Cramer says Broadcom is a buy for new investors, Apple stock’s less ‘treacherous’

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. U.S. stocks surged Friday following better-than-expected labor data. Nonfarm payrolls rose 139,000 in May, above the Dow Jones estimate of 125,000. The S & P 500 jumped more than 1% in early trading as a result, reaching levels not seen since late February. It’s great news, given U.S. corporations have been bracing against the impact of tariffs and the potential of a weakening economy. “Sometimes you get an employment number that really threads the needle,” Jim said. The Friday rally follows a late Thursday session sell-off due to a public feud between President Donald Trump and Tesla CEO Elon Musk. The plunge in the EV maker’s shares brought down the overall market. 2. Broadcom stock is down more than 2% Friday, a session after the chipmaker’s quarterly earnings report. The second-quarter print was great and its AI business continues to impress us. Still, the stock is dealing with some profit-taking following a big move into the Thursday evening earnings release. New Investors should buy Broadcom at current levels, Jim said. That’s because the long-term story for this stock is fantastic. 3. Apple’s annual worldwide developer conference kicks off Monday. Investors will watch closely for updates regarding its generative artificial intelligence system, Apple Intelligence. This follows a rocky year-long rollout of its new AI features like an improved Siri, which Jim described as “a bust.” The iPhone maker’s dealing with a slew of other troubles as well. Although the software-focused event is typically not a material catalyst, it was in 2024 and this year may surprise us again. “What I like about this is that it can bounce,” Jim said of Apple shares. “That makes it so it’s not nearly as treacherous as I thought it’d be.” 4. Stocks covered in Friday’s rapid fire at the end of the video were: Lululemon, McDonald’s , MP Materials, and Applied Materials . (Jim Cramer’s Charitable Trust is long AVGO, AAPL. 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.View Article Origin Here