On Wednesday, the CNBC Investing Club with Jim Cramer held their daily “Morning Meeting” livestream at 10:20 a.m. ET. U.S. stocks edged higher as Wall Street tried to shake off a lackluster start to the second quarter. Markets reacted positively to better-than-expected labor data from ADP, showing a strong pickup in hiring for March. The 10-year Treasury yield rose to its highest level since November before coming off those highs after the ISM non-manufacturing reading came in slightly weaker than expected for March. During the meeting, Jim Cramer discussed the potential impact of the massive earthquake in Taiwan on semiconductor production and highlighted Eaton being added to Deutsche Bank’s “Catalyst Call Buy List.”
Deutsche Bank analysts forecast a material first-quarter earnings beat for Eaton when the company posts its results later in the month. They expect improvements in Eaton’s electrical orders and bullish commentary from management on market demand. Shares of Eaton hit a new all-time high on Wednesday, with Jim Cramer calling it the “most megatrend big cap story there is” due to positives from industrialization and artificial intelligence. Barclays upgraded the stock on Tuesday. Procter & Gamble saw a decrease of over 2.5% on Wednesday due to industry-wide weakness in cosmetics following negative remarks from Ulta Beauty at a JPMorgan retail conference. Although shares of Ulta were down more than 13% on the session, Jim Cramer viewed the dip in P & G as an opportunity, calling it a buy and stating that their beauty business is not relevant to the discussion. Estee Lauder, another Club name, was also impacted by cosmetics industry pressure, leading to a nearly 4% decrease in shares.
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