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. Holding off on buying Be wary of Salesforce downgrade Watch for potential Alphabet pop 1. Holding off on buying Stocks rose Wednesday to continue a positive start to the year, spurred by economic data suggesting the Federal Reserve is making headway in its fight against inflation. A higher close on the Nasdaq Composite , which suffered the most in 2022, would be four straight days of gains. The market is in overbought territory, according to our trusted S & P 500 Short Range Oscillator . This means a pause on buying for us. We took advantag e of the market’s recent gains earlier this week with Estee Lauder (EL) — and then again with Microsoft (MSFT) and Nvidia (NVDA). We booked profits on all three. 2. Be wary of Salesforce downgrade Bernstein on Wednesday downgraded Salesforce (CRM) to underperform from market perform (sell from hold), citing slower growth and concern about the company’s margins. Analysts argued that deceleration in Salesforce’s growth has been masked by its acquisitions and that the company’s cost-cutting measures – which include layoffs – will further impact efficiency and growth. But we disagree with their thesis since soon-to-be sole CEO Marc Benioff reportedly told employees about half of Salesforce account executives brought in more than 95% of deals, with the lack of productivity stemming largely from newer hires. 3. Watch for potential Alphabet pop While tech has gained this week on the back of upbeat economic data, there is one stock in particular we expect to rise even further. Jim Cramer said that his sources tell him Alphabet (GOOGL) is gearing up to implement a hiring freeze, and then cut its headcount. Jim says if Alphabet does make those moves, the stock could pop. The company said last year that it only plans to slow hiring in 2023. (Jim Cramer’s Charitable Trust is long EL, MSFT, NVDA, CRM, 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.
