Why Cramer thinks Foot Locker's surprising results are 'very encouraging'

Published Wed, Nov 29 202311:00 AM EST

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 Wednesday's key moments. 1. U.S. stocks climbed higher in midmorning trading Wednesday, with the S & P 500 up 0.4%, bolstered by fresh data showing the economy grew at a faster rate than initially thought in the third quarter. U.S. gross domestic product expanded by 5.2% on an annual basis last quarter, the Commerce Department said Wednesday, as inflation continues to decelerate. At the same time, bond yields retreated, with that of the 10-year Treasury falling below 4.3% for the first time since September. Oil prices edged down by around 0.6% ahead of a meeting of the Organization of the Petroleum Exporting Countries and its oil-producing allies on Thursday. West Texas Intermediate crude was trading just under $76 a barrel. 2. Club holding Foot Locker (FL) reported better-than-expected quarterly results Wednesday before the opening bell, while saying it saw strong sales over the Thanksgiving holiday weekend. The surprise beat sent shares soaring by more than 17%, to trade just under $28 apiece. "I go back and forth with Mary Dillon as CEO," Jim Cramer said Wednesday, noting the footwear retailer's string of disappointing quarters. But, he added, the latest results are "very encouraging" and could indicate that Dillon's "Lace Up" turnaround strategy is at last delivering. Stay tuned for comprehensive Club analysis of the results later Wednesday. 3. Club holding Salesforce (CRM) reports quarterly results after the closing bell Wednesday, with artificial intelligence in focus. We're hoping to see continued discipline on the bottom line — including improved profitability, free-cash-flow generation, management of share dilution, and no large scale mergers and acquisitions. This past year was all about managing costs. But can Salesforce now start to reinvigorate growth through its AI endeavors? (Jim Cramer's Charitable Trust is long FL, CRM. 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.