Nike names a new finance chief, but our plan for the stock isn't changing

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 climbed Wednesday as investors looked to rebound from back-to-back days of declines in the S & P 500 and Nasdaq Composite . Falling oil prices helped lift sentiment across the market, with West Texas Intermediate crude dropping below $70 a barrel for the first time since March 2 as tanker traffic through the Strait of Hormuz increased. The decline in energy prices also pushed Treasury yields lower, boosting interest rate sensitive sectors such as housing and home improvement. Shares of Club name Home Depot advanced over 5%. After Tuesday night's noisy earnings report, FedEx is down around 1% in midmorning trading, off its lows of the session. We added to our position . 2. Shares of Club holding Nike fell nearly 2% Wednesday after the company announced that former Lowe's and Pfizer executive David Denton will succeed Matthew Friend as chief financial officer, effective August 17. The announcement comes ahead of Nike's earnings report next week. The company said the upcoming results are expected to be generally in line with prior guidance, when excluding a benefit from from tariff refunds that was not previously factored into its forecast. While some analysts pointed to Denton's track record in cost management and operational execution, Director of Portfolio Analysis Jeff Marks indicated this news isn't changing our attitudes on the stock. For the earnings report, Jeff said the key question is whether management will once again lower expectations for future quarters. The Club plans to hold Nike through next week's earnings report, but another guidance reset could prompt an exit from what has been a disappointing investment. 3. Club name Alphabet will replace Verizon in the Dow Jones Industrial Average beginning Monday. While the stock rose 1.7% on the announcement, Jeff cautioned investors against viewing the index addition as a major catalyst, saying it is not a reason to buy the stock. Unlike inclusion in the S & P 500 or Nasdaq Composite indexes, entry into the Dow typically does not generate significant passive investment flows. Instead, Jeff said the change is largely symbolic and serves as recognition of Alphabet's importance to the broader economy. (Jim Cramer's Charitable Trust is long, FDX, GOOGL, HD, NKE. 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.