Investors more interested in the Fed than stocks will miss out on some good opportunities, Jim Cramer said on TheStreet.com TV's Wall Street Confidential Webcast Tuesday.

"There's a daybook mentality to the media coverage of the Fed , which is that we have these events so we must talk about them," Cramer told Aaron Task, the host of Wall Street Confidential.

Cramer believes market-players focusing on the Fed meeting might miss the opportunity to buy a Colgate ( CL) or sell a 3M ( MMM).

He also said that Illinois Tool Works ( ITW) and Black & Decker ( BDK) were two stocks that people focused on the Fed could be missing out on.

Merck's ( MRK) guidance wasn't good because it "has poor management" and a "very bad pipe," Cramer said. Guidance from 3-M was low because it "doesn't have a clue," he added.

"I don't think this company is nearly as in control of its destiny as it used to be," Cramer said, referring to 3M.

Meanwhile, Cramer said he is still trying to figure out why UPS' ( UPS) guidance was down.

When Task asked Cramer his thoughts about financier Carl Icahn taking a stake in Motorola ( MOT), Cramer said that Icahn has changed his ways.

In the old days, Icahn would come into a company and cause trouble, Cramer said. But now he comes in with a "substantive, constructive critique."

"Managements that spurn him I am very suspicious of, because he is a player in this who can offer tremendous guidance from many different fields if you embrace him," Cramer said. On the flip side, he can make life very difficult for management, Cramer said.

Cramer said it was surprising to see Time Warner ( TWX) CEO Dick Parsons embrace Icahn, because of Parsons' initial cold feelings toward him.

Cramer called Parsons a "remarkable man" and a "modern-day classic CEO." Part of what makes Parsons such a great chief executive is that he's willing to make tough changes, doesn't do it in a vociferous way, and is open-minded, Cramer said.

On the other hand, Cramer believes that 3M's George Buckley and Motorola's Ed Zander are examples of "not great CEOs."

"We are always afraid to cite the CEO for the damage," Cramer said. "But the CEO matters more than people realize, and the CEO sets the tone."

Going back to the topic of the Fed, Cramer told Task that "we need to go back to a world where we recall that there are only certain industries that are hurt by these rates -- auto and housing."

It's unlikely that the auto and housing sectors will start performing well, said Cramer, who believes that's the only scenario in which the Fed would raise rates.

"Stable rates are not a bad thing," he said, adding that they have produced "big runs in our time."

That said, Cramer still believes that we'll get rate cuts, but he isn't relying on them to produce an upside for the year.
At the time of publication, Cramer had no positions in stocks mentioned.

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 Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. Click here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click here to order his 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 clicking here.

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