Jim Cramer thinks key developments in Wednesday's stock market are telegraphing critical information to investors. In some cases, he thinks it suggests which stocks may win in the days ahead.
"Let's start with the incredible," Cramer said.
The "Mad Money" host believes that the deal only happened because Time Warner CEO Jeff Bewkes pared down what was once a mosaic of companies into a streamlined content provider. Looking at the takeaways, Cramer said it speaks to the value of entertainment and the importance of simplified business model. As a result, Cramer thinks CBS is a buy.
"And I'm a buyer of Disney, too. Although it's too big to be taken over, it also has superior revenue streams and the ability to amortize programming over many different venues. Both work for me."
Elsewhere in the market, Cramer pointed to the price action in Intel, which rallied one day after reporting quarterly earnings and revenue that beat analysts' expectations due to stronger than expected demand for PC's. also outlined plans to add $20 billion to its stock buyback plan and said it expects to repurchase about $4 billion in shares in the current quarter.
"Now, I do think that the upside in Intel will soon be capped here because the company still doesn't have a mobile strategy and that's a must for any technology firm. However, the takeaway is Cisco. It's another old-tech play that spent years in the wilderness and is now getting it right. It sports a good dividend and the company keeps buying back stock. I think it could be the next Intel."
Also Cramer suggested looking at Hewlett-Packard, another company that he says should benefit from that stronger than expected demand for PCs, again, brought to light by Intel's report.
"And I'd also look at Microsoft but not at current levels," Cramer added. "It ran so much today that I think you have to wait until it comes down after it reports on the 22nd, because this market's been tough on stocks that have run up going into the quarter."
Looking at another area of the market, Cramer said the advance in select oil exploration stocks despite the sharp decline in spot oil is also sending a message.
"It says to me that companies pegged to the energy renaissance underway in North America are true growth stocks. My faves? EOG, Occidental, Anadarko, Marathon and Pioneer Natural Resources," Cramer said. "Also, I think we're about to see a new wave of consolidation in this group."
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And if you're looking for more ideas, Cramer says they're out there. "What are the takeaways from today's developments that you can use to find the next winners? We learned stocks with huge buybacks work. Stocks with low multiples and improving prospects work. And pure growth stocks work, especially the oil and gas names located in this country that keep finding oil and keep using American technology to produce it cheaper and faster than ever before. "
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