Every weekday, CNBC Investing Club with Jim Cramer hosts a live broadcast of “Morning Meeting” at 10:20 a.m. ET. Here’s a recap of Tuesday’s key moments. US stocks fell on Tuesday as Wall Street extended its poor start to the second quarter. This is a significant change from the market’s stellar first quarter. The S&P 500 jumped 10% in the first three months, posting its best start to a year since 2019. “We should all expect a sell-off after a heavy period that began in October,” Jim Cramer said. Even though the S&P 500 short-term oscillator indicates the market is no longer overbought, pressure from bond yields, rising oil prices and falling earnings are weighing on the stock market. Overall, the Club is being patient at the moment after making two adjustments on Monday. We are looking for bargain buying opportunities where available, but we are willing to be patient. Citigroup raised its Eli Lilly price target to $895 from $675 apiece, implying an upside of nearly 18% from Monday’s closing level. The company’s analysts increased their sales estimates for Eli Lilly’s not-yet-approved oral GLP-1 drug, orforglipron. The Club has long argued that Eli Lilly’s GLP-1 drug franchise, which includes Zepbound for obesity and Mounjaro for type 2 diabetes, has enormous growth prospects. “Citi finally has some religion there,” Jim said. Although Eli Lilly shares are down over the past month, they are still up about 30% year to date. Club holding Microsoft announced on Monday that it would sell its messaging and video application Teams separately from its Office offering worldwide, under the control of European regulators. The move is “unfortunately bad news for Microsoft,” Jim said. But it’s “really good for Salesforce,” which owns Teams rival Slack, Jim said. In 2020, before being acquired by Club-owned Salesforce, Slack accused Microsoft of anticompetitive behavior in a complaint filed with European regulators. (Jim Cramer’s Charitable Trust is long MSFT, CRM, LLY. See here for a complete list of stocks.) As a subscriber to CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a transaction. Jim waits 45 minutes after a trade alert is sent before buying or selling a stock in his charity’s portfolio. If Jim talked about a stock on CNBC TV, he waits 72 hours after the trade alert is issued before executing the trade. THE ABOVE INVESTMENT CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY, AS WELL AS OUR DISCLAIMER. NO OBLIGATION OR FIDUCIARY OBLIGATION EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTMENT CLUB. NO SPECIFIC RESULTS OR PROFITS ARE GUARANTEED.
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