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. Stocks fall on strong jobs report, high bond yields U.S. equities were mainly lower Friday morning, with the S & P 500 down 0.13% following a stronger-than-expected September jobs report . Hiring surged in the U.S. last month as the economy added 336,000 jobs, the Labor Department reported Friday, a development that could prompt the Federal Reserve to raise interest rates one more time this year. Bond yields soared on the news, pressuring stocks, with that of the 10-year Treasury climbing above 4.8%. But Jim Cramer said selling stocks on an economy that’s putting many people to work, with little wage inflation, makes no sense. 2. Don’t sell Pioneer The Wall Street Journal reported Friday that Exxon Mobil (XOM) is close to buying Club holding Pioneer Natural Resources (PXD) in a deal that could be valued at roughly $60 billion. The report said a deal could happen in the coming days, but cautioned it’s possible there won’t be one. Jim said Friday that a potential sale could be CEO Scott Sheffield’s “final effort to get a great price for Pioneer.” He added: “I do think there will be a deal, so I don’t advise anyone anyone selling the stock.” Shares of Pioneer soared more than 9% Friday, to $235.44 apiece. 3. Stick with Eli Lilly Bank of America on Friday raised its price target on Club name Eli Lilly (LLY) to $700 a share, up from $600, while maintaining a buy rating on the stock. The firm is bullish on shares ahead of diabetes treatment Mounjaro’s likely U.S. approval in the fourth quarter to treat obesity, along with signs of broader insurance reimbursement for related drugs. BofA also added Lilly’s next-generation obesity drugs, including an oral pill, to its model. With the stock up more than 2% Friday, at roughly $553 a share, Jim urged investors not to sell on the premise shares have plenty more room to run. (Jim Cramer’s Charitable Trust is long PXD, LLY. 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.
Cramer says investors should stick with oil firm Pioneer amid acquisition report
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