Cramer's 'Mad Money' Recap: Go Picking Through the Rubble

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NEW YORK ( TheStreet) -- Panic is not an investment strategy, Jim Cramer told his "Mad Money" TV show audience Tuesday in a special on-the-road episode from the International CTIA Wireless conference in New Orleans. Cramer reminded investors that no one ever makes money selling into a panic and often the best strategy is to stand your ground and wait for a better price to sell.

Cramer acknowledged that the chaos in Europe, along with a host of scary news from companies like Scotts Miracle-Gro ( SMG), Rackspace ( RAX) and Fossil ( FOSL), did indeed rattle the markets. But should investors rush for the exits and sell their entire portfolios? Cramer thinks not.

Cramer said when he sees selling like today, it's clear that investors either don't know what they own, or are just selling in fear. Because when you think about it, how does a slowdown in Europe affect companies like Macy's ( M), Bed Bath and Beyond ( BBBY) or Ross Stores ( ROST), three retailers that posted spectacular results? It doesn't.

The prevailing wisdom seems to be that falling oil prices is bad news, as it signals the global economy is slowing. But isn't cheaper energy exactly what companies like Hershey ( HSY) and Kimberly-Clark ( KMB) have been hoping for? It is.

Cramer said it simply doesn't make sense to sell everything all at once. And indeed, when stocks like Fossil report bad news, the opportunities created in stocks like VF Corp ( VFC) and Ralph Lauren ( RL) are compelling.

"There's always a better time to sell," Cramer concluded. But the smarter move is not to sell at all, but to pick through the rubble and buy what makes sense.

Executive Decision

In the first "Executive Decision" segment, Cramer sat down with Ralph De La Vega, president and CEO of AT&T Mobility, the wireless arm of AT&T ( T). Cramer called AT&T the "ideal stock to own" in this market as the company has zero exposure to Europe.

It's been a year since AT&T announced plans to buy rival T-Mobile, and De La Vega said the company has now put the failed merger behind it and is looking forward. He said the company posted record smartphone sales and is seeing its data business rise by 20%. Meanwhile, customer churn is down and AT&T's stock is flirting with 52-week highs.

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