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Jim Cramer thinks that one day investors will look back at what a horrendous day Friday was and wonder why they didn't take advantage of the weakness to buy Dow Chemical or DuPont after the announcement of its huge merger deal.
"We will be kicking ourselves that we missed this opportunity to split the new company into three different entities that will bring out even more value once the spin offs are complete," the "Mad Money" host said.
It was certainly a bad day to announce the merger of Dow and DuPont into a $130 billion chemical titan. Many people wondered why they would care about a worldwide chemical company going into a Fed tightening cycle and a global slowdown.
Cramer would totally agree, if he didn't have so much faith in the CEOs of both companies. But, with a not-so-hot tape right now and not many stocks working, one day DowDuPont will seem like a pretty good idea.
"Just don't let that day be when the stock is up substantially from this nasty session where the deal was revealed," Cramer said.
And there was no sugar coating it — Friday was a nasty day. Cramer once again considered the market to be pure crazy town, with lower oil prices bringing stocks down. That seemed completely counterintuitive, as cheap oil should be like a tax cut for investors. But Cramer is still concerned.
"Those big institutions who sell stocks off the falling price of oil are thinking that the lower petroleum goes, the more likely it is we will have big defaults in the high yield bond market," the "Mad Money" host said.
With this in mind, Cramer went down the list of stocks and events he will be watching next week:
Monday: Fund Redemptions?
Cramer will be on the lookout for more stories about mutual fund redemptions. He anticipates that this will dominate the headlines because financial advisors may call their clients to urge them to sell junk bonds.
"We are still very close to the highs, which is why I recommend locking down some gains and raising some cash. You might need it," Cramer said.
The reason why Cramer monitors credit and bonds is because investors need to know if there are issues with solvency and liquidity. It is important to know when a company is so stressed that they cannot access the debt market to raise money.
"I always point these risks out because I have been blindsided by just focusing on equities many times in my life, so my ear is to the ground in this bond market world," the "Mad Money" host said.
Cramer is concerned that the market for high yield debt has so little liquidity, that investors that own any fund with this kind of junk in it should be worried. There is perhaps as much as $1.4 trillion of this kind of high yield paper out there, and it is exactly the kind of yield that Cramer has always warned not to reach for.
"I have to alert you to my more negative stance. This too shall pass, but call me distressed by the actions of this distressed debt fund," Cramer said.
On Nov. 30, Mattress Firm, the top mattress retailer in the U.S., announced it was buying Sleepy's for $780 million in a transformational deal that would make it the only coast-to-coast mattress chain in the country. The deal would expand Mattress Firm's footprint to 3,500 stores from 2,400 locations, and give the company access to markets that are considered very difficult to penetrate in the Northeast that could be lucrative.
However, the stock is down more than 18 percent for the year despite the news. Could Friday's pullback be a chance to buy this high quality mattress retailer at a discount?
Ultimately Cramer does not think there are enough stocks out there that are plays on the rising household formation, and nothing speaks more to household formation than mattresses! He put this company on his radar as one to look at after the Fed rate hike, as many housing related stocks might take a beating.
So for those investors that want to speculate on a mattress retailer, Cramer gives his blessing to buy Mattress Firm.
One stock that has been considered untouchable in the past 18 months is Yum Brands, the global fast food titan behind Taco Bell, KFC and Pizza Hut. Investors did not want to touch this stock due to its huge exposure to China — plagued with avian flu, food safety concerns and worries of the overall economy.
However, Yum took action back in October when it announced a spinoff of its Chinese business to create two separate independent companies: Yum China and Yum Brands, which would represent everywhere else.
The move got the stock roaring again as activists had been calling for this for months. However, Cramer still has many concerns over the spinoff and Yum's ability to execute. That is why he will be watching to see if it can turn around its Chinese business, like it said it would at its investor meeting on Thursday.
"Otherwise I'd rather ignore Yum China and stick with the stub of Yum Brands when the breakup happens," Cramer said.
In the Lightning Round, Cramer gave his take on a few caller favorite stocks:
Analog Devices Inc: "I like ADI, people are saying it's too linked to Apple and cell phones. I think it's a good company, it's down a couple of points. I say buy."
Regal Entertainment Group: "I like the yield. I think it's OK. The whole slate hasn't been that good for movies, but I'll buy that because of the yield."