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. Stick with PG, CAT Stand by Morgan Stanley Microsoft’s layoffs aren’t enough 1. Stick with PG, CAT Jim Cramer on Wednesday urged investors to continue being selective when building out their portfolios, despite the market’s recent gains. Both Procter and Gamble (PG), given its stability and solid dividend, as well as new Club holding Caterpillar (CAT) would be great to have in any portfolio, he said. P & G is set to report fiscal second-quarter results before the opening bell on Thursday. Jim’s comments came as stocks rose Wednesday on news prices of wholesale goods and services came down in December, before giving up those gains late morning. The producer price index dropped 0.5% last month, the Labor Department said Wednesday, the latest sign the Federal Reserve’s interest rate hikes are working to bring down record-high inflation. 2. Stand by Morgan Stanley Citi on Wednesday downgraded Morgan Stanley (MS) to neutral from buy, arguing that the bank’s upbeat outlook is already priced into its valuation and will make multiple expansion in the stock a challenge this year. But we continue to like MS, especially after the company reported better-than-expected fourth-quarter results on Tuesday. The bank has continued to diversify its revenue streams by expanding its wealth management operations. Shares of Morgan Stanley are up nearly 14% year-to-date. 3. Microsoft’s layoffs aren’t enough Shares of Microsoft (MSFT) initially rose Wednesday after the company said it’s letting go of 10,000 employees . But the stock was trading down more than 1% midmorning as investors digested the news, with many likely suspecting Microsoft could cut earnings estimates for the year. We have no plans to make any trades as of now. But while the company’s latest round of layoffs are a step in the right direction, it still needs to do more. (Jim Cramer’s Charitable Trust is long CAT, PG, MS, 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.