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Did you miss last night's "Mad Money" on CNBC? If so, here are Jim Cramer's top takeaways for today's trading.
During the "Off the Charts" segment, Cramer took a closer look with Real Money contributor Suz Smith. She said several good buying opportunities are in the offing.
One stock she likes is Masco. The stock recently broke below its trading range, but should find support near its 200-day moving average. If this level holds and when combined with an oversold condition, the stock could be setting up for a bounce.
She also likes Sherwin-Williams and Whirlpool. Positive investment flows from institutional investors coupled with the consolidation pattern both stocks display sets them up for a potential pop, Cramer said Smith's research.
However, one stock she doesn't like quite yet is Home Depot. Although this is an institutional favorite and pullbacks tend to be short-lived, Smith believes the stock could fall a bit further from its current levels after breaking below its 200-day moving average near $126. She says the stock could decline toward $121 before finding some support.
J.M. Smucker (SJM - Get Report) : How did so many investors misjudge J.M. Smucker (SJM - Get Report) ahead of last week's "truly amazing results?" Cramer asked. This "blowout quarter" saw the company report much higher-than-expected earnings per share results, as sales climbed 25% year over year and margins improved dramatically.
J.M. Smucker's dog food business and coffee business continue to operate at incredibly impressive levels, which helped to drive the company's full-year earnings guidance of $7.60 to $7.75 per share, far above analysts' expectations of just $6.37 per share, Cramer pointed out.
So should investors buy? Cramer said with a valuation of slightly less than 19 times earnings, the stock is cheaper than many of its peers despite having superior growth. At just 20 times next year's earnings the stock is at $164, 14% above current levels.
Coffee prices are moving higher, which could have a negatively impact, Cramer said, noting Real Money contributor Bruce Kamich said the stock appears overbought and will likely decline to below $140.
But to Cramer, Smucker is just the kind of domestic-oriented play investors should be considering on a pullback.
Juno Therapeutics (JUNO) and Johnson & Johnson (JNJ - Get Report) : There were many winners and losers from the recent American Society of Clinical Oncology conference. Cramer said investors who want a speculative play in the biotech space can consider Juno so long as they are patient. For a safer play, go with J&J.
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