Jim Cramer says buy Eaton if you don't own it after its puzzling post-earnings drop

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 Tuesday's key moments. U.S. stocks declined Tuesday, the last day of April, as Wall Street digested another worrisome inflation report. The employment cost index, a measure of wages for civilian workers, came in hotter than expected — one day before the Federal Reserve's interest rate decision.

Instead of holding out for a run higher, we should've held our discipline and trimmed our GEHC position sooner when shares were up. Eaton stock fell 4% on Wednesday despite a better-than-expected earnings release. Management raised full-year guidance on continued strength in the firm's data center business. The industrial stock's decline presents a buying opportunity for new investors, Jim said. "If you don't own it, you're going to have to buy something," he added.

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