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 Wednesday’s key moments. Stocks rise Regret on Foot Locker Watch Amazon 1. Stocks rise Equities climbed higher Wednesday morning, boosted by mega cap technology stocks ahead of Club holding Nvidia ‘s (NVDA) quarterly results after the closing bell . The S & P 500 rose nearly 0.7%, while the Nasdaq Composite jumped more than 1%. The S & P 500 Short Range Oscillator remains very oversold, at minus 6.14%, meaning its still a good time to invest in the stocks of quality companies — and we plan to do just that Wednesday morning. Meanwhile, bond yields were mainly stable, with that of the 10-year Treasury hovering around 4.2%. Oil prices tumbled more than 1%, with West Texas Intermediate crude pulling back to around $78.60 a barrel. 2. Regret on Footlocker Shares of Club name Foot Locker (FL) plummeted by nearly 35% Wednesday after the athletic-apparel retailer reported weak quarterly results and lowered its forecast for the full year. Foot Locker, our smallest position, is a “disaster,” Jim Cramer said Wednesday. “It’s a textbook case of a turnaround that hasn’t happened,” he added of CEO Mary Dillon’s efforts to revamp the company. Jim reiterated his view that investors should not buy Foot Locker. Stay tuned for a detailed analysis of the results later Wednesday. 3. Watch Amazon Loop Capital on Wednesday raised its price target on Club name Amazon (AMZN) to $200 a share, up from $180, while reiterating a buy rating on the stock. Analysts at Loop think Wall Street is mismodeling growth recovery at cloud unit Amazon Web Services (AWS) and not properly capturing the rebound effect as attrition headwinds cycle through. “The retail margin story has legs as AWS turns [the] corner,” the analysts wrote in a note. Jim said we would look to add to our position in Amazon Wednesday. Shares of the ecommerce giant were trading up 0.4%, at nearly $135 a share. (Jim Cramer’s Charitable Trust is long FL, AMZN. 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.
