Why we trimmed two stocks ahead of earnings, plus AMD soars on $1T pledge

Every weekday, CNBC Investment Club with Jim Cramer hosts a "Morning Meeting" livestream at 10:20 a.m. ET. Here's a recap of Wednesday's highlights. 1. The Dow Jones Industrial Average reached a new intraday high on Wednesday, extending Tuesday's gains as investors look forward to the potential for government reopenings. Financial stocks led the way, with JP Morgan, American Express and Club name Goldman Sachs also hitting intraday highs. "We like Goldman Sachs at 15 times earnings," Jim Cramer said. Jim said both Goldman and the Club's other bank stock, Wells Fargo, "will be bullish." Separately, Jim says he's "walking away from the magic investment year," often referring to oversized debt-driven deals with OpenAI at the centre. Jim recommends that investors shift their focus to profitable companies. 2. Speaking of high-quality stocks, Advanced Micro Devices rose nearly 9% on Wednesday, following a bullish financial analyst day on Tuesday for the first time since 2022. CEO Lisa Su expects the company's data center chips market to reach $1 trillion by 2030. Jim vouches for Su and thinks AMD's stock is very good. "But as you know, we love Nvidia. Own it. Don't trade it," he advised. "If it's good for AMD, it's great for Nvidia." 3. Club stock Cisco reports earnings after the closing bell on Wednesday. "We cut Cisco a little bit yesterday because we saw this [stock] Jim, who wanted to be able to buy the stock if it got hit really hard after the report, said that from a conservative perspective, it would be hurt many times over. Disney, meanwhile, reports before the market opens on Thursday. The club dropped some shares on Wednesday morning and downgraded the stock to 2 for the same reason. Jim noted that bears like to hammer the stock all at once. "Next thing you know, $109 is back to $108, where we don't have the flexibility to buy if." 4. The stocks covered in Wednesday's rapid fire at the end of the video were: Holding AG, Chevron, AT&T, Cava, and IBM. (Jim Cramer's Charitable Trust is long NVDA, CSCO, DIS GS, and WFC. See here for a full list of stocks.) Subscribe to CNBC Investing Club with Jim Cramer When you are, you will receive a trading alert before Jim posts a trade alert before buying or selling a stock in his charitable foundation's portfolio. After Jim talks about a stock on CNBC TV, he waits 72 hours before executing the trade. OR THE TASK IS AVAILABLE OR CREATED, NO PARTICULAR RESULT OR PROFIT IS GUARANTEED.