NEW YORK (The Street) -- With interest rates expected to rise, growth stocks like Salesforce.com(CRM) - Get Report are facing a turning point, and investors are looking in a different direction, TheStreet.com's Jim Cramer said Thursday on CNBC's "Cramer's Stop Trading" segment.

That direction is industrials, he said, including Caterpillar(CAT) - Get Report and Cisco(CSCO) - Get Report, a holding in Cramer's charitable trust, Action Alerts PLUS.

"Can these stocks exist in an environment where rates are actually going higher?" Cramer asked about the Salesforces of the world. "Can these exist where people want earnings per share?" He said Feb. 28 was the first time investors sent Salesforce's shares lower despite its earnings beat

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In the company's latest report, issued after the bell Wednesday, Cramer noted Salesforce's operating cash flow was $100 million higher than expected.

"Hey, listen, that was good for about 200% appreciation in Salesforce," Cramer said. "The world changed when (the stock) went down on its last good quarter. Can the world change again? I don't know.... I happen to like the companies that sell at a discount to the market multiple with a 3% yield and a big buyback."

That's why he prefers the industrials. He's also watching FireEye(FEYE) - Get Report , noting that the initial public offering lockup expired today and the stock is looking expensive and has a "huge" short position.

At the time of publication, Cramer's Action Alerts PLUS had a position in CSCO.