Eli Lilly shares have plenty room to run even after hitting a new high on Monday

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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 Monday’s key moments. The S & P 500 hit a record high Monday after the benchmark gauge on Friday finished its fourth positive week in the past five. The market’s recent gains are driven by strength in mega-cap tech names like Microsoft , Apple , Meta Platforms and Amazon . Shares of the iPhone maker hit a new high after the opening. “We are in kind of a crazy market,” Jim Cramer said. “We have stocks that are flying. But they are flying on multiple expansions, which, therefore, makes it a little frothy.” We trimmed our positions in Palo Alto Networks and Meta Platforms Monday after the tech stocks recovered from their post-earnings sell-offs earlier in 2024. We locked in a gain of 150% on Facebook shares purchased in April 2022 and a 94% return on Palo Alto stock bought in February 2023. Jim reiterated his long-time thesis: “Bulls make money. Bears make money, [but] pigs get slaughtered.” Monday’s trade follows last week’s sales of Morgan Stanley and Wells Fargo shares. Eli Lilly shares are up nearly 1% Monday following a 1.8% gain on Friday, recovering from a drop earlier last week after President Joe Biden called for lower GLP-1 prices. Jim brushed off any concerns, and maintained that the pharmaceutical giant could still hit a $1 trillion market capitalization. Not only is demand for Lilly’s blockbuster offerings like Mounjaro and Zepbound extremely high, but the company received more positive news last week: Lilly’s donanemab received FDA approval for the treatment of early symptomatic Alzheimer’s disease. (Jim Cramer’s Charitable Trust is long LLY, AMZN, META, AAPL, MSFT, MS, WFC. 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.