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No mater what the event, no matter what the outcome, after an event happens one thing is certain, Cramer said -- money will come off the sidelines and there will be winners.
In the case of today's market, which is fearing the Federal Reserve's decision on interest rates Wednesday, Cramer said he's taking his cues from value investor and hedge fund manager Bill Miller, who spoke last week at CNBC's Delivering Alpha conference. Miller is a fan of Facebook (FB) - Get Report and Alphabet (GOOGL) - Get Report , two Action Alerts PLUS holdings, but also of Amazon.com (AMZN) - Get Report .
Cramer said while Google and Facebook duke it out over the online advertising market, Amazon is playing a different game, dominating the multi-trillion dollar retail sectors. Amazon's growth remains stunning, Cramer noted, while the company's 30% gross margins on its cloud services is impressive. Best of all, Amazon doesn't need the Fed to be successful.
Cramer stopped shy of embracing Miller's suggestion that shares of Amazon could double over the next three years, but he said Amazon is exactly the kind of stock investors should be ready to buy on any Fed-induced market weakness.
Money in Oil
With oil seemingly stuck in the mid-$40's for the foreseeable future, is there any money to be made in the oil patch? You bet, Cramer said. In fact, last week's purchase of Freeport-McMoRan's (FCX) - Get Report deepwater assets by Anadarko Petroleum (APC) - Get Report for $2 billion was one of the best deals Cramer said he's ever seen.
It's no secret that Freeport's entry into the oil market came at the worst possible time in 2014. Since then, oil prices have been plummeting and the company has been saddled with $17 billion in debt. But that was great news for Anadarko, which took advantage of a "motivated seller" to double its stake in the lucrative Lucius area of the Gulf of Mexico.
Furthermore, Anadarko was able to purchase these great assets not by taking on more debt, but by issuing 32 million shares of stock in a very successful secondary offering last week.
Cramer said the deal is great for Anadarko shareholders in both the short and long term.
Cramer said the turnaround in Coach began back in 2014 when Victor Luis took over as the company's CEO. Luis hit the ground running to rectify the many things that had been ailing the once-coveted brand, including a loss of exclusivity and losing touch with their customers. Under-performing stores were closed, products were overhauled and Coach made a smart acquisition to break into the footwear category.
All of these efforts began to bear fruit this year, Cramer said. Coach reported a beat on revenue and earnings in January, but with a decline in same store sales of 4%. The decline was bad, Cramer noted, but far better than the double-digit declines from a year earlier. In April, Coach reported another top- and bottom-line beat with flat same-store sales, followed by a 45-cents-a-share earnings beat in August with a 2% increase in same store sales.
Shares of Coach have been on the decline recently with the rest of the retail sector, Cramer noted, but he thinks the company is worth owning, especially trading at 15 times earnings with a 3.7% dividend yield.
What About Seres?
The stock of Sarepta Therapeutics (SRPT) - Get Report soared nearly 74% today on news that the company's treatment for muscular dystrophy was approved by the Food and Drug Administration. But investors need to also remember that the same stock was obliterated in January, falling from $31 to $14, when clinical trial data looked less than promising.
Sarepta is the perfect example of what can happen when everything goes right, Cramer told viewers, and also a potent reminder of why early-stage biotechs are also highly speculative.
Seres develops microbial treatments to prevent infections and restore the body's natural balance. Nearly 29,000 patients die every year from such infections caused by imbalances and the current standard of care, antibiotics, also kills the good bacteria, making reinfections likely.
Cramer said the worst-case scenario is already baked into Seres, but the company still has a clean balance sheet, no debt, $211 million in cash and strong partnerships, all of which make it attractive over the long term but only as a speculative investment.
In the Lightning Round, Cramer was bullish on Clorox (CLX) - Get Report , NRG Energy (NRG) - Get Report , AK Steel Holding (AKS) - Get Report , Kellogg (K) - Get Report and Tractor Supply (TSCO) - Get Report .
No Huddle Offense
In his "No Huddle Offense" segment, Cramer opined on the incredibly stupid linkage between the price of oil and the stock market. As oil prices rallied at today's open, stocks immediately followed suit. As oil declined by the close, so, too, did the markets.
But the real question is, why did oil rally in the first place? Cramer said that every time oil falls to the low-$40 a barrel mark, like clockwork rumors of a production freeze emerge, causing prices to emerge.
Today marked the sixth time this pattern has played out just this year as officials from Venezuela and Iran along with the OPEC Secretary General all went on the record to talk of production cuts that "could" come at future meetings.
Cramer said all of these countries want oil prices higher, but they also don't want to lose market share by actually cutting production. Since the rumors work every time, why not keep starting them?
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At the time of publication, Cramer's Action Alerts PLUS had a position in FB and GOOGL.