Cramer's 'Mad Money' Follow-Up: Sepracor

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On Tuesday's "Mad Money" show, Jim Cramer called a bottom in housing and recommended owning banks such as Wells Fargo ( WFC), JPMorgan ( JPM) and Bank of America ( BAC). He owns all three of those companies for his Action Alerts PLUS charitable trust.

On Wednesday, Wells Fargo slid $1.31, or 5.4%, to close at $23.09; JPMorgan lost 77 cents, or 2.3%, to $32.73; and Bank of America closed down 43 cents, or 3.4%, at $12.30.

Cramer said that Sepracor's ( SEPR) fundamentals are shaky and disagreed with colleague Rick Bensignor, who thought that the stock was heading higher.

On Wednesday, Sepracor added 56 cents, or 3.6%, to close at $16.25.

Cramer said he is not a fan of either Wal-Mart ( WMT) or Target ( TGT). Goldman Sachs recently downgraded the former and awarded the latter a buy rating. Cramer prefers Target but thinks that rising gas prices make both stocks too much of a risk.

On Wednesday, Wal-Mart closed up 31 cents, or 0.6%, at $48.56, while Target added 43 cents, or 1.1%, to $39.05.

Freeport-McMoRan ( FCX) is more of a play on copper than a play on gold, said Cramer, and he prefers the SPDR Gold ( GLD) ETF to play gold.

On Wednesday, Freeport lost $1.91, or 3.7%, to close at $50.48, while SPDR Gold added 42 cents, or 0.5%, to $92.35.
At the time of publication, Cramer was long Wells Fargo, JPMorgan and Bank of America.

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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