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Don't go shopping yet. Cramer thinks two quality stocks will go on sale over the summer. And who doesn't love a good sale?
Of course, this kind of sale doesn't involve sifting through a bargain bin or getting up before dawn for a door buster.
Instead, it involves stocks that Cramer thinks are likely to decline as oil prices climb higher. "And I still believe oil prices could climb another ten bucks from here because of events in Iraq."
Now, typically, as oil prices rise, prices at the pump follow thereafter. And historically, higher gas prices trigger weakness in theme park stocks, with Wall Street assuming fewer people will visit the parks.
However, "I think this segment is a lot more resilient than Wall Street thinks it is." Cramer, therefore, is a buyer of weakness in two of his favorite theme park stocks; Disney and Cedar Fair, with Cramer viewing the price decline as something akin to a sale.
Looking at Disney, Cramer said he thinks this stock is a buy, due to solid long-term fundamentals such as the quality of its film business, the popularity of its television unit (especially ESPN) as well as its ever-popular theme parks.
Because Cramer believes these are the kinds of catalysts that should drive shares significantly higher over time, Cramer calls Disney "an ideal core holding."
And he believes a decline in share price creates a very attractive point of entry.
"Disney currently trades at less than 18 times next year's earnings estimates despite having a 16 percent long-term growth rate. Even at these levels, I think the stock is a steal, and it will only become a bigger bargain if it sells off," he said,
Cramer is equally enthusiastic about declines in Cedar Fair, the company behind Dorney Park and Wildwater Kingdom.
"My reasoning? Cedar Fair is all about the dividend. This company is actually a master limited partnership, and one that yields a staggering 5.1 percent. Not only that, but Cedar Fair's expected to raise its payout to $3.50 next year, which would give it a 6.7 percent yield, and that's if the stock price stays where it is at the moment. If it declines, it just gets that much more attractive."
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What's the bottom line?
"With all of the chaos in Iraq driving up the price of oil, Cramer thinks both Disney and Cedar Fair could go on sale. And if they do decline, Cramer is a buyer. "I like both of these great American companies into any weakness."
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