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"Every once in a while, the market does something so stupid it takes your breath away," Jim Cramer told viewers of his "Mad Money" TV show Monday.

And when it does this, it can create a fallen angel.

A fallen angel, he explained, is a stock that deserves to trade at a higher multiple than it does.

Therefore, Cramer said he was dedicating the show to explaining how certain fallen angels have gotten to where they are, why he believes people should buy them, and what should bring them back up.

He named VF Corp. ( VFC) as his first fallen angel.

VF recently announced the sale of its "horrible" intimate apparel business for $350 million, Cramer said. He considers this a great move, as the company not only had "razor-thin margins," but now that the intimate-clothing division is gone, VF is free to "let its other higher margin businesses shine."

However, VF became a fallen angel because it said it wasn't happy with its fourth quarter even before it reported, citing a difficult retail market, Cramer said.

Consequently, market-players didn't care about the company's good news and "threw it down the pit."

The stock quickly took a 7% hit, even though it's getting out of its worst business, he said. But Cramer believes that VFC should miss its quarter by only 3 cents.

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