NEW YORK (TheStreet) -- TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Cramer's Stop Trading" segment that fears over the Russian economy were exaggerated.

A Pacific Crest report suggests the same thing, he added. 

Stocks like Visa (V) - Get Report and Mastercard (MA) - Get Report "should be up much more right now," he reasoned. 

Both stocks were knocked lower following what would usually be considered good earnings reports. However, fears over Russian exposure kept investors out of the stocks. 

The actual business for Visa and Mastercard was "really fabulous" in the previous earnings reports, Cramer concluded, adding that both stocks are "ripe to buy and will go much higher." 


- - Written by Bret Kenwell in Petoskey, Mich.

Follow @BretKenwell

At the time of publication, Cramer's Action Alerts PLUS had no position in the companies mentioned.