Jim Cramer says buy the dip in shares of this quality company of household brand names

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. U.S. stocks edged higher Wednesday as Wall Street attempted to shake off its lackluster start to the second quarter. Markets digested better-than-expected labor data from payrolls processing firm, ADP, which revealed a strong hiring pickup for March.

Barclays upgraded the stock Tuesday. Procter & Gamble on Wednesday tumbled more than 2.5% on signs of industrywide weakness in cosmetics. Concerns were sparked by negative remarks from Ulta Beauty at a JPMorgan retail conference. Shares of Ulta were getting crushed, down more than 13% on the session. While that weakness was rubbing off on peers, Jim sees the dip in P & G as an opportunity. "Procter is a buy here," he said.

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