Cramer's 'Stop Trading!': Fabulous Freeport

"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.