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The Texas Public Utilities Commission meeting Cramer was talking about earlier in the week happened Thursday. There are $4 billion worth of contracts coming, he said during Thursday’s Stop Trading!, as the state builds out its wind-power infrastructure to lure in alternative-energy businesses.
Quanta Services [PWR
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] should get the "lion’s share" of those contracts.
But "everything wind is going to get a multiday move," Cramer said, "even with oil going down."
While oil has dropped about $5 today, these wind plays work as long as the price per barrel stays above $100.
Cramer recommended another stock with wind-power exposure, Owens Corning [OC
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]. OC makes the composites for wind-mill blades, so the company should also get a lot of business out of the new Texas initiative.
OC is up about 12% today on rumors of a takeover by PPG Industries [PPG
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], but Cramer said he doesn’t think the deal will happen. So he’s "poo-pooing the rally," he said, "even though I like the stock long term."
Yum! Brands [YUM
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] took a hit today after reporting that high raw costs are hurting the business. There’s a chance Yum! could rebound if the next U.S. president got rid of the ethanol mandate at the center of this food inflation, but "the next three months are going to be difficult," Cramer said. He urged investors to keep this inflation in mind if they’re considering buying any restaurant stocks.
As to whether this week’s rally means the hurricane is over, or it’s merely the eye of the storm, Cramer pointed to the Securities and Exchange Commission’s focus on the shorting of Fannie Mae [FNM
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] and Freddie Mac [FRE
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]. As long as an issuing of equity by the banks follows the move, he said, then "we’ll be fine."
"Everybody needs to do a financing," Cramer said of the banks. "If they do financings, we can live to play again. If not, oil goes back up, and banks go back down."
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