Jim Cramer's Top Takeaways: Palo Alto Networks, Tesla, Ambarella, Allergan, Wingstop, Alkermes

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NEW YORK (TheStreet) -- Did you miss last night's "Mad Money" on CNBC? If so, here are Jim Cramer's top takeaways for today's trading.

PANW Chart

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Palo Alto Networks (PANW), Tesla (TSLA) and Ambarella (AMBA): When the Federal Reserve gives a tepid economic forecast it's time to buy red-hot growth stocks that have nothing to do with the economy, said Cramer. These are three that fit the bill.

AGN Chart
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Allergan (AGN): Cramer sat down with Allergan CEO and President Brent Saunders after the Action Alerts PLUS holding's announced $2.1 billion acquisition of Kythera Biopharmaceuticals (KYTH). The buy allows Allergan -- which already owns leading cosmetic treatments from the upper forehead to crow's feet to sagging necks and is best known for its Botox treatment -- to totally dominate treatments for your face, Cramer said.

"This puts our facial aesthetic sales reps in a terrific position to talk very robustly with physicians around rejuvenating the entire face," Saunders said. Just today, he said he used Kythera's Kybella treatment, the only FDA-approved non-surgical treatment to reduce submental fullness, more commonly known as double chin.

WING Chart
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Wingstop (WING): Is Wingstop too spicy? Cramer thinks so. This newly public company's recent explosion in new locations and double-digit sales means that expectations are incredibly high, and the stock is essentially priced for perfection. It's not enough for Wingstop to meet Wall Street's expectations, Cramer said, it has to keep beating them. Any stumble would cause the stock to get crushed, and the company's balance sheet is "bad, maybe hideous."

Wingstop also looks expensive, he added. In the first quarter, it earned 9 cents a share, thus is now trading at 79 times earnings. Compare that to veteran chicken-slingers Buffalo Wild Wings (BWLD) at 27 times earnings, El Pollo Loco (LOCO) at 27 times earnings or Popeye's Louisiana Kitchen (PLKI) at 30 times earnings. Those companies are consistent, Cramer said.

Ring the register, Cramer advised.

ALKS Chart
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Alkermes (ALK): Cramer sat down with Alkermes Chairman and CEO Richard Pops about the newest drugs in the company's pipeline of drug-delivery systems for the central nervous system to treat depression and schizophrenia, among others.

Pops said Alkermes worked hard to get the pipeline to where it is now and "we're just getting going."

For example, there's ALKS 5461, one of the first novel mechanisms for depression in decades, Pops said. There's a long-standing desire and need for a new approach. Data are coming next week from large, randomized studies that show the effect of the drug lasts not just four weeks, but eight weeks.

To read a full recap of "Mad Money" on CNBC, click here.

To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.

To sign up for Jim Cramer's free Booyah! newsletter with all of his latest articles and videos please click here.

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

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