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NEW YORK (TheStreet) -- It's no secret that the markets are running scared of an interest rate hike from the Federal Reserve. But what if the Fed raises rates and there's not as much downside as we'd feared? That was the question Jim Cramer posited to his Mad Money viewers Monday. Cramer said the markets might not have a big reaction to a rate hike because much of the destruction has already occurred.
Take a quick peek at the stocks that make up the S&P 500 and you'll find 11 household names with stocks down 50% or more for 2015. Another 24 stocks are down 40% or more, 23 more are down over 30%, 78 are down more than 20% and a full 104 are down more than 10%.
These are big, profitable companies, Cramer said, companies that make money yet are being thrown away on a daily basis. Procter & Gamble (PG) is down 22% for the year, Wal-Mart (WMT) is down 24%. These are great American companies that have simply gotten killed.
Sure, the problems in China and Brazil and elsewhere in the world aren't good, Cramer continued, but they're not the end of the world either. The same goes for a Fed rate hike. Every day the markets head lower ahead of a Fed announcement is less they'll fall after the announcement, and that translates to opportunity.
Executive Decision: Mary Dillon
For his "Executive Decision" segment, Cramer spoke with Mary Dillon, CEO of Ulta Salon (ULTA - Get Report), the beauty retailer that just posted a 3-cents-a-share earnings beat on a 19.4% rise in revenue year over year and a 10.1% bump in same-store sales at its 800 locations.
Dillon said that guests are clearly responding to Ulta's model of providing everything related to beauty all in one place. That message will only get stronger as the company prepares to roll out it's first national ad campaign shortly after Labor Day. That campaign, Dillon said, will really put Ulta on the map.
When asked about ecommerce, Dillon said the online side of Ulta is growing nicely but the company continues to focus on the in-store experience offering guests a lot more than just products to buy.
As for future plans, Dillon said Ulta continues to work toward opening 100 stores a year and there are still opportunities for smaller-footprint stores in urban and smaller rural areas.
Cramer said there aren't many companies that have the organic growth of Ulta, which is why investing in Ulta still works even in a turbulent market.