J.C. Penney ( JCP) could post better-than-expected same-store sales growth for June on Thursday and see its shares rise on the news, Jim Cramer said on CNBC's "Stop Trading!" segment Wednesday.

"That could be the only one where you could get a significant numbers bump to the upside," Cramer said. The stock, which has been beaten down by program trading, "is the one you want to play," Cramer said.

Cramer also highlighted an interview last week on TheStreet.com by Simon Constable in which Nucor ( NUE) CEO Dan DiMicco said every company in the steel industry is "fair game" following Mittal's ( MT) acquisition of Arcelor.

While "you hate to buy a steel company when it's up," Cramer said, "there are companies out there that desperately want to consolidate this industry. That's a new phenomenon." Cramer said he still considers Nucor more an acquirer than potential acquiree, but said the sector bears watching as certain players try to build a "gigantic oligarchy."

In the refining sector, Cramer said Valero ( VLO) stands to benefit from tight industry capacity going forward. "We've been running refineries since Katrina flat out, and you know what happens after that. You always see outages. On any outage, Valero goes to a 52-week high."

iPass ( IPAS) could be an interesting situation now that Stanley Gold's Shamrock Capital is an investor, Cramer said. "I don't see the allure," he said, "but the notion of the Shamrock buyer stepping up here intrigues me."

A similar case could be made for Visteon ( VC) and Dana ( DCN), where hedge fund interest belies a poor fundamental picture. "Do I care for Dana down here? Do I really care for Visteon down here? No. But these things have traction. The group's got legs."