Cramer shares next steps for a software stock after a rare bullish analyst call

An important development from the financial markets: Every weekday, the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a. Here's a recap of Wednesday's key moments. The S & P 500 is up to start the new month.

Meanwhile, the Nasdaq is still under pressure as investors took profits in semiconductor stocks — a group that saw record-breaking rallies in the first half of the year — including Micron , Sandisk , Nvidia and Broadcom . In Jim Cramer's top 10 this morning, he said to "expect profit-taking on the winners. " One hyperscaler Jim is very excited about is Meta , which Bloomberg reported is building out a new cloud business to sell excess computing power.

Economic Details

We exited our position in Nike this morning after another soft quarter report on Tuesday evening. "We lost money," said Jim in a nod to the 40% loss realized from the sale. "I was passionate in believing that Nike could return," he added.

Jim was confident that the combination of CEO Elliott Hill's leadership and insider buying by both Hill and outgoing Apple CEO Tim Cook would help the stock as the company embarks on a difficult turnaround effort that has proven slower than anticipated. Unfortunately, that hasn't gone to plan. While the stock could be at the bottom, Jim prefers to cut his losses and put the money to work in another company, such as FedEx Freight , where he expects bigger gains and a better outcome.

Shares of Salesforce jumped over 5% after Guggenheim analysts upgraded the stock to a buy with a $228 price target. The firm says that while artificial intelligence will certainly pressure Salesforce, it will not kill the company. The Club previously shared a similar sentiment .

Analyst Views

However, Jim said, "The rest of the business is not showing the growth. " We're encouraged by Guggenheim's call, especially given their traditionally bearish views on Salesforce. But that doesn't mean we'd allocate more capital to the stock.

"When you're looking at a stock like this, you have to say two things: One, should I sell it? But then, second, if I had fresh money, would I buy it? 'I'd rather buy Micron than Salesforce.

Stocks covered in Wednesday's rapid-fire at the end of the video were Micron , Constellation Brands , General Mills , Lockheed Martin , and Bloom Energy . (Jim Cramer's Charitable Trust is long CRM, META, FDXF, NVDA, and AVGO. See here for a full list of the stocks.

Economists are analysing what the news means for the markets.