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NEW YORK ( TheStreet) -- There's a new undercurrent running through the stock market, Jim Cramer told "Mad Money" viewers Thursday. He said despite continued worries over Europe, more and more CEOs are simply saying "I don't care" and are reiterating their businesses remains strong.
So as the central banks of Europe prepare to "stabilize" the global markets after what promises to be a heated Greek election this weekend, Cramer said the outcome won't likely have an effect on many of the companies he's been highlighting these past few weeks. The Greek economy will go right back down after these elections, he said, but a handful of stocks will keep heading higher.Cramer said shopping center REITs including Tanger Outlets (SKT) don't care about what goes on in Europe, its centers are packed with shoppers. Federal Realty Trust (FRT) isn't sweating the next round of Spanish bond auctions either. The companies that don't care about Europe aren't hard to find, said Cramer, they're hiding in plain sight on the 52-week high list. Companies like Edwards Lifesciences (EW) just received Food and Drug Administration approval for a new life-saving heart device. No Europe there. Dunkin Brands (DNKN) still has long lines for coffee, despite the next round of Greek elections. And Perrigo (PRGO) will continue to make excellent low-cost alternatives to name-brand, over-the-counter medications regardless of central bank liquidity. So while the markets may feel like it's 2008 all over again, Cramer said investors need to remember that most companies are much stronger now than they were then, with healthy balance sheets and growing, not shrinking, businesses.
Executive DecisionIn the "Executive Decision" segment, Cramer spoke with Greg Ebel, president and CEO of Spectra Energy (SE - Get Report), a natural gas pipeline and distribution company with a juicy 4% yield. Ebel said it's "full steam ahead" for a $1.2 billion project to bring more natural gas to northern New Jersey and New York City. He said that project will employ over 5,000 people for the next two years and save the region over $700 million a year in energy costs over using coal and oil. Ebel was also bullish on Spectra's natural gas storage business, which uses salt dome caverns and old reservoirs to store what is now a record level of natural gas. However, even if the U.S. isn't interested in using all of that gas, Ebel said Canada is. That's why Spectra is looking to expand its pipeline network into Canada, too.
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