Cramer: Avoid Apple Rumor Mill, Buy These Names Instead
There have been some crazy Apple headlines out every day over the last week. The stock was down more than 3 percent on the day at 3 p.m. So should you buy on the weakness?
"There've been a lot of wacky rumors, each one though seems to have credence," Cramer said. "There's no reason for me to think they won't come up with another one, so why be in there fighting this rumor battle until we get to a level where a rumor comes out and it doesn't impact the stock."
Cramer's advice in this situation is that as long as Apple can be rumored down, wait to buy the stock.
"We're not there yet," he said.
Meanwhile, stocks continued to tumble Tuesday, led by banks, amid growing concerns over political unrest in Libya, including news the nation has stopped oil exports. So is it time to buy on a market pullback?
"I was not looking for a pullback, but I don't like today's action," Cramer said. The charts are "very over-extended," he added, and the news out of Libya is not helping.
"I've always said the Achilles' heel for this bull is $4 gasoline," he said. "So no, I don't think you need to buy anything."
The stocks for which he would make an exception, though, are Home Depot, which reported its strongest quarterly sales growth since the beginning of the US economic slowdown, Goldcorp, which is benefitting from central banks around the world buying gold, as Cramer pointed out last week. Cramer also likes "some of the drillers, all of which should be up more, particularly the ones that drill domestically."
One sector Cramer is watching but doesn't want to buy yet is infrastructure which stands to gain significantly based on infrastructure growth in the Middle East. Cramer likes one stock in particular, Aecom Technology, but he's waiting.
"The stock's been on a tear," Cramer said. "All of the infrastructure plays have been on a tear. So many stocks are on a tear. I don't want to buy it yet.
"Let's have panic on top of panic and then we can buy that stock maybe at $24," Cramer said. "If it doesn't get to $24, my bad, but I'm willing to take that risk and wait."
—The Associated Press and Reuters contributed to this report.
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