Alphabet's earnings sell-off is unwarranted. Here's how Jim Cramer would approach the stock now

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. 1. Stocks were lower Wednesday as the market rotation out of large technology companies into small caps continued. Jim Cramer called out the decline in U.S. government bond yields, saying it points to signs that "the economy is weakening." Meanwhile, sectors like utilities and health care are holding up.

"Maybe if you want to buy 100 shares, you buy 25" of them on Wednesday, Jim explained. 3. Struggling beauty company Estee Lauder caught an upgrade from RBC Capital Wednesday. The firm took the stock to a buy-equivalent rating from sector perform and kept its $131 price target. Analysts argued investor sentiment has bottomed and that the stock's risk-to-reward profile skews favorable.

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