Tuesday’s decline in shipping stocks was a result of China trying to play hardball and win itself better rates, Cramer said before he started the Lightning Round. Regardless, he’s still bullish, calling the decline a “classic buying opportunity.” What’s really driving these stocks, he said, is a scarcity of ships, and those can’t be produced overnight.
Oceaneering Intl : “Terrific,” Cramer said. He also likes FMC and Core Labs in this group.
Concho Resources : Apache and XTO Energy are better picks, Cramer said.
Axsys Tech : “I like Ciena more.” Cramer recommended switching out of AXYS to Ciena .
Schnitzer Steel : Cramer would rather see homegamers in Reliance Steel, AK Steel or U.S. Steel.
Jim’s charitable trust owns XTO Energy.
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