This alert was originally sent to subscribers of Action Alerts PLUS on June 12 at 1:11 p.m. EDT. It's being republished as a bonus for TheStreet.com readers.

The last time that

Nabors

(NBR) - Get Report

was trading down around $31.73 was back in March, when oil was at $60 a barrel. The commodity is now changing hands some $10 higher. With that in mind, I'm going to purchase another 200 shares of Nabors after you read this. This is a pathetic stock, but a great company. Management has already booked several quarters' worth of business and has pledged to repurchase shares, yet Nabors is trading at just seven times expected 2007 earnings.

If there's some solace to be found, it's that Nabors isn't the only stock in the group falling.

Schlumberger

(SLB) - Get Report

is also down 3% on the session, and down some 17 points from its May highs.

Then again, this is where people are raising money to buy stocks like

Anheuser-Busch

(BUD) - Get Report

. That's how the rotation works when there's not much new money coming into the market. In the meantime, I'm attempting to do both in the portfolio: repurchase some defensive names and pick through the rubble to buy the cyclical names that are down the most.

Another group that now appears oversold compared with the fundamentals is infrastructure. Companies like

URS

(URS)

and

Foster Wheeler

(FWLT)

, which already have several quarters of backlog on the books, and stand to receive even more business in the coming months with the first big tropical storm of the season in the Gulf of Mexico.

Finally, I want to point out that

Textron

(TXT) - Get Report

was trading at $94 a share just a week ago. There has not been much negative news in the interim, although the recent options-related sale of 200,000-plus shares by the chairman eliminates the likelihood of a takeover occurring in the near term. Like with

Alcan

(AL) - Get Report

, when stocks fall this far on no news, it's nothing but an overreaction by panicked sellers.

At the time of publication, Jim Cramer was long Nabors, Anheuser-Busch, URS, Foster Wheeler, Textron and Alcan

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