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. 1. The Nasdaq is getting crushed Friday, losing more than 2% on the post-earnings declines in Amazon and Intel. Wall Street is about to close the books on a tough October for tech stocks. The Nasdaq is down 4.7% month-to-date. Jim Cramer said he can't rationalize selling Intel after dropping 28% on Friday. However, he said he feels had on the recent secondary offering designed to raise money to fuel more spending. That's because CEO Lip Bu Tan was such a big buyer of those new shares. "Did I get fooled? I used poor judgment because I believed in the longer-term story without thinking about the short-term story," Jim said. We usually like it when CEOs buy their own stock. Friday's selling "is not a clearing event," as far as Jim can see. Intel stock is still up nearly 80% year-to-date. That's why he can't recommend buying Intel's decline. Amazon , on the other hand,…
Jim Cramer reveals 3 stocks to buy — plus, why he is not selling the Intel plunge
In short
Intel plunged 28% following a secondary offering, leading Jim Cramer to hold his position rather than buy more or sell, given its massive year-to-date run. Meanwhile, Cramer identified Amazon, Starbucks, and FedEx as strong buying opportunities despite recent market pressures. Starbucks, in particular, achieved margin improvements a year ahead of schedule while offering an optimistic holiday outlook.
Key points
- Jim Cramer recommends holding Intel shares without adding to the position because the rec…: Jim Cramer recommends holding Intel shares without adding to the position because the recent plunge was not a clearing event.
- Amazon and Starbucks represent solid buying opportunities as their underlying business op…: Amazon and Starbucks represent solid buying opportunities as their underlying business operations remain stronger than recent declines suggest.
- Investors should refrain from chasing the immediate gains of FedEx despite its strong qua…: Investors should refrain from chasing the immediate gains of FedEx despite its strong quarterly performance.