3 takeaways from our daily meeting: Stocks teeter, an oil trim, obesity drug fast track

Published Thu, Oct 6 202212:18 PM EDT

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. Stocks teeter Selling high, considering buying Quick mentions: LLY, COST 1. Stocks teeter Stocks swayed on Thursday after starting the week with sharp gains that puttered out by Wednesday. The short-lived rally was undercut by hawkish comments from the Federal Reserve on potential further interest rate hikes to combat inflation, Jim Cramer said. Investors are watching for key pieces of economic data for clues about how the Fed may proceed at its next meeting on Nov. 2, including the latest monthly report on nonfarm payrolls from the U.S. Bureau of Labor Statistics on Friday, Jim explained. 2. Selling high, considering buying Oil continued to edge higher Thursday in the wake of a decision by OPEC and its oil-producing allies, led by Russia, to cut crude production by 2 million barrels per day in November. U.S. oil benchmark West Texas Intermediate, which climbed more than 10% in the first three days of the week, was trading up 0.67%, at $88.3 a barrel, on Thursday. As a result, we're selling 200 shares of Devon Energy (DVN) into strength. We plan to take the cash from this sale and buy more shares of our stocks that haven't run up as much. In other words, we are selling high and looking to buy low. We're eyeing Estee Lauder (EL), which we believe will have a great next quarter, and Constellation Brands (STZ) as stocks we could potentially buy into weakness. 3. Quick mentions: LLY, COST Here are updates on two Club names: The U.S. Food and Drug Administration fast tracked the approval process for Eli Lilly 's (LLY) obesity treatment, which is already approved for type-2 diabetes. Jim reiterated his prediction that Tirzepatide could become "the greatest selling drug of all time." While The Wall Street Journal reported Thursday that Costco (COST) is not yet planning to cut costs despite lower shipping and commodities expenses, we take the report with a grain of salt and remain loyal to a Club favorite. "Costco remains exactly the story we said it was, which is that they're the number one [in retail]," Jim said. (Jim Cramer's Charitable Trust is long COST, LLY, DVN, EL, STZ. 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.