Cramer: 10 workhorse stocks that won’t quit
Dig down into the market and Cramer says you'll find a handful of tried and true stocks that just want to work hard. "Old-line companies are putting on major moves," said Cramer with incredulity. "Only a couple of times during my whole career have I seen this."
Now keep in mind, once in motion, a workhorse doesn't quit, "until they hit a wall. But I don't see any walls on the horizon," Cramer added.
Therefore you might want to keep a close eye on the following gainers. They may work hard for you, too.
Cramer thinks many investors assumed the momentum in Best Buy just couldn't last.
"First, back in June Best Buy was trading at $26, a remarkable run from the beginning of January when it was an $11 stock. Most people figured Best Buy had to collapse from exhaustion after such a move," Cramer said.
But how wrong that was.
"Best Buy's been putting up numbers that are downright awesome. They are done with being merely a showroom for Amazon. I think gains could continue given what we've seen of the consumer's rekindled love affair with hard goods," said Cramer.
Boeing has rallied from $101 in early July to $129 by late October. And Cramer says gains show no signs of stopping.
"I think the market was distracted by the problems with the 787 Dreamliner," Cramer said. "But Boeing reported a terrific quarter and indicated that many more were ahead. For this stock, the gallop has just begun and I doubt it's ending any time soon."
"Bristol Myers had been under a cloud due to the patent expiration of a major product, but once a new, higher growth drug franchise was on the horizon the stock took off," Cramer noted.
On Monday, Morgan Stanley upgraded the stock to Overweight and dramatically boosted its price target to $60 from $45. Also on Monday, Credit Suisse added Bristol stock to its U.S. Focus list with a $55 price target.
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"In July Chipotle was trading around $375," Cramer said. At the time some investors feared the stock was ahead of itself but the momentum never wavered and now it's above $525."
"Chipotle remains a super high quality concept, fast food with integrity that's healthy, tastes good, and is sourced with organic ingredients," Cramer said.
"Plus, Chipotle still has a long growth runway ahead of it—management thinks it can grow the store count by roughly 13% per year."
"Given the scale of the opportunity here, I still think this one is worth buying into weakness," Cramer said.
Although its technology is widely credited with making unconventional energy discoveries far more viable, Core Labs had struggled to break above $150 for months. "However, as word began percolating of the vast potential of new finds the stock marched all the way to $190. The breakout's breathtaking."
On Wednesday October 16, Cramer called Core Labs one of the best plays in the oil patch.
"After a nice move from the $80s FedEx had been marking time around $110 in early October, and then a remarkable quarter showed that the massive restructuring the company announced last year was paying off, and the stock jumped almost in a straight line to $132," Cramer noted.
Although Cramer concedes that some of the advance could be attributed as a bet on global growth. he thinks gains are also company specific.
"The company has reinvented itself in a cheaper and leaner form."
"GameStop traded at $31 back at the end of May and at $55 it's still being upgraded," Cramer mused. This stock is largely a bet on the popularity of new consoles coming from Sony and Microsoft next month.
On Wednesday October 16th Cramer expressed optimism that despite the rally, the gaming cycle would drive the stock even higher.
Tried and true consumer staples stocks such as Kimberly-Clark rarely advance 10% in a 30-day period, but that's what happened here as KMB marched from $93 to $107.
"First interest rates bottom, making its bountiful dividend worth more. Then the company's growth accelerates ever so slightly, allowing analysts to pronounce it as one of the fastest growing packaged goods stocks. Fantastic move," Cramer said.
Schlumberger stock marched from $86 to $94 in less than a month.
Here's the story. "Given the new technologies, oil companies can find crude much more cheaply than was the case even a few years ago. In turn, more drilling is happening all over the globe. The drillers need servicing -- and that's Schlumberger," Cramer explained.
In May Whirlpool was trading $112. By the end of October it had printed $148.
"Whirlpool somehow transformed from being totally at the mercy of home sales to a company that took market share at the same time as an upgrade cycle kicked in. Nice!"
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