Jim Cramer says this healthcare stock is still a buy. Plus, what to do with BNY

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. The S & P 500 and Nasdaq are dropping on Wednesday after warmer-than-expected September consumer inflation data. The market is also being pulled down by continued weakness in semiconductor stocks, with the iShares Semiconductor ETF on pace for its seventh straight day of declines. Cybersecurity names including portfolio holdings CrowdStrike and Palo Alto Networks are also tumbling. Money is instead flowing into safer corners of the market such as healthcare and consumer staples, such as Club name Kimberly-Clark . "We are in a whippy rotational mode. Faster than I've seen in a long time," Jim Cramer said. Jim noted that we're planning to exit our Honeywell position later Wednesday, freeing up a spot in the portfolio. (Here is our HON trade alert .) He said he has plenty of stocks on his radar to buy, but he wasn't sure whether he'd finish his homework in time for Thursday's October Monthly Meeting, which kicks off at noon ET. 2. All three of our healthcare stocks are in the green, underscoring the rotation afoot Wednesday. Eli Lilly is leading the way up more than 3.5%, followed by Cardinal Health and Johnson & Johnson , which are both up over 1%. Portfolio director Jeff Marks noted that Cardinal and its drug distributor peers have "really taken off" since Cardinal and McKesson on Oct. 1 renewed their agreements with CVS Health . Cardinal "is the best one," Jim said of the distributors. It's especially heartening to see J & J bouncing back from Tuesday's 5.7% decline on an imperfect earnings report. As disappointing as J & J's MedTech division was, Jim said the performance of its Innovative Medicine pharma unit was "fabulous." He added, "I do not want, for a moment, for people to think we're backing away from J & J. If anything, I think it's really important to buy J & J right here." Jeff noted we're currently restricted from J & J, though, because Jim has mentioned it on CNBC TV in the past 72 hours. 3. Our bank stocks are slumping Wednesday. It comes on the heels of before-the-bell earnings reports from Bank of America , Morgan Stanley and State Street , with shares of all three falling in response. Bank of America is tumbling 7.5% after missing on revenues and being hit with a big money laundering fine from the Treasury Department. Jeff said that's probably spilling over into Club name Wells Fargo , which we upgraded Tuesday after it sold off on its own earnings release. We did the same thing with Goldman Sachs . While prefering Goldman over Morgan Stanley , Jim doesn't think the 3% drop in MS is reflective of its business performance. "A lot of good stocks are being thrown away today," he said. State Street's nearly 8% drop is putting pressure on close peer Bank of New York , which reports Thursday. Jim said he wants to wait to hear from BNY before deciding whether to buy more to lower our cost basis. "I know this company is doing so many things right. I timed it wrong," Jim said of our decision to initiate a stake on Sept. 2. We've added to the position five times since then, most recently last Thursday . 4. Stocks covered in Wednesday's rapid fire at the end of the video were: Dell Technologies , Hewlett Packard Enterprise , and Texas Roadhouse . (See here for a full list of the stocks in Jim Cramer's Charitable Trust is long.) 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.