Jim Cramer's Stop Trading: GIII SLB JCP

NEW YORK ( TheStreet) -- G-III Apparel Group ( GIII) reported earnings on Tuesday and its shares are currently lower. TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, called the selloff in GIII shares an "interesting opportunity."

During the conference call the company suggested its recent acquisition of G.H. Bass & Co. negatively affected the quarter, Cramer said.  He will be talking with Manny Chirico, CEO of PVH Corp. (PVH), on his CNBC "Mad Money" TV show, and Chirico may be able to shed some light on GIII Apparel since the two companies are partners. 

Cramer is a buyer of GIII at current levels. 

Turning to Schlumberger (SLB), he said the company made some positive comments at the Howard Weil Energy Conference. Those remarks are fueling the "best in breed stock" to break out, and should also give a boost to Halliburton (HAL) and Baker Hughes (BHI), he said. 

Regarding retail, Cramer said J.C. Penney's  (JCP) CEO Michael Ullman is beginning to turn things around, albeit slowly. 

However, the stock will not be able to move higher until shares of Target (TGT) and Kohl's (KSS) move higher, and those stocks are "stalled," according to Cramer. 

Finally, he said that the momentum names including SolarCity (SCTY), Tesla Motors (TSLA), Google (GOOG), Salesforce.com (CRM), and Gilead Sciences (GILD) need to stabilize before the market can begin to move higher. 

However, Cramer is still in "watch mode," with these names, he concluded. 

- - Written by Bret Kenwell in Petoskey, Mich.

At the time of publication, Cramer's Action Alerts PLUS had a position in GOOG.

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