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Game Plan: Make a Shopping List
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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 [COP
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], 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 [PG
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], down 12 points from its high and a great place to start a position, he said. There’s also Altria [MO
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] at $73 with a 4.25% yield, less than a week from announcing plans it intends to split up. How about AT&T [T
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], 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 [BSC
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], which Cramer thinks could get taken over, is starting to look attractive down 16 points to $70. There’s also Wells Fargo [WFC
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] at $30 with a 5% yield. And now that the government changed the rules making it easier to get mortgage money, Toll Brothers [TOL
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] down at $16 is even looking good to Cramer.
The time is also right to buy Schering-Plough [SGP
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], 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 [BOL
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] with its contact solution or Bristol-Myers Squib [BMY
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] 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.
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