Cramer's 6 Stocks in 60 Seconds: RH SWY KORS SCHW NE ABBV (Update 1)

Check out Jim Cramer's latest trading recommendations on "Action Alerts Plus".

(Updates from 10:44 a.m. ET with closing information.)

NEW YORK ( TheStreet) -- Here's what Jim Cramer had to say on CNBC's "Squawk On The Street" Wednesday.

Restoration Hardware ( RH) has just completed a successful secondary offering and Cramer thinks the sell ratings are downright foolish. RH ended Wednesday up 1.1% to $53.05.

Safeway ( SWY) "is bad," according to Cramer. Goldman Sachs thinks it's a bad situation and "besides Kroger ( KR) and Whole Foods ( WFM), no one likes this group," he said. SWY was unchanged at $25.47.

Michael Kors ( KORS) is liked by Piper Jaffray and Cramer thinks this is a "very gutsy call ahead of the quarter," but does believe the company is doing well. KORS fell 1.4% to $60.50.

Charles Schwab ( SCHW) received a downgrade from Barclays and Cramer doesn't agree. He noted, "If you get retail (investing) back, you're going to look back and say 'why did I do that?'" SCHW rose 1.2% to $18.98,

Noble Energy ( NE) is "perhaps the most undervalued name other than EOG Resources ( EOG)," according to Cramer. He also thinks the company has great properties in the Mediterranean. NE was 1% higher to $39.97.

AbbVie ( ABBV), which is a spinoff from Abbott Laboratories ( ABT), looks great, according to Cramer. "What a win!" he concluded. ABBV closed at $46.03, up 1.5%.

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-- Written by Bret Kenwell in New York..
At the time of publication, Cramer's Action Alerts PLUS had no position in the stocks mentioned.

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