Cramer Sees Buying Chances in Boeing and GE Vernova After Sell-Offs

Stocks were little changed on Wednesday as investors waited for the Federal Reserve's interest rate decision in the afternoon, followed by a press conference from Fed Chairman Kevin Warsh. Central bankers were widely expected to leave rates unchanged, though traders planned to listen closely for hints of further hikes.

According to the CME FedWatch tool, the market-implied odds of a December rate increase stood at about 78%. Such a move would be the second hike this year.

During the CNBC Investing Club's daily Morning Meeting livestream, Jim Cramer said uncertainty over interest rates, the midterm elections and oil is holding the market in place, making it hard for even solid earnings reports to push shares higher. "All you really should be looking at are oil and interest rates because they are in control," he said. Both have moved higher. Given simmering geopolitical tensions, Cramer stressed the value of keeping the club's cash position at roughly 15% so it can act on buying opportunities.

Boeing shares slipped for a second straight day, though the decline was modest next to Tuesday's steep 10.7% drop. Investors remain uneasy about the company's third-quarter earnings call, where management laid out a multiyear free cash flow outlook that came in below expectations. Part of the shortfall stemmed from upfront spending linked to a new contract to develop next-generation fighter jets for the U.S. Navy. Executives also said Boeing would not significantly increase 737 Max production until late next year.

Cramer took the opposing view, arguing that the market is ignoring Boeing's long-term potential, especially as its defense business grows after major contract wins. "This is an amazing opportunity to buy an iconic company," he said.

GE Vernova reported a strong third quarter on Wednesday morning and raised its guidance, with orders nearly doubling. The company also announced a $9 billion acquisition of high-voltage equipment maker Trench Group and doubled its share repurchase authorization to $20 billion. Even so, the stock fell under pressure after commentary suggested power orders in 2027 could moderate.

Cramer called the sell-off unwarranted, pointing to the company's strong backlog, improving profitability and visibility into demand through 2031 and 2032. He also noted management's confidence that customers are not canceling projects over financing concerns. "This was a beautiful quarter," he said. "This is priced wrong." He added that for those who missed the club's purchase near $820, "this is an opportunity," while saying he hopes to gain more visibility on the company.

The rapid-fire segment at the end of the show covered Alphabet, Microsoft, FedEx, Eli Lilly and Linde. Alphabet and Microsoft are due to report earnings after the market closes Wednesday, while Lilly and Linde release quarterly results Thursday morning. Cramer's Charitable Trust holds long positions in Alphabet, Microsoft, Boeing, GE Vernova, Eli Lilly and Linde.