Jim Cramer Says J&J, IBM, Alphabet Look Cheaper With Weaker Dollar

Heading into the second quarter, TheStreet's Jim Cramer believes stocks might be a little bit cheaper than investors realize, including Johnson & Johnson (JNJ), IBM (IBM) and Alphabet (GOOG).
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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 Report , IBM (IBM) - Get Report and Alphabet (GOOG) - Get 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 Report , American (AAL) - Get Report , United Continental (UAL) - Get Report selling at seven times earnings,' said Cramer. 'Now you've got a Clorox (CLX) - Get Report that's selling at a very high multiple or a Kimberly (KMB) - Get 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.