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Because of CNBC's winter Olympics coverage, Cramer's "Mad Money" TV show has been reschedued to noon EST.
NEW YORK (
) -- "We can fret about the markets, just don't fret too much," Jim Cramer told the viewers in a special "High Noon" episode of his "Mad Money" TV show Monday.
He said there are legitimate reasons why the market is weakening, but there are also still opportunities out there.
After months of rallying, it's normal to ask whether the markets have simply run out of gas. But Cramer said after the 3% move off the January lows, it's normal for a pause in the markets. He said stocks have rallied too far, too fast, and are likely working off their overbought condition.
But despite the overall weakness, and the fact that a recent survey showed nearly two-thirds of Wall Street analysts hate the current market action, Cramer said opportunities still abound, as some sectors are still sitting at historically low multiples.
On the heels of
, Cramer said Schlumberger is still cheap given that the acquisition will give it turnkey drilling and exploration abilities.
Cramer also said that
wins, regardless of whether its deal to acquire rival
succeeds. With Airgas, Cramer said Air Products will be able to increase margins. Without it, he added, the stock will likely snap back to its pre-deal levels.
Cramer also said the multiples in tech, industrials and the bank stocks are at historic lows. He told viewers that he'd need to see stronger employment numbers before turning bullish on the homebuilders or retail stocks.
Building Customer Trust
Cramer once again sat down with restaurateur and author Danny Meyer, whose hospitality focused index of stocks has doubled the performance of the
since its inception on Feb. 2, 2009.
Meyer explained that whether it's a recession, or an expansion, the way a company makes its customers, employees and community feel is what matters most. He said the current recession proves that even when times are tight, consumers don't trade down to cheaper products, they stick with the brands they trust.
Meyer noted that
Chipotle Mexican Grill
exemplifies hospitality and was a leader in his hospitality index. He said the next generation of hospitality-oriented companies are likely to be those involved in travel, like
In the negative column, Meyer said that
has been a disappointment, and he'd consider replacing that stock with
When it comes to the retail stocks, Cramer said he prefers a good old fashioned bottoms up analysis over guessing at marco-economic trends. That's why he's bullish on
after the company beat expectations and announced a $5 billion stock repurchase program.
Cramer said other retailers, like
may finally be turning around as that company is closing underperforming stores and realizing the potential of its brands.
Cramer said he's getting worried about
, which he said seems confused between being a discount giant versus a trade-up destination.
Finally, Cramer gave
a $20 price target, while noting that
may be breaking out to the upside. He said that grocer
might also surprise when it announces later this week.
In the "Pulse of the Market" segment, Cramer said that
will prevail in its fight with book publishers. He noted that
simply has no momentum and that it's time to give up on
Cramer said that
might finally be on the move, and that investors also need to consider
as winners in the nuclear group.
Cramer said the announcement that
for $6 billion is a great deal for Thermo, and proves that mergers and acquisitions are alive and well.
-- Written by Scott Rutt in Washington D.C.
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At the time of publication, Cramer was not long any stock mentioned.
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