3 takeaways from our daily meeting: CPI in focus, Disney’s dismal quarter, Meta layoffs

Published Wed, Nov 9 202212:43 PM ESTUpdated Wed, Nov 9 202212:46 PM EST

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. Looking ahead to CPI Disney's dismal earnings Club names in the news 1. Looking ahead to CPI With control of both chambers of Congress still uncertain following Tuesday's midterm elections, we're looking ahead to October's consumer price index (CPI) data, set to be released by the U.S. Bureau of Labor Statistics on Thursday. The report, which measures the prices of a basket of goods and services, will help investors glean whether inflation has cooled – and whether the Federal Reserve will continue its brisk pace of raising interest rates. If the CPI doesn't come in too hot, we would consider buying shares of steel company Nucor (NUE), which should benefit from government spending on infrastructure and chips. However, we have no set plans. 2. Disney's dismal earnings Disney (DIS) reported an ugly fiscal fourth quarter after the close on Tuesday . We were shocked by the company's terrible performance, which saw a miss on revenue and earnings, along with substantial losses in streaming. And while revenue from its Parks & Experiences business – the segment that makes us bullish on Disney – was solid, operating income fell short of estimates. While we still believe in Disney's ability to make iconic content and memorable experiences for its customers, one thing is clear: CEO Bob Chapek must go. Jim Cramer criticized Chapek for not owning up to his fumbles during the quarter. "You need to actually read the conference call, you need to read what Chapek says at the beginning. It reads like he just won the Super Bowl," Jim said. Disney "needs someone else at the top," he added. 3. Club names in the news: META, CSCO Meta Platforms (META) laid off 13% of its workforce , or over 11,000 employees, on Wednesday. The layoffs were expected, as Meta has struggled with ballooning costs , in part due to its heavy investment in the metaverse. Evercore ISI added Cisco Systems (CSCO) to its tactical outperform list, citing its belief that the company is on pace to report a quarterly beat next week on the back of resolving supply chain issues and backlogs converting to revenue. (Jim Cramer's Charitable Trust is long CSCO, DIS, META. 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.

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