Jim Cramer highlighted Apple and Eli Lilly as stocks with significant upside potential following recent market rallies and strong earnings reports. During his CNBC Investing Club 'Morning Meeting,' Cramer provided analysis on market movers, tech giants, and pharmaceutical stocks.
Market Overview and Tech Sector Performance
- The S&P 500 reached a new intra-day high on Friday, largely driven by gains in Apple.
- Cramer noted the resurgence of major tech stocks, referring to it as "the comeback of the Mag Seven."
- While Meta and Microsoft reported earnings beats on Wednesday, Apple's performance was particularly emphasized.
Apple's Strong Earnings and Outlook
Apple's stock saw gains of over 4% following a quarter described as nearly perfect. Key figures included:
- Revenue: Increased 17% year-over-year to $111.2 billion, surpassing the LSEG estimate of $109.7 billion.
- Guidance: The company issued strong forward guidance.
- Installed Base: The global installed base of active devices across all product categories and geographies exceeded 2.5 billion.
Cramer advised investors that the stock "has lots of room to run," recommending that investors "own it, don't trade it."