Flashback Friday: What's the Market Smoking?
TheStreet
Here's what you're missing on TheStreet.

Happy Fri-yay!

With the continued market sell-off, the weekend couldn't come fast enough. 

Now we can all take a deep breath and head over to happy hour. 

But first, here's what you need to know before you order that drink. 

Stocks fell sharply on Friday, Dec. 7, after initially rising following a report that said jobs growth in the U.S. in November declined and the unemployment rate remained at a half-century low even amid signs the world's largest economy might be slowing down.

The Labor Department said Friday that non-farm payrolls rose by 155,000 last month, down from 250,000 in October. Economists had projected a gain of 195,000 jobs. The unemployment rate was unchanged at 3.7%, the lowest in 49 years. Average hourly earnings rose by 6 cents to $27.35, leaving them up 3.1% over the past year.

The Dow Jones Industrial Average fell 559 points, or 2.24%, to 24,388, the S&P 500 declined 2.33%, and the Nasdaq slid more than 3% as tech shares like Apple Inc. (AAPL) and Alphabet Inc. (GOOGL) each fell about 3%.

Pot Stocks Get High

A rising tide was lifting all pot stocks Friday after cigarette maker Altria Group (MO) invested $1.8 billion (C$2.4 billion) in Canadian cannabis company Cronos Group (CRON) , sending the stock jumping more than 30%, reports TheStreet's Tony Owusu.

This is the second major pot partnership to be confirmed in recent months after beer maker Constellation Brands Inc. (STZ) paid $4 billion to boost its stake in Canopy Growth  (CGC)  to 38%. The company also purchased warrants giving it the option to increase that to a majority stake in the future, much like the structure of Altria's deal.

When the bell ended trading for the week, Cronos was up 21.72% to $12.72 a share. Tilray (TLRY) closed up over 1% to $100.25. Canopy Growth was up 3.4% to $31.40 and nearly 8% to $7.60. 

Football Isn't the Only Thing Jim Cramer Is Watching

Jim Cramer weighed in on the oil industry after the OPEC meeting earlier this week

Members of OPEC and non-members agreed to cut oil production by 1.2 million barrels a day, for six months starting in January.

But that's not all. He also reacted to the jobs report, which was released before the market opened on Friday, Dec. 7.

A report from the Labor Department on Friday showed that nonfarm payrolls rose by 155,000 in November, down from 250,000 in the prior month. Economists had projected a gain of 195,000 jobs.

Cramer explained why he wasn't surprised when the report came out weaker than expected.

Facebook's Morale Mismanagement

Cramer also broke down why Facebook (FB) is Real Money's stock of the day.

Kevin Curran, reporter for Real Money, wrote about the management issues that Cramer discussed with Katherine Ross.

Curran breaks down why Cramer believes that Facebook should fire Sheryl Sandberg.

Earlier this week, the Menlo Park, Calif., headquartered social media behemoth fell to seventh place on employment site Glassdoor's annual ranking of employers for 2019, knocking the company from the top spot it held 2018. Meanwhile, a report from the Wall Street Journal highlighted an overall more pessimistic outlook for the company.

A recent Facebook employee survey taken by nearly 29,000 employees suggests that 52% were optimistic about Facebook's future, down from 84% in the prior year. Meanwhile, tenure expectations declined by 10% from the prior year.

The consistent bad news from the upper echelon of the company has prompted calls for Zuckerberg and COO Sheryl Sandberg to lean out of the picture at the company.

In case you missed it: Sandberg has come under fire for her investigations of the controversial billionaire George Soros and inquiries into short sellers on the stock.

Welp. 

Facebook, Apple and Alphabet are holdings in Jim Cramer's Action Alerts PLUS member club

See y'all on Monday. Till then, stick with TheStreet for all of the latest financial news. 

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