After the elections, people thought enemy No. 1 would be the oil stocks, but instead drug stocks have become the target, Jim Cramer said on his
"RealMoney" radio show Friday.
Even though Cramer said he worries about higher taxes on the oils, it's the drug stocks people are panicking about and bailing out of right now. They have become
public enemy, even though they save people's lives -- unlike oils -- he said.
However, Cramer believes that the worst should be over for the drug stocks by Wednesday next week.
"The oils could soon get the wrath of Congress and might be the next target," he said. "We are in a position right now where the oil stocks are vulnerable, since they are up so much, and drug stocks are not vulnerable, as they are so low here."
It is time to sell into the strength of oil plays and buy drug stocks, Cramer said.
is really good at one thing -- issuing press releases," Cramer told listeners.
First, the discount retailer did a "price rollback on prescriptions," but those price cuts were not really beneficial for consumers because they were for very few drugs and not steep enough to matter, he said.
Then Wal-Mart cut prices for its big-screen TVs. But the deals were mostly on line, and the in-store discounts offered were not only not that good, but also Wal-Mart hardly had any inventory in-store, Cramer said.
On Friday the retailer is cutting prices of its appliances, but
, which Cramer owns for his charitable trust,
Action Alerts PLUS, are not getting hit, he said.
This is because people are realizing that this is a company that simply "issues futile press releases in a futile attempt to get people into its stores," Cramer said.
"Don't sell other retailers because of what Wal-Mart says," he advised
, on the other hand, is a company which is going to have accelerated revenue growth, Cramer said. "This means the earnings will follow."
Not only has the company come out with a number of initiatives, such as Sephora and the "red box" initiative, but it also has a model like no other, which targets to low-range, midrange and high-range customers.
J.C. Penney is a "very inexpensive stock even after the run it has had," he said. "An undervalued stock is always going to be out there moving up until people recognize it."
The stock is at $80 and is going to $90, Cramer predicted.
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 Sears Holdings.
Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, 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
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