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

Buy Jones Apparel (JNY Quote), Jim Cramer said on CNBC's "Stop Trading" segment Wednesday.

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

"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 Quote), 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 Quote), although the company has weathered consumer headwinds. He prefers General Mills (GIS Quote), 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 Quote). "Where is the recession by the way?" he said.

"JPMorgan (JPM Quote) and Goldman Sachs (GS Quote) 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 Quote) wasn't trading lower on news of new charge-offs.