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 Thursday’s key moments. J & J leads Dow higher Stick with Estee Lauder Watch Constellation Brands 1. J & J leads Dow higher The Dow Jones Industrial Average rose Thursday, as the blue-chip index looks to extend its winning streak to nine consecutive sessions. Strength in Club holding Johnson & Johnson (JNJ), which reported better-than-expected earnings before the opening bell, helped propel the 30-stock Dow higher. Meanwhile, the S & P 500 and Nasdaq Composite fell amid weakness in technology and consumer discretionary stocks. The market entered Thursday in overbought territory, according to the S & P 500 Short Range Oscillator , which Jim Cramer said makes stocks vulnerable to a pullback. That’s why investors should be patient here. “I don’t want our members to be vulnerable. I want them to be ready” for a downturn in stocks, Jim said. 2. Stick with Estee Lauder Barclays on Thursday downgraded Estee Lauder (EL) to neutral weight, or hold, from overweight, citing concerns over a recent cyberattack that disrupted some operations at the cosmetics company. Jim said he remains confident that CEO Fabrizio Freda can steer Estee Lauder through its recent rough patch, which is tied in part to a slower-than-expected economic recovery in China. The next two quarters may remain challenging for Estee Lauder, Jim acknowledged, but “I’m not writing off China by any means.” Last week, the Club downgraded Estee Lauder to a 2 rating , meaning we’d need to see further declines before buying additional shares. Estee Lauder stock was trading down more than 3% Thursday, at around $185 apiece. 3. Watch Constellation Brands With activist investor Elliott Management now involved at Constellation Brands (STZ), Jim said the maker of Corona and Modelo beer should see an improvement in operations that translates into a higher stock price. He predicted the stock could climb to $300 per share, representing nearly 12% upside from where it closed out Wednesday’s session. After locking in some profits in STZ earlier this week and lowering our rating to a 2, Jim said he’s comfortable letting the stock run as we wait for Elliott’s influence to impact the company’s financials. (Jim Cramer’s Charitable Trust is long JNJ, EL and 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.