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. Stocks under pressure Watch Eli Lilly Stick with Apple 1. Stocks under pressure Markets are slumping again Thursday, as a pullback in Apple (AAPL) and the broader tech sector continues. The S & P 500 was down 0.37%, while the Nasdaq Composite lost roughly 1% in midmorning trading. But there are pockets of strength in defensive groups like health care, consumer staples and utilities. Bond yields are little changed but remain elevated, with that of the 10-year Treasury just under 4.3%. Oil prices are mainly flat, as West Texas Intermediate crude continues to hover above $87 a barrel. 2. Watch Eli Lilly JPMorgan on Thursday reiterated a $600-per-share price target on pharmaceuticals firm Eli Lilly (LLY), while raising its sales estimates for weigh-loss and diabetes treatment Mounjaro. The firm now estimates Mounjaro sales for diabetes will be $8.2 billion in 2024, up from $4.7 billion in 2023, growing to $24 billion in 2030. For weight loss, Mounjaro should generate $1 billion in sales in 2024, growing to $22 billion by the end of the decade, JPMorgan said. The firm also predicted that the GLP-1 drug category, which includes Mounjaro, could exceed $100 billion in sales over time. 3. Stick with Apple Jim Cramer said Thursday that he’s sticking with Apple as an “own it, don’t trade it” stock, despite a Wall Street Journal report Wednesday that China is banning state employees from using iPhones at work. “When I source it, I don’t get it,” Jim said of the news. He added that his reporting shows people in China are “buying Apple like crazy.” Shares of Apple were down 2.78% Thursday morning, at $177.82 apiece. Stay tuned for an expanded Club take on this story. (Jim Cramer’s Charitable Trust is long LLY, AAPL. 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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