Jim Cramer sees buying opportunities in these 2 beaten-down stocks

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 are little changed ahead of the Federal Reserve's interest rate decision Wednesday afternoon, followed by Fed Chairman Kevin Warsh's post-meeting press conference. Central bankers are widely expected to hold rates steady, though investors will be listening to Warsh for signals of additional hikes. The market odds of a December rate increase, which would be the second this year, are around 78%, according to the CME FedWatch tool . Jim Cramer said that uncertainty about rates, the midterms, and oil is keeping the market in a holding pattern, making it difficult for even strong earnings reports to lift stocks. "All you really should be looking at are oil and interest rates because they are in control," he said. Both are higher. With geopolitical tensions simmering, Jim emphasized the importance of maintaining our roughly 15% cash position to take advantage of potential buying opportunities. 2. Shares of Boeing are down for a second day, albeit modestly compared to Tuesday's steep 10.7% sell-off. The market is still worried about the company's third-quarter earnings call when management outlined a multiyear free cash flow outlook that fell short of expectations, partly because of upfront spending tied to a new contract to develop next-generation fighter jets for the U.S. Navy. Executives also said Boeing would not significantly ramp up 737 Max production until late next year. Jim is taking the other side, saying investors are overlooking Boeing's longer-term potential, particularly as it expands its defense business following major contract wins. "This is an amazing opportunity to buy an iconic company," he said. 3. GE Vernova delivered a strong third quarter and guidance raise Wednesday morning. Orders nearly doubled. GE Vernova also announced a $9 billion acquisition of high-voltage equipment maker Trench Group and doubled its share repurchase authorization to $20 billion. The stock came under pressure following commentary suggesting power orders in 2027 could moderate. Jim said the GEV sell-off was unwarranted given the company's strong backlog, improving profitability, and visibility into demand through 2031 and 2032. He also highlighted management's confidence that customers are not canceling projects because of financing concerns. "This was a beautiful quarter," Jim said. "This is priced wrong." He added, "I'm going to try to get more visibility on this, but I will tell people who missed it when we bought it around $820 , this is an opportunity." 4. Stocks covered in Wednesday's rapid-fire at the end of the video are Club names Alphabet, Microsoft, FedEx, Eli Lilly, and Linde. Alphabet and Microsoft deliver earnings after the bell. Lilly and Linde report their quarterly results Thursday morning. (Jim Cramer's Charitable Trust is long GOOGL, MSFT, BA, GEV, LLY, LIN. 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.