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Sometimes when a stock rallies so hard after earnings, Jim Cramer wonders how it could have been so underrated in the first place.
Jam and Jif peanut butter maker J M Smucker reported a stronger than expected quarter last Thursday, causing the stock to skyrocket almost 8 percent in a single day.
Cramer traced the nature of the surprise behind Smucker being a packaged food company. These types of stocks are notoriously boring, and certainly don't usually roar 8 percent in a day. In this case, analysts completely missed the clues sent from Smucker's management. They still think of it as a peanut butter and jelly play, even though the truth is that the company has diversified far beyond those two ingredients.
The good news is that Cramer thinks Wall Street still continues to underestimate Smucker, though he recommended waiting for a better entry point before buying the stock.
"If the whole market panics going into Britain's vote on whether to leave the European Union next week, I would buy some Smucker into weakness," Cramer said.
Ultimately this is exactly the kind of domestically-oriented stock that could be the safest play in times of international turmoil.
Cramer cannot deny that the stock market is in a bad moment, but there have been much worse times before. So, he's not running for the hills over a potential Brexit.
"Remember that this isn't nearly bad as some other bads we have been through, they just all feel the same way when they are happening," the "Mad Money " host said.
Yes, there are things going wrong all over the place. Oil prices are falling, the Federal Reserve may or may not be on hold, and there is a vote happening in the U.K. next week that has investors worrying that there could be negative implications if Britain decides to leave Europe.
"We have imported all that doom and gloom, although at least our bonds still yield something, unlike the German 10-year Treasury that doesn't make you any money at all," Cramer said.
Also dragged down by the gravitational pull of negative European news, home improvement stocks have taken a real beating lately. But Cramer thinks many could be ready to rebound, and even head higher.
Despite the negative action in the broader averages on Tuesday, Smith also found that that some home improvement stocks could be ready to breakout to the upside. Specifically, she named Masco, Sherwin-Williams and Whirlpool.
Jay Leno's commentary on the state of business in America on Tuesday was a wake-up call for Cramer.
"Every once in a while you get a wake-up call about how gloomy things actually are out there. They come in all shapes and sizes. Today's came in the form of Jay Leno," Cramer said.
Leno appeared on CNBC's "Squawk on the Street " after ringing the opening bell at the New York Stock Exchange Tuesday to celebrate "Jay Leno's Garage, " and spoke with Cramer on his opinion on Tesla. But it was the acknowledgement of the undercurrent of gloom within the American business foundation that stuck with Cramer.
"I don't understand why people attack this car. It is made in America, by Americans. It is built local. You know we are becoming like the British — we like noble failures more than we reward success," Leno said.
Leno compared Tesla CEO Elon Musk to great car legends such as Thomas Edison or Henry Ford for his ability to produce cars against all odds.
"I think Jay has a pretty good point. And he is dead right when he says 'I don't understand why we don't celebrate entrepreneurship more and success in this country'," Cramer said.
Another group of stocks on Cramer's radar on Tuesday were the biotech and pharma stocks, which could see traction from the American Society of Clinical Oncology (ASCO) conference.
"Now that the Democratic primary has ended, I think we are going to hear a lot less about the scourge of higher drug prices as Hillary moves to the center. So you might want to think about buying some beaten down drug stocks," Cramer said.
The four winners of ASCO that Cramer highlighted were Bristol-Myers Squibbs, Eli Lilly, Johnson & Johnson and Juno Therapeutics.
The one really big bust was AbbVie, which reported some lackluster data on phase 3 of a cell lung cancer drug that it received through an acquisition of Stemcentrx. And for those that want to play it safe, Cramer said to stick with Johnson & Johnson.
In the Lightning Round, Cramer gave his take on a few caller favorite stocks:
Wells Fargo: "My charitable trust owns Wells Fargo, it's the biggest bank position we have. We don't like the bank stocks in particular, but we don't like the fossil fuels either. Wells Fargo yields more than 3 percent and I'm going to stick by it. The trust is going to buy more probably at $45, we'll discuss it tomorrow on our conference call."
CF Industries Holdings: "Wow, I'm not a fertilizer fan by any means. I've got to tell you, I think that group is really glutted. The one we have been recommending in the ag space is Agco, and not really pushing that very hard. I wish I could be more bullish but I can't be."