Each weekday the CNBC Investing Club with Jim Cramer hosts a “Morning Meeting” live stream at 10:20 AM ET. Here’s a recap of Wednesday’s key moments. Resist Buys Beware of Salesforce Downgrade Beware of Potential Alphabet Pop 1. Resist Buys Stocks rose Wednesday to continue a strong start to the year, spurred on by economic data suggesting the Federal Reserve is making headway in its fight against inflation . A close higher on the Nasdaq Composite, which has suffered the most in 2022, would be four consecutive days of gains. The market is in overbought territory, according to our trusty short-range S&P 500 oscillator. This means a pause on buying for us. We took advantage of recent market gains earlier this week with Estee Lauder (EL) — and then again with Microsoft (MSFT) and Nvidia (NVDA). We’ve had profits on all three. 2. Be wary of Salesforce downgrade Bernstein on Wednesday downgraded Salesforce (CRM) to underperforming the market (pending selling), citing slower growth and concerns about the company’s margins. Analysts argued that the deceleration in Salesforce’s growth was being masked by its acquisitions and that the company’s cost-cutting measures, including layoffs, will further impact efficiency and growth. But we disagree with their argument since next CEO Marc Benioff reportedly told employees that about half of Salesforce’s account executives resulted in more than 95% of deals, with the lack of productivity stemming largely from new hires. 3. Keep an eye out for Alphabet’s potential blowout While tech gained this week on the back of upbeat economic data, there’s one stock in particular that we expect to rise further. Jim Cramer said his sources tell him Alphabet (GOOGL) is preparing to implement a hiring freeze and thus reduce its headcount. Jim says if Alphabet makes those moves, the stock could blow up. The company said last year that it plans to slow hiring in 2023 only. (Jim Cramer’s Charitable Trust is long EL, MSFT, NVDA, CRM, GOOGL. See here for a full list of stocks.) As a subscriber to CNBC Investing Club with Jim Cramer, you will get a trade warning before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charity’s portfolio. If Jim mentioned a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE FOREGOING INVESTMENT CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY, ALONG WITH OUR DISCLAIMER. NO OBLIGATIONS OR FIUSTARY DUTIES EXIST, OR ARE CREATED, BY VIRTUE OF RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTMENT CLUB. NO SPECIFIC RESULT OR PROFIT IS GUARANTEED.