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. 1. Stocks rebounded Friday, with the Dow surging more than 950 points or nearly 2%. Jim Cramer feels “pretty good” about what he called the “mighty Dow rally.” Club holdings and Dow components Nvidia , Cisco , Boeing , Honeywell , Procter & Gamble , and Nike , were all higher. Amazon , also a Dow stock and portfolio name, was the exception — down 7.5% after Thursday evening’s earnings report revealed massive spending plans and lighter than expected current quarter guidance. The S & P 500 and Nasdaq each rallied about 1.5% on Friday. However, the damage from the recent rotation out of tech was keeping both indexes in the red for the week. 2. Eli Lilly shares jumped 3% on Friday after an almost 8% plunge in the prior session. Some of Thursday’s losses were due to the broader market sell-off. But, news that Hims & Hers was launching a compounded version of Novo Nordisk ‘s Wegovy weight loss pill also hit GLP-1 rival and Club stock Lilly. Behind Friday’s bounce in Lilly was the FDA saying Thursday night it would take action against illegal copycat drugs. “I want people to understand that [Eli Lilly] is the greatest growth stock,” Jim said, while putting Johnson and Johnson second behind Eli Lilly. After earnings Wednesday, we raised our Lilly price target but kept our hold-equivalent 2 rating . 3. Adding to its post-earnings 2.9% decline on Thursday, Club stock Linde dropped another 1.7%. JPMorgan downgraded the industrial gas giant to a hold-equivalent rating, with shares near its $455 price target. “I didn’t like that downgrade,” said Jim. Following Linde’s earnings , we reiterated our buy-equivalent 1 rating and raised our price target to $510 from $500. On the other hand, Jeff Marks, director of portfolio analysis for the Club, said he can’t blame analysts for advocating some profit-taking. “We’ve had a really nice rebound here over the last couple of months, and we ourselves have taken a lot of profits too on a lot of industrial names that have rallied.” (Jim Cramer’s Charitable Trust is long AMZN, BA, CSCO, LLY, PG, NKE, LIN. 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.
