But more important, Cramer said history has proven that when other CEOs at public companies have announced similar medical conditions, the dips that followed have always been buying opportunities. That was certainly the case with former Intel CEO Andy Grove and more recently Warren Buffett.
Cramer said Dimon has not been perfect and the company's latest quarter was not spectacular, but overall the company remains a proxy for the growth of the overall U.S. and global economies -- which makes him feel confident enough to keep buying into any weakness.
Cramer Prescribes Drugstores
With the Affordable Care Act giving millions of Americans health care coverage and a slew of drugs going generic, it's a great time to be a drugstore, Cramer told viewers as he re-ranked the three major players Walgreen (WAG), CVS Caremark (CVS - Get Report) and Rite-Aid (RAD - Get Report).
Coming in third is Walgreen, a stock that once topped Cramer's drugstore list. With shares up 27% so far this year, Cramer said the easy money has been made in Walgreen and the stock is priced for perfection, which makes the risk/reward a lot higher and the stock a lot less favorable.In the number two spot is CVS, a company Cramer admitted he likes a lot. He said CVS is a genius at data mining and giving customers special deals on what they need most. Cramer is also a fan of the company's in-store clinics as well as national and international growth prospects. That left Rite-Aid in the pole position. Cramer said this $7 name is still in turnaround mode, with only 30% of its stores updated to its latest format. He said the stock has become a real bargain, down 14% over the past month, on what amounted to a hiccup in the company's latest earnings.
Don't cont Rite-Aid out, Cramer concluded. This stock could easily see double digits in the near future.