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. Don’t buy the Microsoft dip Buy P & G Watch Estee Lauder 1. Don’t buy the Microsoft dip Microsoft (MSFT) was trading down around 0.75% midmorning Wednesday, at $240.24 a share, after the company issued softer-than-expected guidance for its fiscal third quarter Tuesday, despite delivering a slim second-quarter earnings beat. Our main concern is around the company’s expectation revenue growth at cloud computing unit Azure will decelerate by four-to-five percentage points in constant currency, down from a mid-30s percent growth rate last month. We are holding off on buying the stock while it’s down, until we see renewed Azure growth. 2. Buy P & G We bought 50 of Procter and Gamble (PG) on Wednesday at roughly $139 apiece to take advantage of the stock’s recent decline. While the rest of the market has largely favored tech this year, we’re sticking with defensive stocks to maintain a diverse portfolio that can withstand economic turbulence. Jim Cramer had recently said he would add to the Club’s P & G position if the stock fell to $140 a share. “You can’t be a coward if you want to know how to invest. This is the gut-wrenching moment at Procter. This is when you want to buy,” Jim said Wednesday. 3. Watch Estee Lauder Piper Sandler on Wednesday named Estee Lauder (EL) a top pick, predicting a substantial upside to the stock as China — a key market for the cosmetics giant — continues to reopen. Estee Lauder is also a margin expansion story. Chinese consumers will likely buy more makeup as they return to the outside world, generating higher profits for the company. Shares of Estee Lauder were down more than 2.5% Wednesday morning, at $270 apiece — a level at which we would consider buying. (Jim Cramer’s Charitable Trust is long EL, PG, MSFT. 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.