Day 2 of a nasty market rotation slams these high-flying stocks but helps these laggards

Every weekday the CNBC with Jim Cramer holds a "Morning Meeting" at 10:20 a.m

Here's a recap of 's Wednesday's key moments. 1

The S & P 500 and Nasdaq were under pressure Wednesday during Day 2 of a nasty market rotation out of some of this year's top gainers and into value-based stocks and laggards. "What I'll say these rotations is that they happen from time to time

They are healthy corrections

I know they feel awful to go through," said Jeff Marks, director of portfolio analysis for the , noting they tend to last three days

That's why it's "too early to do things even though we have cash," Jeff added

Both of them logged record-high closes last week. 2

Many of the portfolio's Big winners were lower in Wednesday's market rotation, including Meta Platforms , Microsoft , Broadcom , Nvidia, and CrowdStrike

But it was not all bad news

DuPont was up. "It is very cheap versus peers

We expect that the spin-off of the electronics Nov. 1 will unlock that value," Jeff said

Other names making upside moves included Bristol Myers Squibb — the is holding onto the stock in advance of more data from trials of schizophrenia drug Cobenfy later this year. s of Dover , which have struggled this year, were also higher. 3

Lowe's announced plans to buy Foundation Building Materials for roughly $8.8 billion. name Depot , Lowe's wants to beef up its exposure in the contracting space

Depot acquired SRS last year and agreed to buy GMS back in June

Also on Wednesday, Lowe's reported better-than-expected quarterly earnings and raised its full-year sales guidance

On Tuesday, Depot investors saw past quarterly disappointments and looked forward to a better back half of the year. (Jim Cramer's Charitable Trust is long AVGO, BMY, CRWD, DD, DOV, HD, GEV, and NVDA

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