Every weekday, CNBC’s Investment Club with Jim Cramer hosts a live “Morning Meeting” at 10:20 a.m. ET. Here’s a recap of Monday’s highlights. U.S. stocks were mixed on Monday as Wall Street prepared for key inflation data later this week. The S&P 500 and Nasdaq Composite rose 0.4% and 0.7%, respectively, while the Dow Jones Industrial Average fell 0.1% after the opening bell. The July producer price index (PPI) is due on Tuesday, while the previous month’s consumer price index (CPI) is due on Wednesday morning. These are two important monthly economic readings that the Federal Reserve considers in its next policy move — though the CPI carries more weight with central bankers because of its consumer focus. The club bought more Amazon shares on Monday, taking advantage of the post-earnings decline in tech stocks since earlier this month. Management reported a revenue miss and issued conservative guidance for the third quarter on Aug. 1, sending the stock down 10%. Since we’re no longer constrained, we’re taking advantage of the decline because our long-term investment thesis on the e-commerce giant remains unchanged. Just look at the revenue growth potential of the company’s cloud business, Amazon Web Services, which continues to see demand due to increased spending on AI infrastructure. Deutsche Bank upgraded Eli Lilly to buy from hold on Monday after a bumper quarterly earnings report last week. The company’s analysts argued that the results “helped calm some nerves in a volatile backdrop,” adding that the company’s long-term revenue growth outlook is virtually unmatched, except for rival Novo Nordisk, in the booming weight-loss drug market. Deutsche Bank also raised Lilly’s price target to $1,025 from $725 per share, about 15% above Friday’s close. Still, this Wall Street call is nothing new to us. We have been promoting Lilly’s competitive advantage in the GLP-1 space. (Jim Cramer’s long-term fund is in AMZN and LLY. See here for a complete list of 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 fund’s portfolio. If Jim talks about a stock on CNBC TV, he waits 72 hours after issuing a trade alert before executing the trade. The above investment club information is subject to our Terms and Conditions and Privacy Policy, along with our Disclaimer. No fiduciary obligation or duty is, and is not, created by your receipt of any information provided in connection with the investment club. No specific outcome or profit is guaranteed.
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