Jim Cramer's Top Takeaways: Alcoa, American Water Works, AT&T, Oneok

Cramer says there's a lot to like at Alcoa but get to know the company first before buying.
By Scott Rutt ,

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Did you miss last night's "Mad Money" on CNBC? If so, here are Jim Cramer's top takeaways for today's trading.

Alcoa (AA) - Get Report : In an exclusive interview, Cramer kicked off earnings season by speaking to Klaus Kleinfeld, chairman and CEO of Alcoa, the aluminum maker which just posted a 6-cents-a-share earnings beat. Shares of Alcoa rose 3.2% on the news.

Kleinfeld attributed Alcoa's strong earnings to continued cost cutting and productivity increases, which all continue to trickle down to the company's bottom line. He added that China remains a strong drive for Alcoa going forward.

When asked about the company's planned spinoff of its engineering business, which will be called Arconic, Kleinfeld said the split is still on track to be completed by 2017 and Arconic will be a premiere supplier to the automotive and aerospace industries as it expands beyond just aluminum into nickel and steel alloys as well.

Cramer said there are a lot of things to like at Alcoa, but told viewers to get to know the company before pulling the trigger and starting a position.

American Water Works (AWK) - Get Report , AT&T (T) - Get Report and Oneok (OKE) - Get Report : Among the biggest winners in the fist half of 2016 were the utilities, telcos and energy stocks, Cramer said. Among those groups, these three stocks were on top of the list.

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At the time of publication, Cramer's Action Alerts PLUS had no position in stocks mentioned.

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