Everyone knows which stocks to short when oil and natural gas futures fall. So, take the flipside and look for less obvious trades in companies that stand to benefit from lower oil and natural gas prices such as gaming stocks and chemical stocks, said Jim Cramer on his
"RealMoney" radio show Thursday. Two stocks Cramer likes are Boyd Gaming ( BYD) and PPG Industries ( PPG). Boyd Gaming was down almost every day when oil prices were on the rise, said Cramer. But, with oil prices lower, Boyd should benefit as people become more willing to drive to Boyd's casinos. Additionally, with two analysts upgrading Boyd today, Cramer believes that the risk is out of the stock. As natural gas falls, look to the chemical companies, which are heavy users of natural gas, said Cramer. Cramer has been buying PPG. Every dollar that natural gas goes down is 25 cents up for PPG, he said. Cramer added that PPG reported a "terrific, terrific quarter" Thursday morning when everyone was expecting the company to fall apart. Cramer believes that the risk is out of the stock. Shorting Valero Energy ( VLO) or Chesapeake Energy ( CHK), for example, when oil and natural gas falls is too obvious, he said. In response to a question about Altria ( MO), Cramer said Altria's Kraft unit had a horrible quarter and that he was mystified after listening to the conference call as to why. ActionAlertsPLUS ) due to its breakup value, which Cramer believes is $100. Altria traded at $73.21 Thursday afternoon. Cramer said Refco ( RFXCQ) is to blame for the major selling in oil and natural gas stocks this week. He is hearing Refco was a "giant holder of oil and natural gas" and now that the company is bankrupt, it is unwinding those positions.