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Cramer's 'Stop Trading!': Buy Jones Apparel

TheStreet.com Staff

"[Jones CEO] Wes Card has put it together," Cramer said. "Great quarter, big dividend, accelerated buyback, huge Wal-Mart (WMT) contract, $15!" He also said he likes J. Crew (JCG) and Phillips-Van Heusen (PVH).

"I'm liking this tape," Cramer said of broader market action. "The institutions are free to mark up. ... Watch em rip."

Cramer said he liked earnings reports from several companies, including Ingersoll Rand (IR), which he praised for getting away from cyclically sensitive business. The stock is "still down huge," he said, but "the company is now smoking." He said he liked Ingersoll's climate control business.

Cramer was less bullish on Kraft (KFT), although the company has weathered consumer headwinds. He prefers General Mills (GIS), he said.

"I have to tell you that we are in the throes of an earnings renaissance," Cramer said. He pointed out bullish action in shares of Cummins (CMI). "Where is the recession by the way?" he said.

"JPMorgan (JPM) and Goldman Sachs (GS) continue to go higher," Cramer pointed out. "They make a lot of money ... for their shareholders," he said of the companies' CEOs.

Cramer wondered why Wachovia (WB) wasn't trading lower on news of new charge-offs.