Jim Cramer Says Skip AT&T And Amazon, Biotech Rally May Be Developing

TheStreet's Action Alerts PLUS Portfolio Manager Jim Cramer said he's steering clear of AT&T (T) - Get Report and Amazon (AMZN) - Get Report and that shares of Dow Chemical (DOW) - Get Report would be higher if it were not for an agreed-upon merger with DuPont (DD) - Get Report . Cramer said for investors looking to buy shares of AT&T it may be too late. Cramer said he was interested in shares of the telecom giant in the '$33-$34 range on the back of DirecTV doing better.' He believes investors who want to own shares of AT&T need to wait for a market-wide pullback. Cramer said he is starting to see the beginnings of what could turn into a rally in the biotech sector. But, Cramer cautions there are several catalysts at play which could prevent a rally from taking hold. TheStreet's Ruben Ramirez has details from the New York Stock Exchange.

At the time of publication, Jim Cramer's charitable trust Action Alerts PLUS held no positions in stocks mentioned.