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 Thursday’s key moments. 1. The S & P 500 and Nasdaq were both lower Thursday as Club stocks Meta Platforms and Microsoft tumbled despite delivering solid earnings Wednesday evening. While both raised their spending outlooks, it was Meta that really got crushed, sinking roughly 12%. Jim Cramer views the Meta drop as a buying opportunity, and the Club upgraded the stock to our 1 rating. Jim also believes Wednesday’s quarter-point Fed interest rate cut was a good move and was glad Fed Chairman Jerome Powell didn’t mention a December rate cut and get ahead of himself. “That’s going to defeat the purpose. That’s why I’m so glad about the housing stocks doing better today,” Jim said, in a nod to Club name Home Depot . 2. We also upgraded Microsoft to our 1 rating . Shares fell more than 3% on Thursday, wiping out gains from earlier this week on the OpenAI recapitalization news. “I’d be surprised if the stock finishes down,” said Jim, referring to Microsoft. Growth in overall revenue and Azure sales both beat estimates . “Their enterprise products, including Co-Pilot, are really short” on computing power, Jim added, arguing for why Microsoft needs to increase spending on AI capacity. Fellow Club names Amazon and Apple report earnings after Thursday’s closing bell. 3. Starbucks shares rose more than 1% on Thursday after the coffee giant said it saw same-store sales growth turn positive last month, with momentum continuing into October. Wednesday evening’s quarterly results from July to September showed progress in Starbucks CEO Brian Niccol’s turnaround plan. In a CNBC interview Thursday morning, Niccol told Jim the overhaul was ahead of schedule. Jim said he has been waiting to hear that, saying Niccol is doing “things that are really extraordinary.” Jim views Starbucks as a buy but said he would wait for the stock to come down to unchanged on the session. (Jim Cramer’s Charitable Trust is long AMZN, APPL, HD, MSFT, META, SBUX. 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.
