Heading into the second quarter, TheStreet's Jim Cramer believes stocks might be a little bit cheaper than investors realize, and he sees a lot that he likes, including Johnson & Johnson (JNJ) - Get Johnson & Johnson (JNJ) Report , IBM (IBM) - Get International Business Machines (IBM) Report and Alphabet (GOOG) - Get Alphabet Inc. Class C Report . Cramer said those stocks will benefit from the weaker dollar. Cramer points out while investors should have their shopping lists ready, they should also realize the opportunities will be on a case by case basis. 'You've got Delta (DAL) - Get Delta Air Lines, Inc. Report , American (AAL) - Get American Airlines Group, Inc. Report , United Continental (UAL) - Get United Airlines Holdings, Inc. Report selling at seven times earnings,' said Cramer. 'Now you've got a Clorox (CLX) - Get Clorox Company Report that's selling at a very high multiple or a Kimberly (KMB) - Get Kimberly-Clark Corporation (KMB) Report , but those are companies, particularly Kimberly, that can really benefit from a weaker dollar.' Cramer notes that corporate guidance had been crimped by a strong U.S. dollar in the first quarter, but that could be ending.
At the time of publication, Jim Cramer's charitable trust Action Alerts PLUS held no positions in stocks mentioned.