In the wake of a
, Cramer said General Mills trades at a "very substantial discount" at these levels.
"People should go back and realize that this company, at 18 times earnings, may be a steal," Cramer said of the cereal maker.
Cramer also pointed viewers to
. "I think all these companies should be re-evaluated upwards after this," he said.
"I think this group has been forgotten about," Cramer said. Investors who think the recession will last a while should think about these names, he said. He said Heinz is a well-run company, and although he's skeptical of Kraft as a takeover target, he said it has good brands.
and General Mills might be interesting together, he said.
Cramer praised Wrigley CEO William Perez and predicted he would stay on board after the merger.
Of a potential Mars IPO, Cramer said, "I've worked with that company from time to time ... they hate the glare." He was skeptical that the company would come public. "God love 'em. ... I don't blame em one bit," he said. The company is probably better off without "the endless lawsuits" and "
scrutiny" that comes with being public, he said.
Cramer said that investors should approach the idea of a merger between
with caution. He said that Hershey has "a lot of self-inflicted wounds," and "Cadbury itself has a lot of issues."
On the other hand, "I think
is in shape to do a big deal," Cramer said.
For a trade on the $600 tax rebate checks hitting consumers' accounts, Cramer recommended
Polo Ralph Lauren
. He also said that "wealthier people are going to their
Store. It's my favorite thing to do when I'm not working."
At the time of publication, Cramer had no positions in any of the stocks mentioned.
Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for
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