Jim Cramer’s Investing Club meeting Wednesday: Santa Claus rally, down-and-out buys, Starbucks call, Sunday Ticket

Published Wed, Dec 21 202212:08 PM ESTUpdated Wed, Dec 21 20221:05 PM EST

Kevin Stankiewicz @in/kevin-stankiewicz-b5593466 @kevin_stank

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. Santa Claus rally may be here early 'Buy things that nobody wants' We still like Starbucks Alphabet's smart play for NFL package 1. Santa Claus rally may be here early Stocks bounced Wednesday, as all three major U.S. stock indexes rose more than 1.5%. While it's been a down month for Wall Street, quarterly reports from Nike (NKE) and FedEx (FDX) boosted sentiment Wednesday and sparked optimism that earnings may not be so bad after all. Wednesday's move comes after stocks broke a four-day losing streak Tuesday and may rekindle hope about a so-called Santa Claus rally . The Santa Claus rally refers to the seasonally strong period covering the final five trading days in a year and the first two in January. 2. 'Buy things that nobody wants' The Club made four purchases Wednesday, including in two holdings that declined considerably so far in December: Salesforce (CRM), which is down more than 17% month to date, and Devon Energy (DVN), which has declined over 10% in the same period. "Sometimes you want to buy things that nobody wants," Jim said during the "Morning Meeting." Here's a full recap of our trades Wednesday. 3. We still like Starbucks We still see upside ahead of Starbucks (SBUX) as the coffee chain stands to benefit from China's economic reopening. That view differs from Jefferies Group, which downgraded the Club holding on Wednesday. The firm took its rating to hold from buy, saying risk/reward for the stock looks "balanced" after climbing 40% from its 52-week low in May. "I regard this as a quizzical downgrade," Jim said. 4. Alphabet's smart play for NFL package Club holding Alphabet (GOOGL) is well-positioned to elevate the NFL Sunday Ticket package and bring out some untapped potential at YouTube. According to recent media reports, including from CNBC, the tech giant is in advanced talks with the NFL to bring the league's Sunday Ticket package to Google's YouTube. Sunday Ticket is a premium package that allows subscribers to view out-of-market games that otherwise aren't watchable on local broadcast networks. DirecTV has long held the rights to Sunday Ticket. (Jim Cramer's Charitable Trust is long CRM, DVN, SBUX and GOOGL. 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.