On Tuesday's "Mad Money" show, Jim Cramer called a bottom in housing and recommended owning banks such as Wells Fargo (WFC - Get Report), JPMorgan (JPM - Get Report) and Bank of America (BAC - Get Report). He owns all three of those companies for his Action Alerts PLUS charitable trust.
On Wednesday, Wells Fargo slid $1.31, or 5.4%, to close at $23.09; JPMorgan lost 77 cents, or 2.3%, to $32.73; and Bank of America closed down 43 cents, or 3.4%, at $12.30.Cramer said that Sepracor's (SEPR) fundamentals are shaky and disagreed with colleague Rick Bensignor, who thought that the stock was heading higher. On Wednesday, Sepracor added 56 cents, or 3.6%, to close at $16.25. Cramer said he is not a fan of either Wal-Mart (WMT - Get Report) or Target (TGT - Get Report). Goldman Sachs recently downgraded the former and awarded the latter a buy rating. Cramer prefers Target but thinks that rising gas prices make both stocks too much of a risk. On Wednesday, Wal-Mart closed up 31 cents, or 0.6%, at $48.56, while Target added 43 cents, or 1.1%, to $39.05. Freeport-McMoRan (FCX - Get Report) is more of a play on copper than a play on gold, said Cramer, and he prefers the SPDR Gold (GLD) ETF to play gold. On Wednesday, Freeport lost $1.91, or 3.7%, to close at $50.48, while SPDR Gold added 42 cents, or 0.5%, to $92.35.