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. 1. Stocks were lower Wednesday, with the S & P 500 falling for the third consecutive session as Treasury yields continued to rise. Tech stocks were among the leaders to the downside, with Club name Nvidia down 2.5%. “The long knives are out for Nvidia,” Jim Cramer said Wednesday, days after Monday’s record-high close. Jim characterized the Nvidia selloff as profit-taking rather than any fundamental problems with the artificial intelligence chipmaker’s business. Nvidia CEO Jensen Huang is hosting an AI summit in India on Thursday. 2. Starbucks new CEO Brian Niccol gave investors a “clearing event,” Jim said, adding that Niccol “gave you the numbers that got Laxman Narasimhan fired.” Late Tuesday, Starbucks preannounced fiscal fourth-quarter earnings and the results were horrible . While it may take a bit, Jim believes Starbucks is set to recover from here given Niccol’s focus on improving the time it takes to get orders filled and reducing the complexity of offerings. Starbucks is set to report Q4 earnings next Wednesday but hearing from Niccol on the post-quarter conference call will be the main event. 3. Morgan Stanley said Costco ‘s roll-out of membership card scanners at the entrances of U.S. club locations could deliver a “Netflix moment,” analysts wrote in a research note Tuesday, referring to the streaming giant’s crackdown on password sharing that boosted profits. This means that it may be more difficult to get into a Costco if you don’t have a membership. Based on its checks, Morgan Stanley said membership counts at some Costco locations are up double digits after implementation. On its post-earnings call in September, Costco said scanners at the front door also sped up the checkout process and led to a lift in renewals. 4. Stocks covered in Wednesday’s rapid fire at the end of the video were: Coca-Cola , McDonald’s , Boeing , Vertiv , and GE Vernova . (Jim Cramer’s Charitable Trust is long NVDA, SBUX, COST. 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.
