Check out Jim Cramer's latest trading recommendations on Action Alerts PLUS.(Updates from 11:26 a.m. ET with closing information.)
NEW YORK (TheStreet) -- Here's what Jim Cramer had to say on CNBC's "Squawk on the Street" Tuesday.
"HollyFrontier (HFC) "goes higher" because refiners are making a lot of money on the back of high oil production, Cramer said. HFC closed 1.9% lower at $48.25.
He also said that the Federal Reserve's approval of JPMorgan Chase's (JPM) capital plan means the bank can now "return a lot more money to its shareholders" and that the stock should go higher. JPM was flat at $58.26.
Cramer said he likes Ascena Retail Group (ASNA) because "middle-market retail is doing much better" than big chain discount stores. ASNA rose 3.3% to $21.56.
Cramer suggested investors avoid Continental Resources (CLR) unless they believe the current glut of oil will diminish in the near future. CLR fell 25 cents to $107.75.
Chipotle Mexican Grill's (CMG) price target was raised again. Cramer likes the stock but that "at a certain point" it is approaching "nosebleed" levels. CMG was off 1.9% to $522.64.
Cramer also said, "When Celgene (CELG) makes a deal with you, your stock flies," and that's exactly what's happening to OncoMed Pharmaceuticals (OMED), which is ripping higher Tuesday. OMED zoomed 98% to end the day at $27.70.
At the time of publication, Action Alerts PLUS, which Cramer co-manages as a charitable trust, held shares of JPM.
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-- Written by Bret Kenwell in Petoskey, Mich.