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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 stock market gained ground Thursday after the ADP private sector jobs report showed much weaker-than-expected hiring in August. The data boosted the already near 100% market odds on a Federal Reserve interest rate cut at its policymaking meeting later this month. “I do think that things are slowing down” in the labor market, Jim Cramer said on the Morning Meeting. But he did note that ADP’s numbers are not always the best read-through for the government’s monthly employment, which will be released Friday morning. “I have always felt that whether you think the [government] number is right or wrong … it’s what people trade off of. You can dismiss it. But the market doesn’t dismiss it,” Jim stressed. 2. Salesforce shares dropped more than 5% on Thursday after the enterprise software company Wednesday evening issued disappointing guidance alongside quarterly revenue and earnings beats. Jim interviewed Salesforce CEO Marc Benioff on “Mad Money” shortly after the release. Jim said Benioff was adamant that everything was “really, really good,” and ignored that “if you missed the analyst consensus, it mattered.” The Club stock has taken a hit recently on growing sentiment that AI is eating into software, which prompted our downgrade last month to a hold-equivalent 2 rating. Looking ahead, Club name Broadcom reports earnings after Thursday’s closing bell. There’s reason to believe the custom chipmaker may have fared better during the quarter than one of its rivals. 3. Texas Roadhouse was downgraded to a hold-equivalent rating from an outperform buy at Evercore ISI. The analysts expressed concern that rising beef prices could strain the restaurant’s upside next year. Jim said he is not in favor of Texas Roadhouse trying to offset commodity costs with higher menu prices. “If they stay the course and beef plunges, they’re going to make a lot of money,” Jim said. As for how we’re thinking about the Club name, Jim said he still would wait for the stock to fall below $168 before he would consider buying back shares sold higher back in May. Texas Roadhouse fell about 1% on Thursday to just under $170 per share. 4 . Stocks covered in Thursday’s rapid fire at the end of the video were: Hewlett Packard Enterprise, Ciena , American Eagle Outfitters , GAP , and Figma . (Jim Cramer’s Charitable Trust is long AVGO, CRM, TXRH 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.
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