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Morning Bell With Jim Cramer: Boeing and AbbVie

TheStreet's Jim Cramer takes a hard look at Boeing and AbbVie.

Stocks rose Wednesday as Federal Reserve Chairman Jerome Powell indicated in prepared remarks ahead of congressional testimony that the central bank wasn't ready to pull back on its support since the U.S. economy has a ways to go before recovering.

TheStreet's Jim Cramer shared his views on Boeing  (BA) - Get Report and AbbVie  (ABBV) - Get Report with Action Alerts PLUS senior analyst Jeff Marks.

Cramer: 'I Am Extremely Disappointed in Boeing'

Boeing shares took a hit after the planemaker said it would trim production of its 787 Dreamliner following the discovery of a structural flaws in the troubled twin-aisle aircraft. 

Shares were up slightly in trading Wednesday.

Cramer took a few moments to clear up any confusion about his stance on Boeing, which he said he likes very much.

"There’s a lot of people who don’t understand what I do," he said, "which is why I say join the club. We explain endlessly so that you understand that I am saying don’t sell boing and then try to get back in, that’s too hard."

Cramer dismissed any thoughts about China conducting test flights of China's 737 MAX.

"Our governments are not talking," he said. "In the end, everyone needs Boeing planes. But in the end, the guys who really need Boeing planes are Boeing. They need sales and they need that CEO (Dave) Calhoun to go to the factory floors and start inspiring these workers."

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Cramer said it's a situation "where you have to be a player-coach."

"You've got to be in there," he said. "You've got to be doing things. And I think he is removed from the day-to-day. This is not  a time to be removed from the day-to-day, not with all these problems, so I am very disappointed in Boeing. Extremely disappointed."

Cramer on AbbVie: 'Something Else Is Going On'

Cramer also expressed his concerns about AbbVie's  (ABBV) - Get Report recent run. Shares were up slightly on Wednesday to $116.94 and have risen 9.14% year to date.

Cramer speculated that something could be happening behind the scenes at the company because "AbbVie is going up unnaturally."

"I just smell it," he said.

Cramer pointed to Biohaven Pharmaceutical  (BHVN) - Get Report, "a tiny company and it is crushing AbbVie."

He expressed his disappointed with the company's acquisition of Allergan last year.

"The destruction of the value of Allergan is extraordinary," he said. "They’ve done absolutely nothing with Allergan. I think Allergan was a gem and I don’t see the gem anymore...I think that management has to get more active and it’s their job."

Boeing and AbbVie are holdings in Jim Cramer's Action Alerts PLUS investing club. Want to be alerted before Jim Cramer buys or sells these stocks? Learn more now.