History rhymes for Meta, and our plan for Micron ahead of earnings

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 Nasdaq Composite is down about 8% on Wednesday morning, following back-to-back record high closes for the tech-heavy index. The S & P 500 and Dow Jones Industrial Average are also in the red, as stocks contend with the familiar foes of rising oil prices and bond yields. After five down days in a row, oil prices are climbing Wednesday. But that is likely only part of what's driving yields higher this time around. Strong readings on U.S. economic activity from S & P Global are adding to the move. Portfolio director Jeff Marks said the market is signaling that robust economic data could give the Federal Reserve cover to raise interest rates two more times before year-end to tamp down inflation. Traders are now pricing in a roughly 50% chance that the Fed will deliver 50 basis points worth of hikes across its October and December meetings, according to the CME Group's FedWatch tool , up from 42% a day earlier. 2. Analysts at KeyBanc believe history is rhyming for Meta Platforms , while raising their price target to $900 a share from $780 and reiterating their buy rating. Meta's improving legal and technological fortunes are reminiscent of what happened at Google parent Alphabet in the second half of last year, KeyBanc argued. Their case: Alphabet secured a better-than-feared outcome for antitrust cases, and now Meta settled a big social-media harm case brought by state attorneys general. And Alphabet's much-improved Gemini chatbot put the company back in the AI game, just as Meta's Muse personal agent app is doing this month. The parallels are quite interesting. Now Meta just needs to keep the momentum going, starting with Wednesday night's keynote address from CEO Mark Zuckerberg at the Meta Connect developers conference. Jeff called it a must-watch speech and noted that we booked profits on Meta shares out of discipline on Tuesday. 3. Micron's earnings report a week from Wednesday is coming into view. Citi increased its price target on the memory-chip giant to $1,300 from $1,150. Wells Fargo went the other way, lowering its target to $1,400 from $1,525. Both shops kept their buy ratings. Meanwhile, Wolfe Research said in an earnings preview note that it expects Micron to generate enough free cash flow over the next two years to repurchase shares worth 25% of its current market capitalization — an enticing prospect that aligns with part of our thesis in Micron. A two-year buyback moratorium, tied to Micron's acceptance of government funding under the CHIPS Act, will expire in December. After buying Micron into last week's "AI slowdown debate" sell-off, Jeff said he doesn't anticipate us making any more purchases ahead of the quarter. (Jim Cramer's Charitable Trust is long META, GOOGL and MU. 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.