Maybe it's time for a change in the FANG acronym, which TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, coined referring to growth stocks Facebook (FB) - Get Report , Amazon (AMZN) - Get Report , Netflix(NFLX) - Get Report and the former Google, now Alphabet (GOOGL) - Get Report .
On CNBC's "Stop Trading" segment Friday, Cramer joked that Alphabet, an Action Alerts PLUS holding, should be replaced by General Mills (GIS) - Get Report . The cereal maker's stock continues higher, recently hitting new 52-week highs, while Alphabet continues to struggle, down 3% on Friday thanks to bearish comments from analysts at Citigroup.
The stock has been underperforming, down almost 10% on the year, and the analysts implied its business is starting to slow, Cramer noted.
"I think it's a very inexpensive stock," Cramer said, but that doesn't matter. If investors think a stock will miss earnings estimates, the share price comes down, he explained.
As for its European exposure, Cramer said that if the euro is able to move higher, it will provide a boost to Alphabet's bottom line.
At the time of publication, Cramer's Action Alerts PLUS had a long position in FB and GOOGL.