Reports of the demise of the American consumer have been greatly exaggerated, Jim Cramer said on
Stop Trading! Thursday.
Cramer said numbers released Thursday show that "business is smoking" at
. Numbers are also solid at
. Along with a 4% same-store sales gain at
, the retail sector is hanging in there in spite of recession fears and talk about the tapped-out consumer, Cramer said.
Meanwhile, Wall Street continues to miss the boat on infrastructure giant
, Cramer said. The disappointment attached to Fluor's earnings report earlier this week stemmed from problems on three overseas embassy jobs -- a fact that "anyone who did their homework" should have understood. Aside from those issues, Fluor's earnings surprised to the upside and should have prompted analyst upgrades, Cramer said. "But we don't do our homework on Wall Street," he gibed.
Cramer applauded the authorities for halting a U.K. terror plot. But he warned that the so-called terror trade -- buying shares in security companies, for instance, and selling airlines and other transportation stocks -- is a no-go. Thursday's events provide "a convenient reason to ring the register" on airline stocks, Cramer said, but he cautioned investors not to rush to buy or sell on that basis.
At the time of publication, Cramer had no position in stocks mentioned.
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