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NEW YORK ( TheStreet) -- Did the market turn from good to bad overnight? Are the data bad enough to warrant selling everything? "Not at all," Jim Cramer told his "Mad Money" TV show viewers Thursday. Cramer said that while there are indeed some things to worry about, there are also a lot of bullish macro themes that are still intact. While the traders may be focusing on whether Google ( GOOG) can hit $1,000 a share or whether Apple ( AAPL) will be releasing a wristwatch, Cramer said he remains focused on what's working -- things like housing, autos, lending, aerospace, energy and, of course, mergers. When it comes to housing, we're still not building enough homes, said Cramer, and while the traders only read the headlines of Toll Brothers ( TOL) earnings, deep inside the 53-page transcript of the company's conference call investors can learn that Toll Brothers is seeing strong demand and a 57% increase in its backlog. Autos are also selling, said Cramer, as new car builds continue to rise and used-car sales remain strong after Hurricane Sandy. As we learned from American Electric Power ( AEP) earlier this week, oil and gas continues to boom in the U.S. leading to cheap energy for utilities, manufacturers and chemical companies. In the banking world, we're seeing lending picking up for commercial real estate and the banks continue to fund a big round of mergers and acquisitions. Yes, there are concerns in the market, Cramer concluded, but not everything is bad, which is why investors need to be opportunistic and take profits in their winners and continue buying the themes that are working.
All the Stock That FitsCramer said he's finally turned the page on the stock of the New York Times ( NYT), admitting that after years of hating the company, now is indeed the time to be positive. It's no secret that the newspaper stocks have been in trouble for years. As free content on the Web became the norm, newspapers struggled, and many failed, to offer a free service that also drew in enough advertisers to pay the bills. But in March 2011, the Times took a different approach, putting its premium content behind a paywall, making readers pay for the privilege of accessing the content.
Coke or Pepsi?It's the age old question: Coca-Cola ( KO) or Pepsico ( PEP)? Cramer said when it comes to the beverage, that's up to the individual. But when it comes to the stocks, there's only one clear winner and that's Pepsico. Cramer said on the surface the stocks of Coke and Pepsi may seem similar. Pepsi sells at 15.7 times earnings while Coke trades a little higher at 16.2 times earnings. But when comparing the companies since the beginning of the year, shares of Coke are only up 4% while Pepsi has soared by 10%. Pepsi is ready to compete, said Cramer, delivering a three-cent-a-share earnings beat on 5% organic revenue growth. Meanwhile, Coke delivered a much weaker quarter. Coke also has 100% exposure to soft drinks, while Pepsi only derives 40% of sales from drinks and the other 60% from snacks. This is important, Cramer reminded viewers, as soft drinks have increasingly come under scrutiny by a more health-conscience consumer. Pepsi is also the whole package, said Cramer, with plenty of new products and a strong international footprint including a joint venture in China. He said the stock of Pepsico may be volatile, so he'd start a position at current levels and buy more on weakness.
Lightning RoundIn the Lightning Round, Cramer was bullish on American Capital Agency ( AGNC), Annaly Capital ( NLY), Heckmann ( HEK), BlackRock ( BLK), Dole Food ( DOLE), ConAgra Foods ( CAG) and Hormel Foods ( HRL). Cramer was bearish on Ford Motor ( F).