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Cramer Quick Take: Six Flags a Buy, But Maybe Later

NEW YORK (TheStreet) -- It hasn't been a good Monday morning for Six Flags (SIX). Breaking down what to make of it are TheStreet's Jim Cramer and "Mad Money" Research Director Nicole Urken.

As if a top- and bottom-line earnings miss wasn't going to put enough downward pressure on the stock, the tragic report of a roller coaster death isn't helping matters.

But has the pullback created a buying opportunity? Perhaps not yet, Cramer says. He said that it's usually best to give the stock a few days to react to the news and allow investors to get a better feel for what's really happening.

While the early summer weather did slow down theme park operators, Cramer said he expects there to be a strong finish to summer. Rather than Six Flags, though, he's advocating that investors buy Cedar Fair (FUN) instead.

The company just reaffirmed its fiscal year guidance, suggesting that revenues and earnings should be fine going forward.

Regarding the recent distaste for high-dividend-paying stocks, Cramer said he was no longer worried. With interest rates turning lower, "Cedar Fair is the place to be," he concluded.

-- Written by Bret Kenwell in Petoskey, Mich. .

Stock quotes in this article: SIX, FUN 
Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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