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CNBC’s Jim Cramer on Wednesday said investors should consider buying some stocks while investor sentiment is extremely negative, leaning on charts analysis from technician Ralph Vince.
“The charts, as interpreted by Ralph Vince, suggest that investor sentiment has reached extremely negative levels, to the point where you’ve got to hold your nose and buy something,” he said.

CNBC’s Jim Cramer on Wednesday said investors should consider buying some stocks while investor sentiment is extremely negative, leaning on charts analysis from technician Ralph Vince.
“The charts, as interpreted by Ralph Vince, suggest that investor sentiment has reached extremely negative levels, to the point where you’ve got to hold your nose and buy something,” he said.

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To explain the technician’s analysis, Cramer first examined the chart of the S&P 500 going back to 1980, with data from the American Association of Individual Investors in blue.

Arrows pointing outwards

The data shows the percentage of bullish investors in the association’s weekly sentiment survey. Last week, it was at 17.7%, which is one of the lowest readings in history, according to Cramer. He added that Vince believes that whenever the bulls make up less than 20% of the overall pie, investors should do some buying.
Cramer then examined the chart of bearish investors in red.

Arrows pointing outwards

That number hit 60.9% last week, and according to Vince, the last time the reading was as negative as that was before a great bottom in March 2009. In other words, the chart suggests that now is a terrific buying opportunity, Cramer said.
“You’ve got to hold your nose and buy something, even if it makes you want to puke. History says it’s the right call,” he said.

For more analysis, watch Cramer’s full explanation below.

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McDonald’s rejected restaurant owners’ request to delay new changes to its franchise policies, according to a letter viewed by CNBC.
The National Franchisee Leadership Alliance said in a letter to owners Wednesday that McDonald’s denied its request to implement the changes in June 2023 instead of Jan. 1.
The policy adjustments include updated standards for franchisees and new guidelines for how the company evaluates potential new franchisees.

A customer places an order September 24, 2022 at a McDonald’s Restaurant along the New York State Thruway in Hannacroix, New York.
Robert Nickelsberg | Getty Images News | Getty Images

A group representing McDonald’s owners said the company rejected its request to delay changes to franchising policies, including updated standards and adjustments to how the company evaluates potential new restaurant operators, according to a letter seen by CNBC.
The National Franchisee Leadership Alliance said in a letter to owners Wednesday that McDonald’s denied its request to make the changes in June 2023 instead of Jan. 1.

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The leadership group represents McDonald’s owners across the country. As of the end of last year, according to the company, there there were more than 2,400 franchise owners. Franchisees run some 95% of McDonald’s locations.
The company declined to comment on the changes or the NFLA’s letter and its request to delay the adjustments.
McDonald’s unveiled new policy changes during the summer, sparking tensions between some operators and the company. Several owners unhappy with these changes expressed a lack of confidence in the company’s CEO, Chris Kempczinski and its U.S. president, Joe Erlinger, in a poll taken by a separate group, the National Owners Association.
The NFLA is seeking more clarity and education from the company on what it calls “McDonald’s Values,” as it pushes to hold franchise owners accountable for how they represent the brand online and in person. McDonald’s says its values are: “Serve, Inclusion, Integrity, Community and Family,” and the update is meant to reflect how these should be incorporated into owner and operator standards, according to a previous document obtained by CNBC.
The new policies also call for evaluating potential new operators equally, instead of giving preferential treatment to spouses and children of current franchisees.

McDonald’s is also separating how it renews leases, which are given in 20-year terms, from assessments of whether owners can operate additional restaurants – meaning, a lease renewal would not automatically make an owner eligible to operate additional locations. In a previous message to owners about the changes that was viewed by CNBC, the company said: “This change is in keeping with the principle that receiving a new franchise term is earned, not given.”
The company has been actively working to recruit new and more diverse owners, underscored in a message to franchisees from Erlinger that was viewed by CNBC earlier this summer.
“We’ve been doing a lot of thinking about how we continue to attract and retain the industry’s best owner/operators – individuals who represent the diverse communities we serve, bring a growth mindset and focus on executional excellence, while cultivating a positive work environment for restaurant teams,” he said.
In December, McDonald’s pledged to recruit more franchisees from diverse backgrounds, committing $250 million over the next five years to help those candidates finance a franchise. The company has yet to reveal how its recruitment effort is going.
“Several of these internal changes in my opinion may further limit the marketplace, reduce demand and strain the financial capability for sales between owners beyond the external factors that presently exist today,” NFLA chair Mark Salebra wrote in the letter.
It goes on to underscore other challenges facing operators today including legislative changes at the state level, likely alluding to a newly signed law, A.B. 257 in California, which would regulate the fast food industry’s pay and conditions. The law was championed by the AFL-CIO, the biggest federation of unions in the United States, and condemned as “radical” by the U.S. Chamber of Commerce, the nation’s largest business advocacy group.
McDonald’s is also rolling out a new grading system for restaurants in 2023.
Owners said they were concerned about alienating workers as employers fight to lure and retain employees. The letter said that given all of these factors, “a consideration to delay (not change or renegotiate) the implementation felt appropriate and warranted.” It added that the company has provided more than 20 documents on the changes and educational sessions are forthcoming for further clarity.

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CNBC’s Jim Cramer said that Wednesday’s rally will likely reverse course as soon as a Federal Reserve official reminds Wall Street of its hawkish stance against inflation.
“The moment some Fed-head explains the obvious, today’s gains will indeed disappear because they’re incompatible with the Fed’s attempts to control inflation,” he said.

CNBC’s Jim Cramer said that Wednesday’s rally will likely reverse course as soon as a Federal Reserve official reminds Wall Street of its hawkish stance against inflation.
“The moment some Fed-head explains the obvious, today’s gains will indeed disappear because they’re incompatible with the Fed’s attempts to control inflation. This rally was based on a dream,” he said.

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Stocks rose on Wednesday as the Bank of England said it will buy back bonds to stabilize the currency market, a day after the S&P 500 notched a new bear market low.
The two-year Treasury also fell from around a 4.3% yield to 4.1% in what Cramer called a “stunning” reversal.
“It was like the entire bear market transformed into a bull market because another country’s central bank — not our central bank — gave up on fighting inflation,” he said.
And while the Bank of England seems to have at least temporarily abandoned its efforts to tighten the economy, Cramer warned that the Fed is unlikely to do the same, especially since it wants prices and people’s spending power to come down.
“In the next two days, we’re going to hear, likely, from a bunch of Fed officials who’ll deny that they’re going to blink and insist they have the fortitude to fight inflation,” he said.

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The Supreme Court starting Monday will allow members of the public to attend oral argument hearings for the first time since the Covid-19 lockdown of March 2020.
The resumption of public access will coincide with the beginning of the high court’s October term, when the court’s justices are due to hear arguments in three cases.

A crosswalk signal is seen outside the U.S. Supreme Court building in Washington, U.S., June 27, 2022.
Elizabeth Frantz | Reuters

The Supreme Court starting Monday will allow members of the public to attend oral argument hearings for the first time since the Covid-19 lockdown of March 2020, the court’s press office confirmed in a statement Wednesday.
The resumption of public access will coincide with the beginning of the high court’s October term, when the court’s justices are due to hear arguments in three cases.

And the reopening will come a year after the court resumed in-person oral arguments after more than a year of conducting those sessions remotely.
For the past year, courtroom access for those hearings had been limited to the court’s nine justices, essential court personnel, lawyers for parties in cases being argued, and journalists with full-time press credentials from the court.
Earlier this month, Chief Justice John Roberts said public access would resume soon during an address to 10th Circuit Bench and Bar Conference in Colorado.
In its announcement Wednesday, the court’s press office said, “Masking in the Courtroom for oral arguments will be optional.”

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But other than oral arguments, the Supreme Court building in Washington, D.C., “will otherwise be closed to the public until further notice,” the office said.

However, the court will continue offering a live audio feed for oral arguments, a practice that was instituted after the court barred public access to the hearings due to Covid.
The Supreme Court on March 16, 2020, said that it would postpone oral arguments that had been scheduled for the following two weeks that month due to “public health precautions recommended in response to Covid-19.”
The court then postponed oral arguments in April 2020 for the same reason. In May 2020, the court heard oral arguments via telephone conference for a number of cases that had been previously scheduled for arguments.
When the court began hearing oral arguments for its October 2020 term, it did so via telephone conference.
In-person oral arguments with no public access resumed in the October 2021 term.

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A single dose of the two-dose monkeypox vaccine provides some protection against the virus, according to CDC data.
People at risk of monkeypox who have not received a shot are 14 times more likely to get infected, the preliminary data found.
These are the first real-world findings on how well the vaccine is working in the current outbreak.
 The CDC is still recommending that everyone at risk receive two doses of the vaccine.

Los Angeles, CA – August 10: Luis Garcia, a registered nurse, prepares Monkeypox virus vaccine at St.John’s Well Child & Family Center on Wednesday, Aug. 10, 2022 in Los Angeles, CA.
Irfan Khan | Los Angeles Times | Getty Images

People at risk for monkeypox who have not received a single dose of vaccine are 14 times more likely to get infected than those who have gotten a shot, according to the Centers for Disease Control and Prevention.
The preliminary data, collected from 32 states from the end of July through early September, is the first concrete evidence that the Jynneos vaccine is providing at least some protection against infection from the monkeypox virus circulating in the current outbreak.

“These new data provide us with a level of cautious optimism that the vaccine is working as intended,” CDC Director Dr. Rochelle Walensky told reporters during an update Wednesday.
The data indicate that even a single dose of the vaccine provides some initial protection against infection as soon as two weeks after the shot, Walensky said. The Jynneos vaccine, manufactured by the Danish company Bavarian Nordic, is administered in two doses 28 days apart.
Walensky said although the data on a single dose is promising, lab studies have demonstrated that the immune protection is highest two weeks after the second dose.
“It is for that reason that we continue, even in light of these promising data, to strongly recommend people receive two doses of Jynneos vaccine spaced out 28 days apart to ensure durable, lasting immune protection against monkeypox,” Walensky said.
Monkeypox is spreading primarily through close skin-to-skin contact during sex among gay and bisexual men. The virus is rarely fatal, but it causes a rash resembling blisters that can be very painful and in some instances lead to hospitalization.

The CDC director said people who are vaccinated should continue to protect themselves from infection by avoiding intimate contact with individuals who have monkeypox and reducing behaviors that carry a higher risk of monkeypox exposure.
When asked about when vaccinated individuals can resume their normal sexual behavior, Walensky said the CDC is waiting on real-world data about the effectiveness of the second vaccine dose.
“What we have right now is data on how well and how our vaccine is working after a single dose. What we don’t yet have is what happens after a second dose and how durable that protection is,” Walensky said.
This is the first time that the U.S. is using Jynneos to control a major monkeypox outbreak. As a consequence, there is little data on the real-world effectiveness of the vaccine. The Food and Drug Administration first authorized the Jynneos vaccine in 2019 based on human immune response data.

Expanded eligibility

The CDC is also expanding eligibly to ensure people receive the vaccine before they are exposed to monkeypox, rather than after a known or suspected exposure to the virus.
This includes gay and bisexual men as well as transgender people who have had more than one sex partner in the past six months, had sex in a place associated with higher monkeypox risk or have had a sexually transmitted infection over that time period. Sexual partners of people who have these risks are also now eligible for vaccination, including sex workers.
Demetre Daskalakis, deputy head of the White House monkeypox task force, said the federal government is also calling on vaccine providers to make it easier for people to receive the shots and reduce fears of stigmatization.
“Fear of disclosing sexuality and gender identity must not be a barrier to vaccination,” Daskalakis said.
New CDC guidance also allows people to receive the vaccine in the shoulder or upper back so the temporary mark left by the shot is covered by clothing. Some people don’t want to receive the shot in their forearm because they feel the mark is stigmatizing, Daskalakis said.
The U.S. is battling the largest monkeypox outbreak in the world with more than 25,000 cases reported across every U.S. state, as well as Washington, D.C., and Puerto Rico, according to CDC data. There has been one confirmed death from the virus in the U.S. since the outbreak began in May.
Monkeypox cases have been declining nationally in recent weeks after the virus swept the U.S. over the summer.

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The economy faces a heightened risk of a recession, Ford (F) CEO Jim Farley told CNBC on Tuesday, a week after the automaker warned investors of $1 billion in unexpected supplier costs and parts shortages in the third quarter. But the Club is sticking with Ford because we believe it has what it takes to navigate macroeconomic headwinds and supply disruptions. “The risk has gone up for a moderate recession certainly from all the indicators we’ve seen,” Farley said. “For us as a business we see labor inflation, a lot of input costs are going up. We’re doing our best to overcome them…and we have a big job to do on costs specific to Ford anyways,” he added. The chief executive of Club holding Ford also discussed improvements in its chip shortage, even as he warned the company could face supply chain disruptions through next year. While Ford shares have undoubtedly come under pressure – the stock is down more than 40% year-to-date – the Investing Club is taking a long-term view on our Ford investment and is not shaken by what appear to be short-term constraints. Jim Cramer said Wednesday he won’t sell Ford here. “I find this a little absurd, frankly, because there have been problems the whole way around, but what matters is demand. If you sell Ford here, you’re selling it at a 5% yield,” he added. Earlier in the week, Jim said that investors who don’t own any shares of Ford should buy “aggressively” to take advantage of the yield . Ford last week said it anticipates third-quarter adjusted earnings before interest and taxes (EBIT) to be between $1.4 billion and $1.7 billion, well below the $2.99 billion estimate predicted by analysts, even as it reaffirmed a full year operating profit forecast of $11.5 billion to $12.5 billion. The automaker has been working on restructuring company costs to stay ahead of the competition to produce electric vehicles, an area that is expected to increase future operating margins. Supply chain pressure Last week, shares of Ford fell to their lowest level in more than 11 years when the company announced persistent part shortages. In its earnings preview, Ford said it expects to have 40,000 to 45,000 unfinished vehicles by the end of the third quarter that will have to be sold down the line. “I think it’s going to take a while – it could easily take through next year, and demand would have to fall way off for us to have the demand side solve this problem,” Farley said. Consumer demand has remained strong for Ford’s popular product line up, compounding the company’s production challenges. “We have a multiyear order bank now for our commercial vehicles,” the CEO noted. In light of Ford’s revised production outlook, Citi lowered its price target for Ford shares to $13 from $16. In a research note Tuesday, the bank said it was revising downwards its adjusted EBIT estimate for the full year, to $11.5 billion from a previous estimate of $11.8 billion, citing a difficult macroeconomic backdrop, international exposure and higher cost headwinds. But the bank still sees the automaker’s fundamentals as “macro resilient.” Ford, which has said it’s committed to ramping up production, recently announced a $700 million manufacturing investment in Kentucky that is expected to create 500 manufacturing jobs to support new vehicle production. Chips shortage Despite the ongoing supply chain challenges, Farley said the automaker’s chip shortage is improving. Indeed, the parts shortage in question is not chips-related, which makes us think the automaker has more control over production than investors realize, and can make up for missed sales in future quarters. “We’re seeing the chips situation get better. It’s not enough to supply the industry needs or what customers want to buy, but it’s getting better,” Farley said. “What’s really happening now is different. In the last quarter we started to see supply chain issues on non-chip issues.” (Jim Cramer’s Charitable Trust is long F. 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.

Ford CEO Jim Farley poses next to a model of the all-new Ford F-150 Lightning electric pickup truck at the Ford Rouge Electric Vehicle Center in Dearborn, Michigan, April 26, 2022.
Rebecca Cook | Reuters

The economy faces a heightened risk of a recession, Ford (F) CEO Jim Farley told CNBC on Tuesday, a week after the automaker warned investors of $1 billion in unexpected supplier costs and parts shortages in the third quarter. But the Club is sticking with Ford because we believe it has what it takes to navigate macroeconomic headwinds and supply disruptions. More

Tom Hanks may just be the most modest man in Hollywood.
Despite building a career that spans more than 80 films and six Oscar nominations, the 66-year-old actor commented in a recent interview that only a handful of his movies are “pretty good.”

Speaking with People Magazine while promoting his debut novel — a fictional story about the making of a big-budget superhero film called “The Making of Another Major Motion Picture Masterpiece” — the “Castaway” actor said it’s a “miracle” that any films make it through the production process.
“No one knows how a movie is made, though everyone thinks they do,” he told the magazine. “I’ve made a ton of movies — and four of them are pretty good, I think — and I’m still amazed at how films come together. From a flicker of an idea to the flickering image onscreen, the whole process is a miracle.”
Which four films he was referring to remains a mystery, but Hanks did give a clue in an interview last year.
In an appearance on Bill Simmons’ podcast in November 2021, the actor was asked to list the three favorite films he had done in his career.
“I wouldn’t do it according to the way the movies came out, I would do it by way of the personal experience that I had while I was doing them, which is very different,” he said at the time.

He listed 1992’s “A League of Their Own”, 2000’s “Castaway” and 2012’s “Cloud Atlas” as the three best experiences he had making movies.
Hanks, who won back-to-back Oscars for Best Actor in 1994 and 1995 for his performances in “Philadelphia” and “Forrest Gump”, told People that the process creating a movie can bring about feelings of “self-loathing” and “joy” in equal measure.
“Movie-making is very hard work over a very long period of time that consists of so many moments of joy slapped up against an equal number of feelings of self-loathing,” he said. “It is the greatest job in the world and the most confounding of labors that I know of.”
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Positive trial results for Biogen ‘s (BIIB) experimental, late-stage Alzheimer’s treatment are also good news for Club holding Eli Lilly (LLY), which is working in its own drug to battle the disease. Biogen shares rocketed higher by more than 30% on Wednesday as Wall Street cheered the results of the Phase 3 study. Japanese pharmaceutical firm Eisai is developing the drug alongside Biogen and led the trial. Biogen will help commercialize it. LLY shares jumped, too, up more than 8% at one point in a sign investors believe Biogen’s results bode well for Lilly’s similar Alzheimer’s drug. The move helped Eli Lilly notch a fresh 52-week high Wednesday, the only stock in the S & P 500 to do so. That 52-week high is also an all-time high. Bottom line Biogen’s topline data appears to be encouraging, suggesting the Alzheimer’s drug helped slowed cognitive decline. However, we maintain our belief that Eli Lilly’s experimental Alzheimer’s treatment is best-in-class. Plus, we think Eli Lilly has more going for it overall than Biogen, making it a more attractive investment. Experimental Alzheimer’s drugs all carry inherent risk, given the long list of failures. LLY has other proven franchises that we believe are worthy of investing in, regardless of what happens with its latest dementia therapy. One example: Eli Lilly’s new diabetes drug that’s also shown immense promise as a weight-loss treatment. Club members may recall we’ve been bullish on its prospects for months, a shining star in Lilly’s stellar drug pipeline. Last week, UBS analyst Colin Bristow said it could be “the biggest drug ever” if it receives regulatory to treat obesity. It already has been approved in the U.S. to treat type 2 diabetes. The UBS analyst has a buy rating on LLY shares and success of the company’s Alzheimer’s drug is “not critical” to that favorable outlook. We currently rate LLY as a 2 for the Club , meaning as current investors in the stock we’d like to see a pull back before considering buying more. Make no mistake, though, we expect really big things from Lilly and not just from its Alzheimer’s work. Drug background Like Biogen’s Alzheimer’s drug lecanemab, Lilly’s donanemab is an antibody that tries to reduce buildup on the brain of the amyloid beta protein . Clumps of amyloid beta result in a plaque in the brain, specifically between neurons. That plaque is found in the brains of Alzheimer’s patients. Millions of people in the world are currently living with Alzheimer’s, which is the most common form of dementia. Despite the disease’s prevalence and devastating effects, researchers still have many unanswered questions about its exact workings, including the specific role amyloid beta plaque plays in Alzheimer’s progression. There are other abnormalities found in the brains of Alzheimer’s patients, including a plaque related to clumps of the tau protein. This is important to keep in mind when trying to draw conclusions about potential Alzheimer’s treatments; the fatal disease is very complex and no cure for it has been found. In a CNBC interview Wednesday, former Food and Drug Administration commissioner Dr. Scott Gottlieb helped explain the competing ideas around amyloid beta. For his part, he said, the Biogen-Eisai results may prompt people to “reconsider the entire approach to the treatment of Alzheimer’s with drugs that target amyloid plaque.” “The long-running debate has been whether drugs that can reduce plaque formation, or remove the existing plaque, would have a benefit,” Gottlieb said. “Some believe that the plaque was merely a result of the disease process and by targeting it, you’re not affecting the underlying course of the disease.” Biogen’s latest results The Alzheimer’s drug reduced patient decline by 27% compared with trial participants who took the placebo, Biogen said in a press release Tuesday night, issued in conjunction with Eisai. As early as six months into treatment with lecanemab, the companies said, patients began to show statistically significant benefits relative to the placebo group. They also said the drug’s safety profile was “within expectations.” The randomized Phase 3 trial — called Clarity AD — enrolled 1,795 people across the world who have early Alzheimer’s disease. “The baseline characteristics of both placebo and lecanemab groups are similar and well balanced,” according to the companies. Eisai is set to present the full Phase 3 study on Nov. 29 at the Clinical Trials on Alzheimer’s Congress. A peer-reviewed medical journal also is slated to publish the results. Another thing to keep in mind: Biogen and Eisai worked together on the development of Aduhelm, a different drug targeting amyloid beta plaque that received accelerated FDA approval in June 2021 on the condition that Biogen keep studying its efficacy. Aduhelm has proven controversial and commercially unsuccessful, with many skeptics saying the data did not convincingly show it really slowed cognitive decline. The federal government’s Centers for Medicare & Medicaid Services (CMS) currently provides very limited insurance coverage for Aduhelm. Biogen has been critical of CMS’s decision . Analyst reaction & Lilly implications Multiple analysts upgraded Biogen’s shares to a buy equivalent after lecanemab’s topline results were made public, including BMO Capital Markets, Baird and Mizuho Securities. “This is pretty much a best-case scenario for the program as there doesn’t appear to be much ambiguity in the results and the efficacy and safety appear to be best-in-class, if lecanemab doesn’t wind up being the only one in the class,” Baird analyst Brian Skorney wrote in a note to clients. The analyst also reminded clients he’s generally been bearish on drugs targeting beta-amyloid. BMO analyst Evan David Seigerman expects lecanemab to receive full FDA approval and be covered by CMS, he wrote in a note to clients, contending the topline data are “unambiguously positive” unlike the contentious Aduhelm. For Eli Lilly, in particular, UBS’s Bristow wrote that Biogen’s results represent “the first true late-stage clinical validation of the a-beta hypothesis, which is a positive readthrough for LLY’s donanemab.” The a-beta hypothesis is what we quoted Gottlieb discussing earlier. It is, essentially, the belief that slowing or reducing the accumulation of amyloid plaque on the brain can slow the rate of cognitive decline among Alzheimer’s patients. UBS said that while Biogen’s topline results reduce some risk around targeting amyloid beta, it also raises the stakes around Eli Lilly’s Phase 3 trial results, which are expected in the first half of 2023. A similar dynamic is now in play for Roche, according to UBS. The Swiss pharma giant is also working on a drug that attacks amyloid beta. “With these data coming in significantly above expectations, we note a high bar has now been set for LLY and [Switzerland’s Roche],” Bristow wrote. “However, we would also highlight, this is a large market opportunity that can support multiple players.” (Jim Cramer’s Charitable Trust is long 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.

The Eli Lilly logo is shown on one of the company’s offices in San Diego, California, September 17, 2020.
Mike Blake | Reuters More