Game Plan: Make a Shopping List

Missed a chance to get in on this week’s action? Next week could be even more exciting, Cramer said.

On Friday’s Game Plan, Cramer advised Homegamers to take a moment this weekend to make a shopping list by writing down the companies – not the stocks – they want to own a piece of along with the price they would be willing to pay. Take ConocoPhillips , Cramer’s favorite oil name. Last week COP hit $69. Two days later it was at $76. Without a list and a price ready, it would have been easy to hold off buying until COP went lower than $69. But it never did.

So what could be next week’s Conoco? Cramer recommended Procter & Gamble , down 12 points from its high and a great place to start a position, he said. There’s also Altria at $73 with a 4.25% yield, less than a week from announcing plans it intends to split up. How about AT&T, with a 5% yield at $35?

With the Fed catching on (better late than never), some banks and homebuilders are back in play. Bear Stearns , which Cramer thinks could get taken over, is starting to look attractive down 16 points to $70. There’s also Wells Fargo at $30 with a 5% yield. And now that the government changed the rules making it easier to get mortgage money, Toll Brothers down at $16 is even looking good to Cramer.

The time is also right to buy Schering-Plough , he said. Shares of the drug company have been virtually cut in half on what he called “overstated” headline risk about its flagship cholesterol drug Vytorin. And in Cramer’s experience, the best time to buy drug stocks is right after the bad headlines. Think Bausch & Lomb with its contact solution or Bristol-Myers Squib with Plavix.

Down 50% from its high, with a CEO buying shares hand-over-fist, SGP is Cramer’s definitive pick for next week – Fed cut or not.

Jim's charitable trust owns Schering-Plough and Altria.

Questions for Cramer? madmoney@cnbc.com

Questions, comments, suggestions for the Mad Money website? madcap@cnbc.com

Contact Mad Money

  • Showtimes

    Monday - Friday 6p ET
    Saturday 8a, 1p, 7p SYD
    Sunday 12a, 1a, 8a, 7p SYD
    New Zealand
    Saturday 10a, 3p, 9p NZ
    Sunday 2a, 3a, 10a, 9p NZ
  • Jim Cramer is host of CNBC's "Mad Money" and co-anchor of the 9 a.m. ET hour of CNBC's "Squawk on the Street."

Mad Money Features

  • Grab the latest CNBC gear from the NBCUniversal Store!

  • Get a behind-the-scenes look at how Cramer formulates his investment advice. "Inside the Madness" is a column, which features e-mails and more with Cramer and his researcher Nicole Urken.

  • You’ve always wanted to hit the “Hallelujah!” button. Here’s your chance.

Mad Money Moments

Cramer's New Book