TheStreet.com TV Recap: Play the Paris Air Show With Boeing

With the international Paris Air Show under way, Jim Cramer mused that Boeing(BA Quote) would be one way to play it, he said on TheStreet.com TV's Wall St. Confidential Web video Tuesday.

"A lot of this market is about looking at the headlines and then trying to figure out how to profit from them," he told Farnoosh Torabi, the host of Wall St. Confidential. There are a lot of investors who now look at headlines and sell Boeing when they see Airbus has won a lot of contracts, Cramer said.

According to Cramer, market players can play this news with airplane-component companies, such as General Electric (GE Quote), Honeywell (HON Quote) or BE Aerospace (BEAV Quote), or they can play it through the fact that there a lot of orders out there and buy Boeing. The latter, he said, is how he would play it.

"What people should recognize is that we are in a moment in time where investors are coming back to the market and are looking for new ideas," Cramer said. People should look at the Paris Air Show as an indication of a multiyear cycle in aerospace, he said.

Furthermore, "Boeing is very cheap," Cramer said. "And given the fact that Boeing also has defense, which is also in a multiyear cycle, there are two ways to win with Boeing."