Every weekday the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 am ET. Here’s a recap of Wednesday’s key moments. Buying Dow stocks here Mixed tech results Earnings ahead: META, F 1. Buying Dow stocks here Stocks were mainly higher Wednesday, as the Dow Jones Industrial Average outperformed the market with a roughly 1% rise in midmorning trading. The move north reaffirms the Club’s belief that investors should buy stocks in the Dow, which is comprised of 30 blue-chip companies — namely, those in recession-resistant sectors like healthcare and consumer goods and staples. Jim Cramer said Wednesday that beer maker Constellation Brands (STZ) is one of the most undervalued stocks in the Club’s portfolio, and is a buy at current levels. 2. Mixed tech results Alphabet (GOOGL) missed third-quarter earnings and revenue expectations on Tuesday evening, a result of a strong US dollar and a decline in advertising spending. We hope to see the company keep its word and significantly slow the pace of hiring next year. “You don’t make more money by hiring people who produce no revenue,” Jim said. With price target- and earnings revisions likely in the coming days, we advise Club members to sit tight on Alphabet for the moment. The Google parent was trading down nearly 7%, at $97.36 a share, on Wednesday. Microsoft (MSFT) reported top-and-bottom-line beats in its latest quarter, but its weaker cloud growth and narrow forward guidance weighed down the stock. We believe that the company also has too big a headcount and will need to make significant adjustments to rein in costs. As with Alphabet, we’re urging patience around Microsoft for the next few days. Microsoft was trading down roughly 5.6%, at $236.49 a share. 3. Earnings ahead: META, F Meta Platforms (META) releases third-quarter results after the close on Wednesday. Alphabet’s weak quarter does not bode well for the Instagram- and Facebook parent. And we think there’s a chance the stock could fall to as low as $110 a share, amid a softer digital advertising environment. Meta’s stock was down nearly 3% Wednesday, at $133.54 a share. Ford (F) also reports third-quarter earnings after the close on Wednesday. We’re watching to see whether the automaker can give investors confidence its full-year profit outlook is attainable. (Jim Cramer’s Charitable Trust is long F, GOOGL, META, MSFT, STZ. 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.
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