On CNBC's "Cramer's Mad Dash" segment, Cramer, the co-manager of the Action Alerts PLUS portfolio, said Rite Aid's management should have seen the drop in earnings ahead of time.
"This is unacceptable to say that this was unpredictable," he added, referring to management expecting the drop in exclusivity to certain generic drugs.
Instead, Cramer said, investors should just stay long CVS Health (CVS) .
When investors consider the possible "stability" in its business coupled with its dividend and strong balance sheet, ConAgra Foods is a better buy than General Mills (GIS) , Cramer stated.
- - Written by Bret Kenwell in Petoskey, Mich.