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We're buying more of this turnaround toolmaker stock in this week's down market

Published Fri, Sep 22 20232:45 PM EDT

Jeff Marks @jeffmarkscnbc

Jim Cramer @jimcramer

We are buying 50 shares of Stanley Black & Decker (SWK) at roughly $83.75 each. Following Friday's trade, Jim Cramer's Charitable Trust will own 625 shares of SWK, increasing its weighting in the portfolio to 1.87% from 1.72%. It's been a painful stretch for stocks lately, and there's a ton of doom and gloom out in the market as Treasury yields have recently risen to reflect a Federal Reserve that's willing to keep policy interest rates higher for longer. But after Thursday's session, in which the S & P 500 suffered its worst day since March, we want to take the other side of the trade and put some of our healthy cash position to work in quality companies at cheaper stock prices. Our sanguine viewpoint is rooted in the bullish call made by market historian Larry Williams on Thursday evening's "Mad Money." Remember, Williams warned months ago that the market would hit a rough patch through September. It turned out to be the right call. Now he's saying we finally have a buying opportunity on our hands based on both seasonality and the cycles he's spotted that repeat in the market. With that in mind, we are adding to our position in Stanley Black & Decker . As we have written before, despite the impact higher rates have on the housing market, it's important to remember that Stanley Black & Decker is what we would call a special situation. The company is in the middle of a multiyear turnaround, creating a more streamlined business with an improved supply cha