Every weekday, CNBC Investing Club with Jim Cramer hosts a live broadcast of “Morning Meeting” at 10:20 a.m. ET. Here’s a recap of Wednesday’s key moments. U.S. stocks edged higher Wednesday as Wall Street tried to shake off its sluggish start to the second quarter. Markets digested better-than-expected employment data from payroll processing company ADP, which revealed a strong recovery in hiring for the month of March. The 10-year Treasury yield rose on the release and briefly touched its highest level since November. But rates returned from those highs after the latest ISM non-manufacturing figure came in slightly weaker than expected for March. At the Club’s morning meeting, Jim Cramer said he was monitoring the potential impact of Taiwan’s massive earthquake on semiconductor production there. Eaton has been added to Deutsche Bank’s ‘Catalyst Call Buy List’, with analysts forecasting significantly higher first-quarter profits when the industrial name reports results later this month. Wall Street analysts expect Eaton’s electricity orders to improve quarter over quarter, as well as bullish comments from management on market demand. Stocks hit a new all-time high on Wednesday. Jim Cramer called Eaton “the most megatrend large-cap story ever,” citing positives for the company related to industrialization and artificial intelligence. Barclays upgraded its shares on Tuesday. Procter & Gamble fell more than 2.5% on Wednesday amid signs of weakness in the cosmetics industry. Concerns were sparked by Ulta Beauty’s negative remarks at a JPMorgan retail conference. Ulta shares were crushed, down more than 13% on the session. Even if this weakness trickles down to his peers, Jim sees P&G’s decline as an opportunity. “Procter is a buy here,” he said. “Their beauty industry is irrelevant to this discussion.” It is worth mentioning that pressure from the cosmetics industry caused shares of the club name Estée Lauder to fall by almost 4%. Our commentary on Estée Lauder on Tuesday was cautious. (Jim Cramer’s Charitable Trust is long PG, ETN, EL. See here for a complete list of stocks.) As a subscriber to CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a transaction. Jim waits 45 minutes after a trade alert is sent before buying or selling a stock in his charity’s portfolio. If Jim talked about a stock on CNBC TV, he waits 72 hours after the trade alert is issued before executing the trade. THE ABOVE INVESTMENT CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY, AS WELL AS OUR DISCLAIMER. NO OBLIGATION OR FIDUCIARY OBLIGATION EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTMENT CLUB. NO SPECIFIC RESULTS OR PROFITS ARE GUARANTEED.
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