Here's the level to start buying Best Buy after its post-earnings surge

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. The S & P 500 and Nasdaq Composite declined Friday as Wall Street parses through a slew of fresh economic data. The personal consumption expenditures price index – the Federal Reserve's preferred inflation gauge – for April was mostly in-line with expectations.

New investors may consider buying Best Buy if shares fall another $1, Jim Cramer said, as the stock was trading around $80 apiece. "If you missed it, start buying ... because this could be a multi-quarter move," Jim said. Costco Wholesale shares fell 2.3% Friday, which Jim described as profit taking following a quality quarterly print. The retail giant posted an earnings and revenue beat on Thursday evening.

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