If you want an idea of what's working in this environment, Cramer said Thursday, look no further than FMC.
A diversified global chemical company, it is a purely cyclical stock that makes insecticides and herbicides for the agriculture market, as well as specialty and industrial chemicals. Its stock is up 90 percent from the generational lows of March 2009 and has been steadily rising of late.
The estimates for this company are "simply way too low," Cramer argued. When the company reported its second-quarter earnings results in July, it delivered $1.22 of earnings per share for a 6 cent beat and raised its full-year outlook. Cramer said the Wall Street analysts, however, still haven't caught on to how well FMC is doing and are just as "way too low" on their expectations.
FMC expects its agriculture business to deliver its seventh straight year of record earnings. Cramer does, too, given the pressure on farmers to get more crops out of the same amount of land and satisfy global demand for food. In specialty chemicals, the company expects a 20 percent earnings increase and up to 30 percent earnings growth in industrial chemicals.
Pricing power is another strong suit for this company. When US producers sold out of soda ash, a major industrial chemical used to make glass and other products, FMC was able to put through a $10 per ton price increase for 2011, as it is the largest US supplier of the stuff. It can also raise prices on agricultural chemicals thanks to the ag bull market.
Cramer said the company is also managing raw costs, which, combined with higher prices, leads to high gross margins and increased earnings. And FMC has little competition around the globe.
"FMC is the very image of what’s working in this market," Cramer said. "It has all the ingredients of a big winner."
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