Cramer still likes recently spun FedEx Freight despite the emergence of new rival

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 down Wednesday as investors weighed a relatively favorable inflation report against comments from President Donald Trump that Iran has taken too long to negotiate a peace deal and will now have to "pay the price." The consumer price index was largely in line with expectations, helping ease pressure on Treasury yields and technology stocks. Jim noted that much of the increase in inflation came from energy prices. At the same time, investors continued to grapple with rising oil prices amid geopolitical tensions and the impact of major upcoming deals, including the IPOs of SpaceX and Anthropic , which could trigger some volatility. In preparation, we've been trimming stocks this week to boost our cash position to 12%, including most recently Eaton and Cardinal Health this morning. 2. Shares of FedEx Freight fell 4.5% Wednesday after Amazon announced plans to expand its trucking services beyond its own network. Jim was encouraged that the newly independent company held up relatively well despite the news. "I like this stock a lot," he said. Jim said FedEx Freight is better positioned to unlock value on its own, with dedicated management and investment, than it was when it was part of FedEx. "You have to be dedicated to the LTL [less-than-truckload] in order to do well, and they weren't doing well when they were buried within FedEx," he said. LTL shipping, FedEx Freight's core business, is a service in which companies carry shipments from multiple customers on a single trailer, rather than full truckloads from one customer. While the Club remains bullish on the long-term story, we recently downgraded the stock to a 2. That means we are holding our position and would look to build it on weakness, but after the stock's sharp post-spinoff rally, we are not chasing shares at current levels. 3. Nvidia shares fell another 3% as investors continued to raise cash to participate in a wave of upcoming IPOs and AI-related offerings. Jim argued the recent weakness has more to do with market dynamics than any deterioration in Nvidia's business. While he noted that traders may be able to take advantage of the volatility, he remains focused on the long-term story. "If you're a short-term trader, you sell it and buy it back. It's not what I do," he said. Jim continues to view Nvidia as an own-don't-trade stock due to growing demand from its sovereign AI projects and continued investment in AI infrastructure. He also highlighted that Amazon expects to begin generating profits next year from semiconductor investments tied to Nvidia-powered systems, a sign that AI spending is increasingly translating into real returns for customers. 4. Stocks covered in Wednesday's rapid fire at the end of the video were: Cracker Barrel , Cava , Chewy , Casey's General Stores , and Pfizer . (Jim Cramer's Charitable Trust is long Amazon, Eaton, FedEx Freight, and Nvidia. 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.