"Freeport (FCX) delivered a monster quarter," said Jim Cramer on CNBC's "Stop Trading!" segment on Wednesday.

He gave the stock two thumbs up in spite of its recent move up. "This stock was at $120, it went down to $17, and, yes indeed, it's had a monster move" since then, he said. But "it never should've been at $17."

"How can you not want to be in FCX?" Cramer said.

He said he wouldn't put stocks such as Teck Cominco ( TCK) in the same category. " BHP ( BHP) deserves to be in the same category," he said. "These are the plays on China: FCX and BHP."

Cramer said he also likes Hudson City Bancorp ( HCBK). He said the CEOs of both Freeport and Hudson City are "honest" and "self-effacing" and refuse to hype their own stocks, so Cramer said he'd have to hype the stocks himself.

Procter & Gamble ( PG) is the "No. 1 dividend-raiser in the NYSE," Cramer said, with a long history of raising its dividend and "fantastic management." He expects P&G to report a "good, stable quarter" next week, but he said the stock would probably fall on the news.

On the other hand, Parker Hannifin ( PH) "severely disappointed" in its quarterly earnings report last week. "And what's the stock done? It's roared," he said.

"You want to own PH," he said. "PG simply doesn't work" in this environment.

At the time of publication, Cramer was long Freeport and BHP.

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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