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. 1. Stocks rose Monday as the shortened Thanksgiving holiday week kicked off with the S & P 500 and the Dow Jones Industrial Average hitting new highs. The Nasdaq was also rallying and not too far off its all-time highs. The market reacted favorably to President-elect Donald Trump’s pick of hedge fund manager Scott Bessent as Treasury secretary late Friday. Wall Street views Bessent as someone who can weigh Trump’s promises of tax cuts, spending cuts and tariffs against what would not be too damaging for the economy. Bond yields on Monday dropped sharply with the 10-year Treasury falling to around 4.30%. 2. Jim Cramer sees shares of Bristol Myers Squibb as undervalued, driven by the potential of its groundbreaking schizophrenia drug Cobenfy – the first FDA-approved novel treatment in over 30 years. JPMorgan projects Cobenfy sales could hit $5 billion by 2030. Jim sees a much bolder target of $20 billion, especially since there’s limited competition from other similar drugs in the industry. This optimism led the Club to move Bristol Myers from the bullpen into the portfolio on Monday. We also increased our stake in Eli Lilly , which has been punished enough by worries about Trump’s pick of obesity-drug critic RJK, Jr., to lead HHS. 3. Best Buy shares rose roughly 4.5% on Monday ahead of the company’s fiscal 2025 third-quarter earnings before Tuesday’s opening bell. and ahead of Black Friday shopping. The market may be hoping tariffs will have a minimal impact on Best Buy’s financial performance. However, Melius Research on Monday cut its Best Buy price target to $85 per share from $100, citing slower-than-expected benefits from the artificial intelligence PC and iPhone upgrade cycle. Given the cautious outlook, we trimmed our Best Buy position last week, anticipating it might miss sales estimates. 4. Stocks covered in Monday’s rapid fire at the end of the video were: Macy’s , Target , and Arm Holdings . (Jim Cramer’s Charitable Trust is long BMY, LLY, BBY. 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.
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.
