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NEW YORK (TheStreet) -- The most beaten down of stocks finally got their day in the sun, Jim Cramer said Wednesday. He told "Mad Money" viewers the negativity surrounding many of these companies has been greatly exaggerated.
Exhibit number one: Boeing (BA), a stock Cramer owns for his charitable trust, Action Alerts PLUS. Cramer said that despite the company telling investors it was doing well, investors chose to take their cues from rival Airbus.
This turned out to be a big mistake as Airbus' problems turned out to only be with Airbus while Boeing was able to deliver a huge earnings beat on monster revenue that forced it to raise full-year guidance.Exhibit number two: Caterpillar (CAT), another stock that had been decimated by the markets, down from a high of $116 a share to just $80. But after the heavy-equipment maker reported less-than-dismal results, shares immediately popped $3. And why shouldn't they? asked Cramer. If things do get better, such as affordable oil prices and a new U.S. highway bill, won't that create positive momentum for Caterpillar? Whether it was Broadcom (BRCM) in the semiconductor space or Pepsico (PEP) in soft drinks, investors have simply gotten too negative, said Cramer. That sentiment could be seen in stocks from Whole Foods Markets (WFM) to Akamai (AKAM), both of which also reported fantastic quarters. Cramer said that, yes, there is no room for error in this market, as Apple (AAPL), another Action Alerts PLUS holding, and Buffalo Wild Wings (BWLD) has proven. But that's no reason to discount the entire market.
Wild About WingsIn the first "Executive Decision" segment, Cramer spoke with Sally Smith, president and CEO of Buffalo Wild Wings, a stock that shed 10.7% Wednesday after it reported an earnings miss of six cents a share on light revenue. Smith said that while 2011 saw chicken wings at some of their lowest prices ever, 2012 has become the exact opposite, with wing prices the highest she's ever seen as a result of U.S. drought conditions. Smith said while she doesn't expect the record high prices to become permanent, there likely won't be any easing in the second half of this year.
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