The CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream every weekday at 10:20 a.m. ET. On Friday, Wall Street bounced back after a rough day in the prior session, with bond yields rising due to “good economic data being viewed as bad news.” Despite this, Nvidia’s stock rose 9% post-earnings, although it stayed relatively stable on Friday. The Federal Reserve’s interest rate cut forecast was pushed back by Goldman Sachs to September from July, as higher rates are necessary to prevent inflation from becoming the biggest problem in America.
Eli Lilly announced a $5.3 billion investment to expand manufacturing at an Indiana plant, focusing on increasing production of weight loss drug Zepbound, diabetes treatment Mounjaro, and other medications. This brings Lilly’s total investment at the site to $9 billion from $3.7 billion. The company expects to start producing medicines at the site by the end of 2026, with operations scaling up through 2028. Cramer highlighted the demand for GLP-1s with tirzepatide as the active ingredient, which compete against Novo Nordisk’s offerings Wegovy and Ozempic.
Four Club names, including Salesforce, Best Buy, Foot Locker, and Costco, are set to report earnings next week. Cramer mentioned that he was considering buying Salesforce stock on a dip and expressed interest in the potential for Best Buy to benefit from the introduction of artificial intelligence PCs. Foot Locker’s performance, especially in light of Nike’s recent struggles, will be crucial in assessing CEO Mary Dillon’s turnaround efforts. Similarly, Costco’s earnings report on Thursday after the bell will be closely watched, with Cramer speculating on the possibility of the company splitting its stock following Nvidia’s recent split.
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