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NEW YORK (TheStreet) -- Here's what Jim Cramer had to say on CNBC's "Squawk on the Street" Tuesday.
"HollyFrontier (HFC) "goes higher" because refiners are making a lot of money on the back of high oil production, Cramer said. HFC closed 1.9% lower at $48.25.
He also said that the Federal Reserve's approval of JPMorgan Chase's (JPM) capital plan means the bank can now "return a lot more money to its shareholders" and that the stock should go higher. JPM was flat at $58.26.Cramer said he likes Ascena Retail Group (ASNA) because "middle-market retail is doing much better" than big chain discount stores. ASNA rose 3.3% to $21.56. Cramer suggested investors avoid Continental Resources (CLR) unless they believe the current glut of oil will diminish in the near future. CLR fell 25 cents to $107.75. Chipotle Mexican Grill's (CMG) price target was raised again. Cramer likes the stock but that "at a certain point" it is approaching "nosebleed" levels. CMG was off 1.9% to $522.64. Cramer also said, "When Celgene (CELG) makes a deal with you, your stock flies," and that's exactly what's happening to OncoMed Pharmaceuticals (OMED), which is ripping higher Tuesday. OMED zoomed 98% to end the day at $27.70.
At the time of publication, Action Alerts PLUS, which Cramer co-manages as a charitable trust, held shares of JPM. To sign up for Jim Cramer's free Booyah! newsletter, with all of his latest articles and videos, please click here. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell
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