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 are up – for now We’re fans of Starbucks incoming CEO Quick mentions: LLY, MRVL, BHC 1. Stocks are up – for now Wall Street recovered Wednesday after earlier dipping on a Wall Street Journal report that said the Federal Reserve could make its third consecutive 75-basis-point interest rate increase later this month. Jim Cramer believes that the 3-year Treasury yield at 3.5% indicates the Fed will want to move their key policy rate closer to that level. The current target range on the fed funds overnight bank lending rate is 2.25% to 2.5%. Next week’s inflation reports could sway central bankers either way. While a decrease in gasoline prices and other commodities are a positive sign, we are not letting our guard down yet because those moves have not materially shown up in the government’s reports. U.S. oil prices sank 4% on Wednesday to around $83 per barrel. So we’re glad we took the opportunity recently to trim our overweighed energy exposure, which acts at an inflation hedge, when prices were higher. We’ve since cycled some of our cash into some high-quality, but beaten down tech stock as we still have an oversold market, according to the S & P 500 Short Range Oscillator . 2. We’re fans of Starbucks incoming CEO Howard Schultz, outgoing interim CEO at Starbucks (SBUX), told CNBC on Wednesday that when he leaves the C-suite this time, he won’t be coming back. Schultz appeared with incoming Starbucks CEO Laxman Narasimhan on “Squawk Box.” Starbucks is one of the newer additions to our portfolio. We are big fans of Narasimhan , who will assume his new role in April 2023. We believe his global consumer background is exactly what the iconic brands of Starbucks need to flourish. We are also looking forward to the company’s Investor Day on Sept. 13. 3. Quick mentions: LLY, MRVL, BHC Morgan Stanley sees 65% upside in Biogen (BIIB) stock if data for its Alzheimer’s drug proves promising, but the bank’s highest probability case (60% odds) of a study failure or mixed result could cause BIIB shares to fall 8% to 18%. That latter outcome could lead Eli Lilly (LLY) to fall as well, 1% to 5% according to Morgan Stanley, and we are monitoring the data’s implications for the Club name, which has what we think is a superior Alzheimer’s program. Also, Lilly’s revolutionary type 2 diabetes and potential obesity drug Mounjaro is the main focus of investors right now anyway. Morgan Stanley raised its price target for LLY to $412 per share from $395. The semis have been awful lately, but Marvell Technology ‘s (MRVL) business is still doing well, particularly in its data center segment. It’s also worth noting that SEC filings show that insiders recently purchased shares of the company, a good sign that Marvell’s stock has gotten cheap. Bausch Health (BHC) has been a big disappointment this year. But it’s worth noting its recent rally on a new debt reduction move that might be offering a glimmer of hope. We’re still not making any trades on BHC. We prefer to concentrate our efforts and put money to work in more profitable companies that have stronger balance sheets and can give cash back to shareholders. (Jim Cramer’s Charitable Trust is long SBUX , LLY, AAPL, MRVL, BHC. 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.