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RealMoney Radio: Don't Fear the Fed

Cramer says to focus on sectors that are outside of the central bank's rate-hike effects, like oil.

Even in this back-and-forth market, listeners called in to hear what Jim Cramer had to say about stocks Friday on his

"RealMoney" radio show.

He told a caller that the

Federal Reserve

is targeting commodities prices, and using its rate hikes to try and quell speculation in the sector.

But, he said, the central bank can't really control ramping oil prices because it's not merely speculation that is pushing crude costs higher.

Cramer told the caller to find groups like oil that rise and fall regardless of Fed rate hikes, and suggested looking at


(SLB) - Get Schlumberger N.V. Report

, which he called the finest oil driller.

The drillers have been fractured, Cramer warned, with some up and some in freefall. Since it's difficult to pick one, he said to go for a best-of-breed company like Schlumberger.

A caller said that he was pleased with the latest earnings report from


(CIEN) - Get Ciena Corporation Report

, and Cramer agreed that he is interested in a company with strong growth potential.

The company's revenue is growing, Cramer said, and he believes that it is one of the single best plays on the battle between cable and phone companies.

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TheStreet Recommends



(CMCSA) - Get Comcast Corporation Class A Common Stock Report

showed that it was taking a share of the phone business,


(VZ) - Get Verizon Communications Inc. Report



(T) - Get AT&T Inc. Report

were shaken, he said. He believes these big phone companies will spend heavily to roll out a new, more competitive fiber optic system, and that Ciena will be the beneficiary.

Even though he has been "loathe to recommend drug stocks," Cramer told a caller that he is interested in


(GSK) - Get GSK plc American Depositary Shares (Each representing two) Report

, since it is buying


(PFE) - Get Pfizer Inc. Report

big consumer products division.

Glaxo will be able to do more with that division than Pfizer was able to because it's a better product marketer, he said. He also said that he has been recommending



, which he owns for his charitable trust

Action Alerts PLUS, saying that the company is in turnaround mode.

He told a caller that

Bank of New York

(BK) - Get The Bank of New York Mellon Corporation Report

is too focused on payment services and securities servicing and not focused enough on banking.

While the stock's yield is good at more than 2%,


(C) - Get Citigroup Inc. Report


Bank of America

(BAC) - Get Bank of America Corporation Report

have 4% yields. Cramer said he would swap out of Bank of New York and into Citi or Bank of America.

He said that

Allegheny Technologies

(ATI) - Get Allegheny Technologies Incorporated Report

is played out. When it was trading at $30, he nominated it as his stock of the year because titanium is integral to the current aerospace cycle.

But the price has pretty much doubled, and he said that investors who buy at these levels are being hogs.

Cramer said that investors have been fleeing natural gas, but that they shouldn't. While he has been pushing

Chesapeake Energy

(CHK) - Get Chesapeake Energy Corporation Report

, Cramer said the he also needed to give

Western Gas Resources


its due.

Finally, he told a caller that



is played out and that he would swap into


(JWN) - Get Nordstrom Inc. Report


To see the most recent edition of The RealMoney Radio Recap in its entirety, please click here. This recap is published every day around 3 p.m. ET.

At the time of publication, Cramer was long Schering-Plough.

Jim Cramer is a director and co-founder of He contributes daily market commentary for's sites and serves as an adviser to the company's CEO. Outside contributing columnists for and, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for

Action Alerts PLUS. Listen to Cramer's RealMoney Radio show on your computer; just click

here. Watch Cramer on "Mad Money" at 6 p.m. ET weeknights on CNBC. Click

here to order Cramer's latest book, "Real Money: Sane Investing in an Insane World," click

here to get his second book, "You Got Screwed!" and click

here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by

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