On the negative side, Cramer noted that Advair, Glaxo's current asthma drug, will be coming off patent in Europe soon and shortly thereafter in the U.S. Advair currently accounts for 20% of Glaxo's total revenue, but Cramer noted that many of the company's new drugs should offset any losses stemming from Advair over the next few years.
Trading at just 13.6 times next year's earnings, Cramer said Glaxo is a very cheap stock. He said a 16 times earnings multiple is certainly warranted and he'd be willing to pay even more for a company with such terrific growth.
A Noble Energy Play
As the oil and gas revolution marches on, Cramer said he has a new favorite company to replace
as the best way to play growth in the sector:
(NBL - Get Report)
Noble has laid out plans to double its production over the next five years and double its earnings per share over the next two years. Yet, despite those aggressive targets, this stock still trades at a meager 14 times earnings.
Noble has growth prospects all over the globe. The company has 640,000 acres in the Niobrara shale in Colorado, an area that could potentially rival the Bakken shale in size and profitability. Current estimates predict Noble could have over two billion barrels of oil under its acreage in Colorado.
Outside the U.S., Noble has assets in the Gulf of Mexico, Israel, West Africa and Latin America, just to name a few. Noble's reserves in Israel alone are estimated to be 17 trillion cubic feet of natural gas, a very valuable asset for Western Europe.
With natural gas prices rebounding, Cramer said Noble stands to profit handsomely. The company's net asset value is already 37% higher than its stock price, as the markets typically only value asset fully as production comes online.
In the Lightning Round, Cramer was bullish on
Red Robin Gourmet Burgers
Briggs & Stratton
Cramer was bearish on
Am I Diversified?
In the "Am I Diversified?" segment, Cramer spoke with callers and responded to tweets sent via Twitter to
to see if investors' portfolios have what it takes for today's markets.
The first portfolio included:
New York Times
Nordic American Tanker
Cramer blessed this portfolio as properly diversified.
The second portfolio's top holdings included:
Cramer said he loved this high-yielding portfolio for a 60-year-old investor who was thinking young.
The third portfolio had:
as its top five stocks.
Cramer said this portfolio can't have two tech stocks and he advised selling Microsoft and adding
No Huddle Offense
In his "No Huddle Offense" segment, Cramer opined on the only sector of the markets that hasn't rallied thus far -- technology.
He said with the death of the PC, a slowdown in enterprise spending and the collapse in
, a stock he owns for his charitable trust,
Action Alerts PLUS
, it's no wonder this sector has been in the doldrums.
But with many investors believing that worldwide growth will return during the second half of the year, Cramer said valuations for these companies have simply gotten insanely low.
Case in point,
, a stock that traded as low as 11 times earnings after it reported but then was able to rally as valuations simply got in the way of a positive 2013 story.
Cramer said if technology can withstand this upcoming round of earnings, things are certainly looking up for the group during the second half of the year.
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-- Written by Scott Rutt in Washington, D.C.
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