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Cramer says Red Hat shares should be higher and Lululemon is a rare gem in retail.
Focus on finding stocks of high-quality companies at good prices, Cramer advises.
Relief over the Federal Reserve's slow-and-steady interest rate plan fueled another day of gains Thursday, pushing the Nasdaq to a record close for the second session in a row.
Shares of Red Hat jumped Thursday after posting better-than-expected second quarter results late Wednesday.