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In this choppy market and slowing economy, "stop crying over spilt milk and buy
," said Jim Cramer on his "Mad Money" TV show Friday.
Now is the time to own stocks that are safe and can make money in good times or bad, said Cramer. That means, above all, you want to own food stocks.
Dean Foods is especially well-positioned because with a 30% market share, four times the market share of its next largest competitor -- and as high as an 80% market share in some local markets -- Dean Foods is large enough to have pricing power. That means it can pass on higher energy costs to customers, said Cramer. Dean Foods should also see increasing margins in the next year as it shuts down some facilities, he said.
In response to a question about
( KFT), don't buy, said Cramer. Kraft is a subsidiary of
, and you never want to buy the stock of a subsidiary because the parent company can do whatever it wants with it, said Cramer. Buy Altria instead, he said, adding that he believes Altria is worth $105.
A caller asked about
Buffalo Wild Wings
. Cramer said that stock was "way too speculative at this point."
Enbridge Provides Safe Passage
Cramer is bullish on
, a Canadian pipeline company that is building a pipeline from the oil sands of Alberta to British Columbia, he said. This pipeline will open up Alberta's oil to the Chinese and California markets.
Although the price of oil has come down from its highs, it's still plenty high for oil sands to be profitable, said. Cramer. The company pays a "pretty substantial dividend" and is a "little-hyped play on the very hot oil sands," he said.
There are "still ways to make money off oil. It's getting harder and harder because the stocks have moved up. Enbridge ... is one of them," he said.
In response to a question about
Kinder Morgan Energy Partners
Kinder Morgan Management
, Cramer said KMI is the one to own.
Judging LeapFrog's Progress
senior columnist Herb Greenberg joined Cramer to talk about
, which reported good quarterly results Friday, said Cramer.
Greenberg said LeapFrog's sales missed estimates, and the quality of its earnings were suspect. "Earnings were good because expenses were deferred. Expenses were cut," he said. "This is a company that's really basing the future on this Fly pen," said Greenberg.
Cramer indicated he believes the product will be a success.
Greenberg said if the Fly Pentop computer is a success, he will come on the show and "eat crow."
"You better bring some salt ... and Tabasco," said Cramer.
Cramer asked Greenberg about
, which announced third-quarter earnings Friday.
Greenberg said Overstock's earnings were "crummy. ... If
the CEO would have spent more time running his business rather than running his mouth, maybe his company would be doing better."
If results were so bad, why didn't the stock go down Friday? asked Cramer.
Greenberg said he didn't know.
Cramer commented that Overstock.com's new chairman, Jack Byrne, father of Overstock.com CEO Patrick Byrne, is well-regarded in the insurance industry.
Greenberg said if Jack Byrne wasn't involved with Overstock.com, he believes the stock "would be a fraction of where it is today."
"I like that," said Cramer, while pushing the bear button.
Cramer and Greenberg also tangled over another stock,
. "What's the story there? How could you not love that quarter?" asked Cramer.
Greenberg said Johnson Controls is very hard to analyze, and it is still mostly a cyclical, highly-levered auto-parts company. He said even
( YRK), which is being acquired by Johnson Controls, mentioned recently "how cyclical part of its business is. JCI may rise or fall based on just because it is so hard to get your arms around. That to me is a huge red flag."
Cramer said he believes JCI is better than rivals
( DPHIQ) or
( DCN) because "by making it difficult to understand,
it has lost that Detroit component that's been dragging it down."
Finally, Cramer asked Greenberg about
( AMLN). Greenberg was bullish on Amylin recently when the stock was at $39, said Cramer. Cramer had advised people to "ring the register." The stock closed at $33.52 Friday.
"Jim, you were right on JCI. I
be right on Amylin, and in the end, I will be right on JCI," said Greenberg.
Quelling Qualcomm Fears
Cramer would be buying
after the stock dropped 4.6% Friday on news some of its customers and competitors were suing for allegedly charging too much money for licenses to use its technology. Cramer said Qualcomm's stock didn't deserve to be down as much as it was.
Cramer believes investors sold the stock out of fear Qualcomm could wind up like
Research In Motion
( RIMM), which faces a real risk of losing its patents as a result of lawsuits, said Cramer. But Qualcomm's situation is nothing like Research In Motion's, he said.
Cramer believes the odds are good Qualcomm will prevail. Even if it doesn't, the worst-case scenario for Qualcomm, he said, is that Qualcomm might have to charge less for its technology licenses and pay damages, he said. It is not in danger of losing its patents, he said.
Cramer was bullish on
Procter & Gamble
Cramer was bearish on
California Micro Devices
Mesa Air Group
Schnitzer Steel Industries
Interested in more Cramer? Check out Jim's rules and commandments for investing from his latest book by
. It's a series of articles from Cramer on how to become a better investor. The following table lists some of the rules that Cramer dissects.
At the time of publication, Cramer was long Altria, Intel, Procter & Gamble and Qualcomm.
James J. 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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