Cramer's 'Mad Money' Recap: April 28

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The economy is the key metric that counts on Wall Street, Jim Cramer told the viewers of his "Mad Money" TV show Tuesday.

He said that it appears Wall Street defies gravity unless investors know which metrics are the ones that matter.

Consider today's earnings announcements from Bristol-Myers Squibb (BMY Quote) and Fortune Brands (FO Quote). They should've been an easy call.

Bristol-Myers reported earnings that beat the estimates, with solid top-line growth, while Fortune Brands said it expects its first quarter to be "difficult" and cut its dividend from 42 cents a share to just 19 cents a share.

So why was Bristol-Myers down 89 cents, while Fortune Brands shot up $1.42? Cramer said it's easy when you know which metrics Wall Street is looking for. The economy, he said trumps everything, even earnings.

Cramer said a rising tide does not lift all boats. When the economy begins to recover, Wall Street only rewards those poised to capitalize on growth, while it discards the defensive stocks like Bristol-Myers.

Over the last 12 months, Bristol-Myers has a total return of -6%, while Fortune Brands has a total return of -42%. But since Wall Street cares only about the future, and not the past, the conclusion is that Fortune Brands has room to run, while Bristol-Myers will likely mark time.

Fortune Brands has upside, said Cramer, and that's why it's being rewarded.

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