Club name Ford teams up with Tesla, sending shares soaring

Published Fri, May 26 202311:56 AM EDT

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. Equities rise on hopes for debt deal Watch Ford Stick with Eli Lilly 1. Equities rise on hopes for debt deal Stocks rallied Friday morning, with the S & P 500 up more than 1% and the tech-heavy Nasdaq Composite climbing 1.75%, amid investor optimism the White House and congressional Republicans could reach a deal to raise the debt ceiling as soon as today. Meanwhile, the core personal consumption expenditures price index rose 0.4% in April month-on-month and 4.7% on an annual basis, both slightly ahead of expectations. The index is a key metric for the Federal Reserve and the latest data could give the central bank cause to keep interest rates higher for longer. 2. Watch Ford Club holding Ford Motor (F) is teaming up with competitor Tesla (TSLA) to provide the former's electric-vehicle customers access to more than 12,000 Tesla Superchargers across the U.S. and Canada. CEO Jim Farley said Thursday that the partnership is "absolutely vital to our growth as an EV brand." The announcement comes as Ford works toward its goal of producing more than 2 million EVs by late 2026 in a bid to more aggressively compete with market leader Tesla. Shares of Ford were trading 7% higher Friday, at roughly $12 apiece. 3. Stick with Eli Lilly Wells Fargo on Friday increased its price target on Eli Lilly (LLY) to $500 per share, from $440, while keeping an overweight, or buy, rating on the stock. The analysts cited a strong probability of success for Novo Nordisk 's (NVO) trial of obesity treatment Wegovy. Positive results would bode well for Eli Lilly's Mounjaro drug . Wells Fargo believe a successful trial could result in a 5% rally in LLY shares, while a failure could mean a 10% downside. Eli Lilly stock was trading down 0.42% Friday morning, at $425.56 a share. (Jim Cramer's Charitable Trust is long COST, F, LLY. 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.