Jim Cramer's Mad Dash: Watch Libya for Crude Oil Prices

NEW YORK (TheStreet) -- Shares of PetSmart (PETM) are slumping on Wednesday after reporting a top-line miss and flat same-store sales guidance. 

"I found this to be interesting," because pet owners do not usually compromise on products for their pets due to income, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Cramer's Mad Dash" segment. 

Instead, it seems more likely to be an operational issue, rather than a consumer issue, he reasoned. 

Turning to ConocoPhillips (COP), Citigroup reiterated its buy rating and upped its price target to $100, from $85. 

Libyan oil production may come offline due to the country's civil war, Cramer said, which will boost the price of crude oil. Investors should keep an eye on the situation there.  

Cramer is usually a big supporter of oil companies like EOG Resources (EOG) and Pioneer Natural Resources (PXD), which are "pumping like mad" in the U.S. Today Cramer was adding to his list of oil stocks. 

"ConocoPhillips is the strongest performer because it's linked with both natural gas and oil," he concluded.

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-- Written by Bret Kenwell in Petoskey, Mich.

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.

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