyle Libre, rose 20% in the second quarter to $1.6 billion. Dexcom attributed its woes to factors such as sales force restructurings and higher-than-expected discount take-up for its new G7 CGM. Be that as it may, the company said it lost some market share. And Abbott may have regained that lost ground, which is further evidence that its business fundamentals are strong despite the continued legal bloat on infant formula. Abbott shares added 0.75% on Friday. Club name Dover saw some price target increases following the industrial conglomerate's strong second-quarter earnings report Thursday morning. Mizuho Securities raised its price target to $200 per share from $185 and maintained its equivalent rating of buy, which is in line with our own outlook on the stock. Analysts are optimistic about Dover's order momentum and noted that its biopharmaceutical business is “firmly recovering.” Baird's new price target for Dover is $219 per share, up from $208 previously. Despite the positive research, Dover stock was down slightly on Friday. But it's not a concern. It just looks like a bit of profit-taking after a 5.7% surge on Thursday. (Jim Cramer's Charitable Trust is long SWK, ABT, and DOV. See here for a full list of 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 INVESTMENT CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND OUR DISCLAIMER. NO FIDUCIARY OBLIGATION OR DUTY EXISTS OR IS CREATED BY VIRTUE OF YOUR RECEPTION OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTMENT CLUB. NO SPECIFIC RESULTS OR EARNINGS ARE GUARANTEED.
