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Cramer says some stocks tied to global growth should not be sold, despite the rotation in the market. This is one of them.
It's International Paper.
The company makes all kinds of products ranging from Hammermillprinter paper to cardboard boxes of all shapes and sizes.
Because Corporate America needs more paper and boxes when business is booming, "The industry is as cyclical as cyclical can be, yet on Thursday morning a really solid quarter, which says to me everything at the company is just fine," Cramer noted.
Looking at the numbers, excluding a pension charge and other one-time items, the company earned $1.05 per share beat Street expectations of 93 cents per share, according to Thomson Reuters I/B/E/S.
Also, for the third quarter, the company posted net income of $382 million, or 85 cents per share, compared with $237 million, or 54 cents per share, in the year-ago period.
Part of the strength stems from the company's focus on emerging markets.
"International Paper is the largest and most globally oriented North American paper company that does a huge amount of business in Brazil, Russia and China," Cramer said.
That matters because those markets are much faster growing."
But growth isn't the only reason Cramer likes this stock. In addition, Cramer said the company is making very shareholder friendly moves.
"Not only did they recently boost the dividend by 17%, bringing the yield up to 3.15% the board has authorized a $1.5 billion buyback over the next two or three years—that's equal to roughly 7.5% of the market capitalization."
Plus, International Paper is starting to benefit from its acquisition of Temple-Inland. "The deal took out capacity and I think the synergy will really pay off for some time to come."
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And, looking at the company as a barometer for the economy, there was even more good news.
IP said sales of industrial packaging, the business that sells shipping boxes to Amazon and other giant e-commerce companies, jumped 13 percent. That could bode well for the holidays.
All told, Cramer thinks the path of least resistance should remain higher. "Given that it's only trading at 10 times earnings right now, I think it's inexpensive. It should have plenty of room to run."
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