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NEW YORK (
) -- Did the market turn from good to bad overnight? Are the data bad enough to warrant selling everything? "Not at all," Jim Cramer told his
TV show viewers Thursday.
Cramer said that while there are indeed some things to worry about, there are also a lot of bullish macro themes that are still intact.
While the traders may be focusing on whether
can hit $1,000 a share or whether
will be releasing a wristwatch, Cramer said he remains focused on what's working -- things like housing, autos, lending, aerospace, energy and, of course, mergers.
When it comes to housing, we're still not building enough homes, said Cramer, and while the traders only read the headlines of
earnings, deep inside the 53-page transcript of the company's conference call investors can learn that Toll Brothers is seeing strong demand and a 57% increase in its backlog.
Autos are also selling, said Cramer, as new car builds continue to rise and used-car sales remain strong after Hurricane Sandy. As we learned from
American Electric Power
earlier this week, oil and gas continues to boom in the U.S. leading to cheap energy for utilities, manufacturers and chemical companies. In the banking world, we're seeing lending picking up for commercial real estate and the banks continue to fund a big round of mergers and acquisitions.
Yes, there are concerns in the market, Cramer concluded, but not everything is bad, which is why investors need to be opportunistic and take profits in their winners and continue buying the themes that are working.
All the Stock That Fits
Cramer said he's finally turned the page on the stock of the
New York Times
, admitting that after years of hating the company, now is indeed the time to be positive.
It's no secret that the newspaper stocks have been in trouble for years. As free content on the Web became the norm, newspapers struggled, and many failed, to offer a free service that also drew in enough advertisers to pay the bills. But in March 2011, the Times took a different approach, putting its premium content behind a paywall, making readers pay for the privilege of accessing the content.
That strategy, panned at the time, appears to be working, said Cramer. Paid subscribers were up 13% quarter over quarter, allowing the Times to make more money from paid circulation than it did from advertising for the first time in its history.
In addition, Cramer said the Times has been selling non-core assets, including
and most recently the
, allowing it to focus on its core business -- producing quality content and charging people for it. Cramer said with this new focus, the Times may now be in a position to sell itself, something that would have never happened with so many ancillary businesses.
So for the first time ever on "Mad Money," Cramer said he's bullish on the New York Times.
Coke or Pepsi?
It's the age old question:
? Cramer said when it comes to the beverage, that's up to the individual. But when it comes to the stocks, there's only one clear winner and that's Pepsico.
Cramer said on the surface the stocks of Coke and Pepsi may seem similar. Pepsi sells at 15.7 times earnings while Coke trades a little higher at 16.2 times earnings. But when comparing the companies since the beginning of the year, shares of Coke are only up 4% while Pepsi has soared by 10%.
Pepsi is ready to compete, said Cramer, delivering a three-cent-a-share earnings beat on 5% organic revenue growth. Meanwhile, Coke delivered a much weaker quarter. Coke also has 100% exposure to soft drinks, while Pepsi only derives 40% of sales from drinks and the other 60% from snacks. This is important, Cramer reminded viewers, as soft drinks have increasingly come under scrutiny by a more health-conscience consumer.
Pepsi is also the whole package, said Cramer, with plenty of new products and a strong international footprint including a joint venture in China. He said the stock of Pepsico may be volatile, so he'd start a position at current levels and buy more on weakness.
In the Lightning Round, Cramer was bullish on
American Capital Agency
Cramer was bearish on
In the "Executive Decision" segment, Cramer sat down with Paul Palmieri, president and CEO of
, a company that delivered what Wall Street saw as a disastrous quarter, sending shares lower by 37% in just 24 hours.
Palmieri said Millennial Media actually had a great quarter, with 68% revenue growth in its fourth quarter and also great margins. Where the company fell short, he said, was in its guidance. Full-year guidance remains essentially the same, Palmieri noted, but the fourth quarter did see some deals not close as expected.
When asked whether those unsigned deals represented additional competitive threats from the likes of Google and others, Palmieri said that nothing has fundamentally changed in the competitive landscape for Millennial. He said his company has been competing with Google all along and continues to do so. Overall, Palmieri said he's still excited about his business and the opportunities going forward.
Cramer told viewers to go over the company's conference call and re-read the notes because he feels there was an overreaction to the downside.
No Huddle Offense
In his "No Huddle Offense" segment, Cramer cautioned investors not to put much attention on month-old minutes from the
He said while the market is currently pondering the effects of sequestration cuts in our military and domestic spending, these cuts where not on the Fed's radar a month ago.
Furthermore, Cramer said the Fed has a track record of either being woefully behind the curve when it comes to the economy or, at times, completely blind to the situation at hand. So should investors be putting a lot of faith into what the Fed thought of the economy a few weeks ago? Probably not.
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-- Written by Scott Rutt in Washington, D.C.
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At the time of publication, Cramer's Action Alerts PLUS had a positions in BLK.
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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