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NEW YORK (
TheStreet) -- We are not the world, so stop investing like it, Jim Cramer commanded his
"Mad Money" TV show viewers Wednesday.
Cramer said Europe's woes are likely to cause a weak open for our stock markets Thursday, but investors need to be smart and use that weakness to buy, buy, buy.
There's been a shift in our markets, said Cramer, and smart investors are no longer using weakness in Europe as a reason to sell, they're using it as a reason to buy. That makes sense because problems with banks in Cyprus or elections in Italy have absolutely nothing to so with sales at retailers such as
Bed Bath & Beyond(BBBY) or
Costco(COST), nor the U.S. housing or oil booms.
Cramer said if the markets open higher tomorrow, he'd be a seller and buy back in at lower levels. If the markets open flat, he'd look for specific opportunities and buy cautiously. But if the markets open lower, which they likely will, Cramer said there are a few stocks he'd be very interested in.
First off, Cramer said he'd be a buyer of the
Pinnacle Foods' IPO because a lower open would likely give that food stock a 4% yield. Cramer said he'd also be a buyer of Costco and
General Mills(GIS - Get Report), two great companies with strong earnings. Finally, Cramer said he likes mortgage insurer
So if things get ugly tomorrow, Cramer concluded, it's time to get buying.
For today's "Breakthrough Medical Stock," Cramer highlighted
Biogen Idec(BIIB - Get Report), a stock that's already at new 52-week highs and also one Cramer said could roar much higher.
Shares of Biogen are already up 56% since Cramer first got behind the stock just over a year ago, but the stock still trades at a mere 19 times earnings despite its 18.3% growth rate. That pegs Biogen at the same multiple as
Bristol-Myers Squibb(BMY), said Cramer, and Biogen deserves a much higher multiple than Bristol.
Biogen's main focus has been on treating multiple sclerosis, a chronic condition that affects some 350,000 patients in the U.S. and millions around the globe. While Biogen has already been successful with its drug Avonex, Cramer said the company is also at the forefront of next-generation therapies including a longer-lasting version of Avonex as well as Tecfidera, which could be game changer, and Tysabri, Biogen's new MS drug that already has garnered 10% market share.