Jim Cramer says this enterprise software stock is 'way too cheap'

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. The S & P 500 rose Wednesday ahead of the Federal Reserve's critical decision on interest rates on Wednesday afternoon. The market odds of a rate hike are still over 90%, according to the CME FedWatch Tool. "I think that a Fed rate hike at this point would make people feel better," Jim Cramer said, noting that inflation is too high and central bankers must move to tame it. But Jim is not fond of predicting the Fed's monetary policy moves too far down the line, especially if the U.S. war with Iran ends and oil prices fall. But now, energy costs are high, and diesel prices are becoming a major concern. Shares of J.B. Hunt Transport Services dropped roughly 13% after the company warned that elevated fuel costs could weigh on profits. Other logistics companies, including Club names FedEx Freight and FedEx , were also down on the J.B. Hunt news. 2. Club stock Intel rose more than 5% following a Reuters report that SK Hynix is in talks with the Silicon Valley chipmaker about manufacturing the South Korean company's memory chips in America. Though neither Intel nor SK Hynix has confirmed a deal, Jim is excited about the possibility. "I will say that it would be the single best client imaginable, even better than Apple ," Jim said. In another bullish sign, Melius said that Intel has the potential to hit $200 per share in two years, which would be nearly double current prices. Analysts like Intel's foundry business. Jim agreed. "I do think that there are a lot of people who have a sell and a hold on it," he said. "They don't realize the power of the Foundry if they get it right." 3. Salesforce shares fell 2% as the enterprise software giant kicked off day two of its annual Dreamforce conference. On Tuesday, the company unveiled AIForce, a live interface that works across the Salesforce ecosystem. Salesforce also announced its first reasoning model for Agenforce, Koa, developed in partnership with fellow Club name Nvidia . Jim is convinced that Salesforce has overcome the AI disruption fears that once weighed on its stock. Trading around 15 times forward earnings, Jim said Salesforce stock is "way too cheap." Jim also praised Salesforce's controversial debt-fueled stock buyback from earlier this year. "I always heard that people say they're going to wreck the balance sheet," he said. "Well, not only did they not wreck the balance sheet, it's got to be one of the greatest buybacks in history." (Jim Cramer's Charitable Trust is long INTC, FDXF, FDX, and CRM. 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.