After shares of Constellation Brands plunged 7 percent on Thursday, Jim Cramer did his homework to see if it was time to reshuffle his beer stocks.
Constellation Brands is the world's leading purveyor of premium wines and alcohol, and also imports popular Mexican beer brands like Corona, Modelo and Pacifico into the U.S.
Cramer attributed the shares falling to beer sales that weren't strong enough for the bulls, but mainly, due to concerns over President-elect Donald Trump's agenda.
"Investors are worried that the company could get hurt if the Trump administration imposes some kind of cross-border tariff on Mexican imports," Cramer said.
After speaking with Constellation's CEO Rob Sands on Thursday, Cramer came to the conclusion that fears of Trump's agenda are overblown. It's not like Ford or General Motors moving an auto plant from Michigan to Mexico. If they made a Mexican beer in the U.S., it wouldn't really be a Mexican beer.
Airline stocks suddenly seemed to be flying high recently thanks to the pro-business agenda expected of Trump and Warren Buffett's blessing. However, with 2017 in full swing, that sentiment on the group seems to have cooled rapidly.
In the past two days, there were two bearish calls on airlines from Cowen and Morgan Stanley.
"If you have been riding these stocks up, I don't blame anybody who wants to take their cue from this negative research and ring the register up here," Cramer said.
Now that the airlines have had a huge run, he expects the stocks to become less attractive if they head higher.