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"Don't pay any attention to the sideshows, keep your eye on the prize," Jim Cramer told the viewers of his "Mad Money" TV show Friday.
By that, he meant viewers should be paying attention "to the profits, not the personalities."
Cramer said it's easy to get hung up on the fate of Chrysler or the banking stress tests, but he said these are merely distractions from the real story, namely the fact that the market has been up seven out of the last eight weeks.
He said the turn in the markets may not be newsworthy, since there's no face to put on the story, but it's the only story that matters.
The big story, according to Cramer, is that the economy is getting better, and that there's been a turn in consumer spending and a bottom forming in the real estate market. If investors aren't paying attention to these stories, they're missing out, he said.
In just about every sector, the turn in the economy is reflected in stocks like
( FO) in consumer goods,
in tech, and
in the oil patch all posting stronger-than-expected earnings.
"There's good money to be made," said Cramer, but only if investors can see through the hype and into what matters: the increasing opportunity to make money.
Cramer said he " finally found a reason to feel good about our non-functional credit markets."
He said that
, which makes all things milk and butter related, may actually be the first company to benefit from the crisis.
Dean Foods has $122 million worth of bonds due on May 8. Given the horrible credit conditions, the company has had a hard time raising money to cover these payments and has no cash of its own to do so. The company did the only thing it could and announced a secondary stock offering on top of its 10-cent earnings beat when it reported earnings.
Why is this good news? According to Cramer, the recent secondary stock offerings have been doing extremely well.
, have successfully issued more stock that popped between 10% to 12%.
Secondly, Cramer said the stock offering was great news because the debt was the big worry for investors. He said the company can benefit even more from its cost cutting measures and lower commodity prices.
Dean Foods is now a great stock at a great price, said Cramer. "Call your broker and get in on the secondary," he said.
Cramer rallied behind gardening supplier
, which is down 12% since after it released its earnings earlier this week. Cramer said the valuation on Scott's Miracle-Gro is just absurd, noting that the company beat earnings by 1 cent a share with North American sales up 10%.
According to Cramer, much of Scott's problems stemmed from currency translation and a weak housing market, both of which are now on the rebound.
Scott's currently derives 28% of its sales from
, a stock which Cramer owns for his charitable trust,
Action Alerts PLUSand another 19% from
Given the company's large exposure to these key retailers, Scott's should be in the perfect position to prosper when the housing market recovers, said Cramer.
Cramer said Scott's is also benefitting from lower commodity prices and a growing gardening trend. Home gardening is up 19% from last year, he said.According to Cramer, the company trades at just 14 times earnings.
Other recent speculative stocks such as
, mentioned on March 27, is up 24%, and
Siliconware Precision Industries
, mentioned on April 16, is up 18%.
On the downside, Cramer noted that
( GMXR) is down big and has not worked. He asid that is the risk you take when speculating.
Outrage of the Day
Cramer took aim at the bears, the ones who stayed too negative on the casino stocks after he released them from the "Sell Block" on April 2. He said these overly bearish investors just missed a fabulous move to the upside.
Cramer first added
Las Vegas Sands
International Game Technology
to the Sell Block on Jan. 17, 2008.
During the year that followed, these stocks fell 80% to 90% to just fractions of their former selves. But then on April 2, 2009, Cramer said enough was enough, and released the ailing stocks from his sell list.
Since April, all four have had monster moved to the upside, with Las Vegas Sands up 50%, Wynn Resorts up 45%, MGM up 150% and IGT up 24%. "Bears get greedy too," and that's why those who doubted the stocks would ever recover lost big.
After these monster moves, he said it's once again time to take profits and get out, or at least sell your initial investment and play with the house's money. "Declare victory," he said, "and go home."
Cramer was bullish on
Cramer was bearish on
RF Micro Devices
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At the time of publication, Cramer was long BP.
Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of TheStreet.com or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither TheStreet.com, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or TheStreet.com is related to the specific opinions expressed by him on "Mad Money."
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