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. U.S. stocks jumped Friday as Wall Street cheered a softer-than-expected jobs report — an encouraging sign that the Federal Reserve’s battle to tame inflation is working. “This is the kind of number you need that basically says the Fed is doing their job,” Jim Cramer said. Market gains were also driven by Club holding Apple stock, up more than 6% Friday after the iPhone maker posted a top and bottom line quarterly beat Thursday and announced a record-breaking stock buyback. Coterra Energy shares advanced 2% Friday after its solid quarterly earnings in the prior session. Coterra reported that oil production was above the high end of guidance and capital spending was below expectations, which led to higher profits and better free cash flow for the Club holding. Mizuho Securities analysts on Friday boosted Coterra Energy’s price target to $37 apiece from $34, arguing that the company once again defied naysayers and beat expectations. Eli Lilly stock declined 2% Friday after fellow drugmaker Amgen teased upbeat interim trial data for its experimental weight-loss drug. Amgen shares surged 12% on the news. Investors appear concerned that Amgen will challenge Lilly’s dominant position in the red-hot weight loss drug space, but we’re not concerned. Eli Lilly has built a defensive moat in the market, including its direct-to-consumer platform for the firm’s anti-obesity drug Zepbound. (Jim Cramer’s Charitable Trust is long CTRA, LLY, AAPL. 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 what’s driving Friday’s stock action in Apple, Coterra and Eli Lilly