Meta Platforms (META): I made a mistake, and I was wrong. I trusted this management team and that was ill-advised. Gone rogue. I got had. Horrifying free cash flow of less than $1 billion at the Club holding. Last year $9.5 billion. The hubris here is extraordinary. Bought back $6.5 billion of stock, suboptimal. Shares of the Facebook-parent getting crushed, down nearly 23% to around $100 in the premarket. As we wrote Wednesday evening after the mixed quarter and light guidance, it's no wonder the stock is down so much, with CEO Mark Zuckerberg obsessed with spending on the metaverse.

(Jim Cramer's Charitable Trust is long META, F, HON and LIN. See here for a full list of the stocks.)

Club holding Ford (F): Can they hit fourth quarter? $50 billion in liquidity, resuming buyback. China big miss in third quarter. Beat on Q3 earnings per share and revenue (preannounced in September; stock crushed at the time). Raised full-year adjusted free cash flow goal to $9.5 billion to $10 billion, a $3.44 billion increase. Stock down 1.5% in the premarket.

Dow stock Caterpillar (CAT): EPS in the third quarter $3.95 versus $3.18 expected. Sales of $14.99 billion also beat. Really strong. Operating margin 16.2% versus 13.4% expected. Profitable growth.