Every weekday, the CNBC Investing Club hosts a “Morning Meeting” live stream with Jim Cramer at 10:20 am ET. Here’s a recap of Wednesday’s key moments. Market Takes An Oversold Bounce Quick Club Mentioned: AAPL, LLY, EL 1. Market Takes An Oversold Bounce US stocks rebounded after falling earlier on Wednesday. Government bond yields fell off their peaks and the declining British pound stabilized. The moves came as markets digested the Bank of England’s announcement that it would temporarily purchase long-dated bonds to calm currency markets. The BoE news is likely to raise the question: would the Federal Reserve suspend rate hikes if the situation in the US got even worse? It’s also worth noting that the S&P oscillator pointed to an even more oversold stock market after the S&P 500 closed to fresh bear market lows on Monday. 2. Quick Club mentions: AAPL, LLY, EL While Bloomberg cited unnamed sources that Apple (AAPL) will not ramp up iPhone 14 production due to lower than expected demand, we take this news with a grain of salt. Adding to our doubts is a note from Morgan Stanley on Wednesday, which called the headline “more bark than bite” and said the report implied no downside to iPhone shipping forecasts. Apple shares were still down 3% in Wednesday trading. Biogen (BIIB) shares rose more than 35% after the company and its Japanese partner Eisai said their Alzheimer’s drug showed promising results in a new study. However, we believe Eli Lilly’s (LLY) experimental Alzheimer’s treatment will be better. We’d advise investors who own Biogen to sell their stakes and buy Lilly instead — not just for its Alzheimer’s work, but for its new diabetes drug, which is also being tested to treat obesity. Biogen’s surge also dragged Lilly shares up more than 8.5%. We opened a new position in Estee Lauder (EL) on Tuesday. Our rationale for buying is that beauty sales have been strong in the developed markets and as China appears to be reopening its economy we are seeing business returning there, particularly at airports. Additionally, Estee Lauder has grown its e-commerce business and seen margins improving in skincare and fragrances. (Jim Cramer’s Charitable Trust is Long AAPL, LLY, EL. For a full list of shares, click here.) As a CNBC Investing Club subscriber 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 any stock in his charitable foundation’s portfolio. When Jim spoke about a stock on CNBC television, he waits 72 hours after the trade alert is issued before executing the trade. THE ABOVE INVESTMENT CLUB INFORMATION IS GOVERNED BY OUR TERMS AND CONDITIONS AND PRIVACY POLICY ALONG WITH OUR DISCLAIMER. NO OBLIGATION OR OBLIGATION SHALL BE OR CREATED BY YOUR RECEIVING OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC RESULT OR PROFIT IS GUARANTEED.