Cramer's 'Stop Trading!': Buy Ralph Lauren

Buy Ralph Lauren (RL Quote - Cramer on RL - Stock Picks), Jim Cramer said on CNBC's "Stop Trading!" segment Wednesday.

"I like it because of the J.C. Penney (JCP Quote - Cramer on JCP - Stock Picks) tie-in," Cramer said. He said today's move "seems like a bit of a short squeeze," he said, but "I think it can go higher from here."

Elsewhere in apparel, Cramer said that VF Corp. (VFC Quote - Cramer on VFC - Stock Picks) "is the analogue of Ralph Lauren. ... If Ralph Lauren's good you don't leave this stock."

Cramer: I've Been Too Upbeat On Wachovia, AIG

Cramer went on to praise management at Eaton (ETN Quote - Cramer on ETN - Stock Picks). He said the company is "part of my new-tech world," and predicted it would hit a 52-week high. He said he also likes Emerson (EMR Quote - Cramer on EMR - Stock Picks). "These companies are on fire," he said.

Of Nucor (NUE Quote - Cramer on NUE - Stock Picks), Cramer said the company's secondary offering is an entry point. He advised more caution on Cleveland-Cliffs (CLF Quote - Cramer on CLF - Stock Picks). "Let it cool off before you buy it here," he said.

Cramer was less bullish on AIG (AIG Quote - Cramer on AIG - Stock Picks) and Wachovia (WB Quote - Cramer on WB - Stock Picks). "These are serial needers of capital," he said. He said firing AIG CEO Marty Sullivan would cause the stock to go up, and chastised Wachovia for its acquisition of Golden West. "This was one of the dumbest acquisitions ever and they're paying for it," he said.

"If they knew what they owned I would be more comfortable," Cramer said of AIG and Wachovia. "They're like Citigroup (C Quote - Cramer on C - Stock Picks)." He said that when the companies claim to know what they have, "they're being wishful."