S&P 500 Hits Fresh Intra-Day High Led by Apple; Eli Lilly Jumps 3%
Cramer celebrates 'comeback of the Mag Seven' as Apple, Amazon and Alphabet deliver strong earnings
Quick Look
- The S&P 500 reached a new intra-day high on Friday, driven by Apple gains following the tech giant's strong quarterly report with revenue of $111.2 billion, up 17% year-over-year.
- Jim Cramer called it 'the comeback of the Mag Seven,' noting Apple's installed base exceeded 2.5 billion active devices.
- Eli Lilly also jumped 3% after a nearly 10% post-earnings rally Thursday, with revenue surging 56% to $19.8 billion.
AI-generated summary
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. The S & P 500 hit a fresh intra-day high on Friday, led by gains in Apple . Jim Cramer is excited to see Club holdings like Apple help the market set new records. "This is the comeback of the Mag Seven," said Cramer, referencing Apple's strong earnings report Thursday on the heels of great outings from Amazon and Alphabet on Wednesday. Meta and Microsoft also reported beats on Wednesday, but failed to win over investors . Meanwhile, oil prices fell after Iran reportedly responded to Pakistani mediators with an updated peace proposal, igniting hope for an agreement with the United States that would end the war in Iran.
2. Shares of Apple are up over 4% after a near-perfect quarter. Second-quarter revenue rose 17% to $111.2 billion, beating the $109.7 billion LSEG estimate. The company also issued very strong guidance. The tech giant has a lot working in its favor, including a new all-time high in its installed base of active devices across all product categories and geographic areas, exceeding 2.5 billion. "The stock has lots of room to run," Jim said, and advised investors to listen to Apple's earnings call, adding that it was "pure joy" to listen to. "You'll understand why I say own it, don't trade it."
3. Eli Lilly jumped another 3% following a nearly 10% post-earnings rally Thursday. "If you sell Lilly, you're going to be selling it too soon, no matter what you do," said Jim. In what Jim called an "extraordinary quarter," Eli Lilly saw massive top and bottom-line beats. The drugmaker's revenue surged 56% from a year ago to $19.8 billion. (Jim Cramer's Charitable Trust is long LLY, GOOGL, META, MSFT, APPL, AMZN. 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.
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