On CNBC's "Cramer's Stop Trading" segment, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said the downgrade will have a short-term negative impact on the stock.
However, "women are back buying shoes," he reasoned, based on Deckers Outdoors' (DECK) - Get Free Report and SketchersUSA's (SKX) - Get Free Report recent earnings reports. Therefore, "do not sell DSW."
Turning to Anadarko Petroleum (APC) - Get Free Report, an Action Alerts PLUS holding, Credit Suisse boosted its price target on the stock to $134 from $122 a day ahead of its scheduled earnings release.
The stock has a lot of ways to create shareholder value, including through M&A and consolidation, Cramer said. However, shareholders should own Anadarko Petroleum because "it's an inexpensive stock."
-- Written by Bret Kenwell in Petoskey, Mich.
At the time of publication, Cramer's Action Alerts PLUS had a position in APC.