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NEW YORK ( TheStreet) -- We are not the world, so stop investing like it, Jim Cramer commanded his "Mad Money" TV show viewers Wednesday. Cramer said Europe's woes are likely to cause a weak open for our stock markets Thursday, but investors need to be smart and use that weakness to buy, buy, buy. There's been a shift in our markets, said Cramer, and smart investors are no longer using weakness in Europe as a reason to sell, they're using it as a reason to buy. That makes sense because problems with banks in Cyprus or elections in Italy have absolutely nothing to so with sales at retailers such as Ross Stores ( ROST), Bed Bath & Beyond ( BBBY) or Costco ( COST), nor the U.S. housing or oil booms. Cramer said if the markets open higher tomorrow, he'd be a seller and buy back in at lower levels. If the markets open flat, he'd look for specific opportunities and buy cautiously. But if the markets open lower, which they likely will, Cramer said there are a few stocks he'd be very interested in. First off, Cramer said he'd be a buyer of the Pinnacle Foods' IPO because a lower open would likely give that food stock a 4% yield. Cramer said he'd also be a buyer of Costco and General Mills ( GIS), two great companies with strong earnings. Finally, Cramer said he likes mortgage insurer Radian Group ( RDN). So if things get ugly tomorrow, Cramer concluded, it's time to get buying.
Another BreakthroughFor today's "Breakthrough Medical Stock," Cramer highlighted Biogen Idec ( BIIB), a stock that's already at new 52-week highs and also one Cramer said could roar much higher. Shares of Biogen are already up 56% since Cramer first got behind the stock just over a year ago, but the stock still trades at a mere 19 times earnings despite its 18.3% growth rate. That pegs Biogen at the same multiple as Bristol-Myers Squibb ( BMY), said Cramer, and Biogen deserves a much higher multiple than Bristol. Biogen's main focus has been on treating multiple sclerosis, a chronic condition that affects some 350,000 patients in the U.S. and millions around the globe. While Biogen has already been successful with its drug Avonex, Cramer said the company is also at the forefront of next-generation therapies including a longer-lasting version of Avonex as well as Tecfidera, which could be game changer, and Tysabri, Biogen's new MS drug that already has garnered 10% market share.
Beyond its MS pipeline, Cramer said Biogen also has other drugs in the works that are not factored into its share price, including those to treat lymphoma and hemophilia. Given the company's superb growth rate and its cheap share price, Cramer said he's still very bullish on Biogen.
Executive Decision: Manny ChiricoIn the "Executive Decision" segment, Cramer once again sat down with Manny Chirico, CEO of PVH Corp ( PVH), a stock that's given up all of its gains for the year as investors have voiced concerns about the company's Warnaco acquisition announced last October. Chirico explained that unlike PVH's acquisition of the Tommy Hilfiger brand, the Warnaco acquisition is more complicated and on a much larger, global scale. As such, Chirico said that 2013 will be a transition year for PVH as it makes investments in the now-unified Calvin Klein brand so that 2014 and beyond will be much stronger. Chirico also noted that jeans tend to sell in cycles and have been under pressure for the past two years. That makes the Warnaco acquisition happening at the perfect time, as things will only improve from here. When asked about sales in Europe, Chirico said that overall comps are up 5% to 6%, which weakness in Italy and Spain being offset by strength in other countries like France and the U.K. In the U.S., he said, sales were strong in January and February, but stalled in March as continued cold weather has made it hard to jump-start much of its spring apparel. "It's hard to sell shorts when it's 20 degrees outside," Chirico explained. Finally, when asked about sales at the embattled JC Penney ( JCP), Chirico said that PVH's shirt and tie business has been under pressure as sales have been declining overall at Penney, but his company's sportswear business has seen a lot of strength and he feels JC Penney management is starting to take the necessary steps to turn things around. Cramer said that while PVH may be sluggish in the first half of 2013, he's a believer in the company for late-2013 and beyond.