[ad_1]
Jim Cramer’s CNBC Investment Club hosts a “Morning Meeting” livestream weekdays at 10:20 a.m. ET. A recap of Friday’s key moments. 1. US stocks fell on Friday as investors took a break from hot inflation data. Investors weighed the prospect that the U.S. Federal Reserve could take longer to cut interest rates in 202, potentially pushing bond yields higher. Although the Manufacturer Price Index (PCI) statistics were better than expected, that does not mean the downward trend in inflation is over. More important economic indicators are coming. The central bank is awaiting the release of its personal consumption expenditure (PCE) report next week. 2. Wall Street made a large investment in Eli Lilly stock. Morgan Stanley raised its price target on the healthcare brand to a street high of $950 per deal from $805. Analysts are speculating that Eli Lilly could become the first $1 trillion biopharmaceutical stock, citing strong sales upside for drugs such as Mounjaro and Zepbound. We are positive about research that highlights strong growth prospects for the company. The stock price rose 3.62% after the move, hitting a new 52-week high. 3. On Thursday, we received some positive updates regarding Wells Fargo. The Office of the Comptroller of the Currency has suspended a 2016 consent order related to the bank’s fake account scandal. This is the sixth consent order terminated by regulators since 2019, showing that the company’s turnaround plan is working. Still, it’s too early to talk about Wells Fargo’s asset cap being lifted, which is likely in 2025, but it’s definitely a step in the right direction. Wells Fargo’s stock price rose 7% following the announcement, hitting a new 52-week high on Thursday. Financial names currently make up about 5% of the portfolio, so we’re leaning towards right-sizing and selling small shares. (Jim Cramer’s charitable trust is Long WFC, LLY. See here for a complete list of stocks.) As a subscriber to Jim Cramer’s CNBC Investment Club, trade before Jim makes trades. Receive alerts. After Jim sends a trade alert, he waits 45 minutes before buying or selling stocks in a charitable trust’s portfolio. If Jim talks about a stock on his CNBC TV, he will wait 72 hours before executing the trade after issuing a trade alert. The above investment club information is subject to our Terms of Use and Privacy Policy, along with our disclaimer. No fiduciary duties or obligations exist or arise from your receipt of information provided in connection with the Investment Club. No specific results or benefits are guaranteed.
[ad_2]
Source link
