In the recap of Wednesday's Morning Meeting, Jim Cramer said the S&P 500 and Nasdaq fell after warmer-than-expected September consumer inflation data, while semiconductor stocks kept weakening and money rotated into healthcare and consumer staples. Eli Lilly rose more than 3.5%, Cardinal Health and Johnson & Johnson gained over 1%, and Cramer said it is important to buy J&J right now despite its 5.7% drop on Tuesday after an imperfect earnings report. Bank stocks slumped after earnings, with Bank of America down 7.5%, Morgan Stanley down 3% and State Street down nearly 8%, putting pressure on Bank of New York ahead of its Thursday report. The CNBC Investing Club planned to exit its Honeywell position later Wednesday, and Cramer said he wants to hear from BNY before deciding whether to buy more to lower the cost basis.
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