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NEW YORK (TheStreet) -- With the Dow Jones Industrial Average approaching another milestone, Jim Cramer told his Mad Money viewers Wednesday he can still make a case for the top five stocks that helped propel the average to these lofty heights.
Cramer said Caterpillar (CAT), Walt Disney (DIS), Intel (INTC), Merck (MRK) and even Cisco (CSCO) are still strong buys.
Cramer told viewers that it's only natural to think you missed the move in a stock that's already up big, but in the case of Caterpillar this stock still hasn't reached its 2011 highs and the world's economy will surely be stronger six months from now. At 15 times earnings, Cramer said investors have not missed Caterpillar.
Cramer said while Disney is not cheap at current levels, the company does have a lot going for it including several billion dollar sequels from its movie powerhouses including Marvell, Pixar and Lucasfilms.
Intel is another stock that helped power the Dow from 16,000 to 17,000, yet this stock is still cheapand has a 2.9% yield and a solid balance sheet with better than expected earnings, Cramer said. Also in the high-yield camp, Merck, which also sports a 3% yield but still trades at a discount to the rest of the market. Cramer said this company's animal health business alone makes Merck an attractive stock.
Finally, there's Cisco, which delivered an upside surprise with great visibility in its earnings. Cramer said Cisco also has a 3% yield, a terrific balance sheet and trades at just 12 times earnings.
Should You Own JPMorgan Chase?
Is JPMorgan Chase (JPM) a buy after announcing CEO Jamie Dimon has throat cancer? Cramer said he's been pondering that question because JPMorgan is a stock which he owns for his charitable trust, Action Alerts PLUS.
After careful analysis, Cramer said he's still a buyer of JPMorgan. He said the company's release included the phrase "curable" cancer, which means Dimon's doctors must have a lot of confidence that his condition is indeed curable.
But more important, Cramer said history has proven that when other CEOs at public companies have announced similar medical conditions, the dips that followed have always been buying opportunities. That was certainly the case with former Intel CEO Andy Grove and more recently Warren Buffett.
Cramer said Dimon has not been perfect and the company's latest quarter was not spectacular, but overall the company remains a proxy for the growth of the overall U.S. and global economies -- which makes him feel confident enough to keep buying into any weakness.
Cramer Prescribes Drugstores
With the Affordable Care Act giving millions of Americans health care coverage and a slew of drugs going generic, it's a great time to be a drugstore, Cramer told viewers as he re-ranked the three major players Walgreen (WAG), CVS Caremark (CVS) and Rite-Aid (RAD).
Coming in third is Walgreen, a stock that once topped Cramer's drugstore list. With shares up 27% so far this year, Cramer said the easy money has been made in Walgreen and the stock is priced for perfection, which makes the risk/reward a lot higher and the stock a lot less favorable.
In the number two spot is CVS, a company Cramer admitted he likes a lot. He said CVS is a genius at data mining and giving customers special deals on what they need most. Cramer is also a fan of the company's in-store clinics as well as national and international growth prospects.
That left Rite-Aid in the pole position. Cramer said this $7 name is still in turnaround mode, with only 30% of its stores updated to its latest format. He said the stock has become a real bargain, down 14% over the past month, on what amounted to a hiccup in the company's latest earnings.
Don't cont Rite-Aid out, Cramer concluded. This stock could easily see double digits in the near future.
Executive Decision: Harold Hamm
For his "Executive Decision" segment, Cramer spoke with Harold Hamm, chairman and CEO of Continental Resources (CLR), one of the leading oil producers in the Bakken shale.
Hamm responded to the news that Pioneer Natural Resources (PXD) and Enterprise Product Partners (EPD) have been given permission by the U.S. Commerce Department to export condensate, a product that is essentially light crude.
Hamm said that current law, which bans the export of crude oil, is simply ridiculous. He said every day the U.S. exports four million barrels of refined products, gasoline and diesel, which consumers need. That's why when the news was announced there was an instant repricing of West Texas Intermediary, or WTI, crude in relation to the world Brent crude price.
Continental has also applied for a license to export, Hamm continued, and others will likely follow suit as the Commerce Department and Congress consider broader rule changes. Current laws hurt refiners around the world, he said. Those refiners can't get the crude they need, and U.S. producers can't get top dollar for the crude they produce.
Cramer said Continental continues to do a fabulous job and he continues to like the stock.
In the Lightning Round, Cramer was bullish on Lorillard (LO), Berkshire Hathaway (BRK.B), Dril-Quip Inc (DRQ), Ensco International (ESV), DreamWorks Animation (DWA), International Game Technology (IGT), VipShop (VIPS) and MasterCard (MA).
Executive Decision: Marty Mucci
In his second "Executive Decision" segment, Cramer spoke with Marty Mucci, president and CEO of Paychex Systems (PAYX), a stock that fell 2.3% on in-line earnings but still pays a 3.4% yield.
Mucci said there seems to be some confusion about Paychex' most recent quarter. He said the company's gross margins aren't decreasing, as some have noted, and Paychex will see a slight uptick in the coming quarter. He also indicated the company's guidance is very reasonable.
When asked about the cash position, Mucci said Paychex' cash balance actually rose despite buying back $250 million in stock and paying out quarterly dividends. He also noted that every 1% rise in interest rates translates to $20 million in earnings for Paychex.
Cramer said Paychex is a good story with a good yield and he's puzzled as to why people were so negative over the company's results.
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-- Written by Scott Rutt in Washington, D.C.
To email Scott about this article, click here: Scott Rutt