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Jim Cramer saw a dose of the good, old-fashioned rumor mill and takeover talks stir up stocks on Thursday. This is a dangerous game that investors are playing, and he had a few choice words of warning for investors to play it straight.
"Be sympathetic to the idea that takeovers, and even rumors, are working and getting stocks going. But also understand that this is a dangerous game. Invest in best of breed," said the "Mad Money" host.
Sometimes, the market just takes all correlations and throws them out the window. For instance, the dollar got stronger on Thursday, and one would expect that would put pressure on the averages.
Instead, people somehow started thinking that a stronger dollar means weaker oil, which translated into every oil company being vulnerable to a takeout.
"I can't blame anyone for reacting to mergers, or at least possible mergers. That's because investors continue to pile into any company that has merged already or seems to be on the verge of merging," Cramer added.
For instance, Walgreens Boots Alliance is the recent product of a drugstore merger. It reported a strong number that sent the stock roaring five points on Thursday. On a conference call, company executives also expressed that the company could make additional acquisitions, which caused the stock to rally another $4.
Or, how about Constellation Brands, the wine and spirit company that has the rights to both Corona and Modelo beers, thanks to the merger between Anheuser-Busch and InBev. As a result, Constellation reported another fantastic quarter, and the stock jumped higher.
However, Cramer also saw that the rumor mill was hard at work on Thursday, hitting some stocks unfairly. These could be the bargain stocks for investors to scoop up.
Retailer Costco was hit hard because terrible weather brought down March retail numbers. The company reported a slight miss, not even 1 percent, and that triggered hot money to pour out of the stock as it tanked more than $3.
"I think you should start right there if you don't have a retailer in your portfolio," Cramer added.
The "Mad Money" host also sees that the selling of airline stocks due to the strong dollar discouraging foreign travelers is overdone. Even American Airlines is selling at only 4.6 times forward earnings. That's just too darned cheap!
Cramer also thinks this is the time to take a good look at Twitter. He sees nothing but money just flying out of that one, and thinks there are way too many rumors out there that someone is going to buy Twitter.
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In his perspective, Cramer thinks Twitter is making some big moves right now, and likes the improvements on the site that he is seeing.
"You own Twitter because, like Facebook, there could be an earnings breakout here, which will make people realize that the franchise is actually still one more user-generated cash machine. Not yet, but it will be," Cramer said.
Cramer urged investors to forget about the rumors and takeovers that are stirring the stock pot. Instead, stick with the best-of-breed stocks that are doing well, then maybe you can cash in. This way, when times get tough, you're not stuck with an underperformer that you can't remember why you even bought in the first place.