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. Oil is all about Russia Quick mentions: AMD, F Eli Lilly reports Thursday 1. Oil is all about Russia U.S. oil prices, as measured by West Texas Intermediate crude futures , dropped another 3% on Wednesday, nearing the $90-per-barrel level. WTI hit 13-year highs in March, trading above $130 per barrel, after Russia invaded Ukraine. Despite the recent declines, we are still keen on our oil stocks as they are returning tons of excess cash to shareholders. Club holding Pioneer Natural Resources (PXD) reported a great quarter after the closing bell Tuesday. Pioneer’s 15% annualized dividend yield is the leader in the S & P 500, and it plans to return over a whopping 95% of its second-quarter free cash flow to shareholders via dividends and buybacks. As for Coterra Energy (CTRA), it’s a big natural gas play, and the U.S. has enough natural gas to send to Europe. We believe that the Club holding is likely to hold up, especially if Germany, which is facing a gas emergency due to Russia’s war, has a cold winter. The company, after-the-bell Tuesday, announced a strong quarter and increased its quarterly dividend and pace of stock buybacks. While we believe these companies are well-positioned to generate cash, we acknowledge that technical market analysis suggests that oil will go down to $80 per barrel and hurt their bottom lines. However, we maintain the biggest driver of oil prices is ultimately Russia and its production levels. 2. Quick mentions: AMD, F Advanced Micro Devices (AMD) reported after the closing bell on Tuesday, and CEO Lisa Su is slated for an appearance on “Mad Money” on Wednesday evening. The company beat Wall Street expectations with its second quarter results. We believe there are bullish signs for the stock, including the significant growth in its data center business and its path forward on taking share from Intel (INTC). Ford (F)…
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Wanda Beck is a technology reporter who covers the intersection of business and crypto. A native of Boston, Wanda spent almost five years at The Boston25News, where she wrote extensively about the media industry's struggle to adapt to the Internet.