Cramer: Scorned Stocks - Should They Rally Too?

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Stocks that were well out of favor are roaring higher as part of a 'grab for anything' currently underway in the stock market, Cramer said. "When I look at some of the gainers in this market I'm stunned by the disconnect between how their businesses are doing and how their stocks are doing," said Cramer.

But just because the Mad Money host sees a disconnect doesn't mean he's anticipating a sell-off.

Following is a list of 'scorned stocks' that have gained recently as well as Cramer's insights.

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Fossil up 9% in 5 days

"Fossil was stung by an over-reliance on Europe but I think expectations got way too low," Cramer said. The latest earnings report seems to confirm Cramer's outlook. The company's Q1 earnings surged 24% due to stronger than expected sales. "Now I think it could climb back to its old highs above $140," he said.

Abercrombie & Fitch up 6% in 1 day

Wells Fargo upgraded Abercrombie to "Outperform" from "Market Perform," Cramer explained. "The stock had been tough to own since late February but it seems that all may be forgiven," Cramer said

Textron up 5% in 5 days

Textron slashed estimates in April, which sent investors running for the exits. "However, all the defense stocks are rallying right now (due to a growing belief that sequestration will not be as bad as feared) and it looks like after a sharp sell-off, the stock wants to play catch-up," Cramer said.

FedEx up 4% in 5 days

Earnings released in March fell short of estimates with FedEx citing weakness in international air freight. "This is a stock that never has to say it is sorry. It just bounces down and suddenly people totally forget its transgressions and they think, "hmm, worldwide economy coming back? Lets get some Fedex." Could the stock regain its old heights? All it has to do it keep its mouth shut and perhaps it will," Cramer said.

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What's the bottom line?

Cramer thinks all these company could move higher in the near-term, unless some unforeseen catalyst emerges and reminds investors about the specific headwinds facing the company.

"Remember, the market is not about justice," said Cramer, It is about perception." And the perception in the market is that these stocks have a reason to rally.

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