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[video] Quick Take: Jim Cramer on J.C. Penny, Micron and Container Store

NEW YORK (TheStreet) -- From the floor of the New York Stock Exchange, TheStreet's Jim Cramer is taking a look at frequently discussed stocks J.C. Penney (JCP - Get Report), Micron (MU - Get Report) and The Container Store (TCS)

Cramer said shares of JCP are lower simply because they've gone up too much. Cramer also said there hasn't been any good news for the stock, and he advised caution when it comes to investing in mall-based retailers.

He highlighted a letter that Starbucks (SBUX) CEO Howard Schultz wrote, suggesting that mall-based retailers would be hurt by the decline in foot traffic.

Elsewhere, Micron has purchased Elpida, a failed Japanese company comprised of three large DRAM suppliers. Cramer said that now there is basically a duopoly between MU and Hynix

As supply remains tight and demand high, MU can still raise prices. Cramer said he's "always concerned" when stocks rise a lot. In Micron's case, it's trading at nearly $24, just 14 months after it was changing hands for only about $5.

Lastly, Cramer took a look at The Container Store, which is down about 13% on Wednesday. 

Must Read: [video] Quick Take: U.S. Banks Under Attack

He called the stock "wildly overvalued" compared to other retailers he follows.

He said he doesn't think the company went public at its business peak even though other people think so. Cramer concluded that selloffs like these happen when an IPO is overhyped and fails to deliver solid results. 

This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff. 

-- Written by Bret Kenwell in Petoskey, Mich.

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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