Cramer's TheStreet.com TV: Pfizer Decline, Fall

This is a recap of Jim Cramer's market update video on TheStreet.com TV, filmed Monday morning.

"Everyone's focused on pharma and the decline and fall of Pfizer (PFE Quote)," Jim Cramer said on his TheStreet.com TV video, "Wave of M&A" Monday morning.

Pfizer needs to buy another company now because it needs growth, he said, adding that there's "a wave of M&A coming." Moreover, Cramer said the drug company should consider buying Amgen (AMGN Quote) or Celgene (CELG Quote) as it's "a wounded animal."

Back in his "Health Care Rally" video, which aired on Nov. 30, Cramer had warned viewers that he believed Pfizer was out to "fool everybody."

There is "no upside surprise" at Pfizer, he had stressed. "MedcoHealth (MHS Quote) was the leader on the way down, and it will be the leader on the way up."

Looking at finance, he went on to say there has been little M&A activity in the sector since Capital One (COF Quote), which he owns for his charitable trust, Action Alerts PLUS, recently bought North Fork (NFB Quote).

But now there is a deal going on with Bank of New York (BK Quote) and Mellon (MEL Quote), and Cramer predicts that "there will be a wave of banks moving."

He believes that Wells Fargo (WFC Quote) needs to get back in the game and that both P&C Bank and Comerica (CMA Quote) could be possible takeover targets.

Cramer urged his viewers to think of the banking group as the "most likely prey for overseas money."

Moving on, Cramer said that when he sees companies such as LSI Logic (LSI Quote) and Bank of America taking matters into their own hands, he believes it to be a sign that "the market is overvalued in tech and finance."

LSI agreed Monday to buy Agere Systems (AGR Quote) in an "all stock" deal worth $4 billion.

"These deals make too much sense to me," Cramer said. "The weak dollar is so great to buy banks and tech."

Further, he warned market players not to listen to the media as he believes it is "creating" stories.

"The weak dollar is good," Cramer said.