Bald Is Beautiful on Wall Street: Part 1

Bald is beautiful on Wall Street, Cramer said.

But he's not talking about Sy Sperling bald. The Mad Money host was referring to company earnings that look good superficially, but can't be sustained. In genuine Wall Street gibberish, a quarter like that is said to "have hair on it."

Exxon Mobile's last report is a perfect example. The oil giant announced a $2.16 a share profit, 21 cents above the $1.95 estimate, and then the stock dropped. Why? A closer look showed that one-time gains boosted the company's numbers by over $1 billion. Take that away, and Exxon beat by only 5 cents -- and some of that EPS growth came from coporate finance and stock buybacks, which is not was investors want from an oil company.

So forget about Exxon and its hairy earnings. Go bald with Apache instead, Cramer said. APA has 9% to 12% production growth and great reserve replacement.

"I just see no reason to own the Exxons of the world."

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