Cramer's 'Stop Trading!': ConocoPhillips

NEW YORK (TheStreet) -- ConocoPhillips(COP Quote) "has to rethink itself," said Jim Cramer on CNBC's "Stop Trading!" segment on Wednesday. "This was an awful quarter. I can't defend it."

He said that he's liked the company before, and he'll take another look if it goes to $38. But based on its quarter, he thought it was "the worst of the integrateds."

Valero(VLO Quote) also had a "horrible quarter," he said.

After reading a Tampa Bay Tribune article about the troubles faced by CIT(CIT Quote) client Beef O'Brady's, Cramer recommended buying its competitors, such as Buffalo Wild Wings(BWLD Quote). He also mentioned DineEquity(DIN Quote) and Brinker(EAT Quote).

People who bought Bed Bath & Beyond(BBBY Quote) off Linens 'n' Things ended up making money," he said, and the same for those who bought Best Buy(BBY Quote) off of Circuit City's demise.

--Rebecca Corvino is based in New York.