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NEW YORK ( TheStreet) -- Staying the course turned out to be the right move last week, Jim Cramer said on "Mad Money" Thursday. He reminded viewers once again that "no one ever made a dime panicking."
Cramer said it's hard to believe that it was just a week ago, in the middle of the horrible selloff, that he told investors that discipline always trumps conviction and they needed to take a deep breath and wait for a better time to sell if they were so inclined. Flash forward to today, and the markets are up nearly 500 points from that recommendation. Those who panicked last week were just plain wrong.
There were several bright spots in the market today, said Cramer, including ConAgra (CAG), which continues to both innovate and acquire its way to greatness. Cramer was also a fan of the earnings posted by Bed Bath & Beyond (BBBY), nothing that while many worry about retail, this is one chain that continues to deliver.Even tech stocks like Seagate (STX) and Western Digital (WDC) were able to show the markets what a rally looks like, as both received analyst upgrades thanks to their historically low price-earnings ratios. Cramer even called out KB Homes (KBH) and Winnebago (WGO) as two of the "best stocks of the day" and further evidence that the bulls are alive and well.
Invest in America: Macy'sContinuing with his week-long "Invest in America" series, Cramer sat down with Terry Lundgren, chairman, president and CEO of Macy's (M), to get an update from this iconic American retailer. Lundgren touched on a number of Macy's initiatives, including the My Macy's program, which puts local buyers in charge of inventory in 69 markets around the nation. Lundgren said My Macy's allows inventory to vary from store to store, allowing each to get the right items on a local level. Another initiative is called Omnichannel, in which 500 of Macy's stores now ship items directly to customers instead of using a centralized warehouse. Lundgren said Omnichannel allows Macy's to sell items from slow-selling locations, avoiding having to mark down those items later on. It also helps with weather-related issues because inventory can be moved quickly from where things are not selling to where they are.
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