Cramer: Stock with Plenty of Room to Run
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Cramer said some stocks are working even if they do a solid amount of business overseas. This is one of them.
"There's more to this market than the simple dichotomy between defensive domestic stocks and dangerous international ones," Cramer noted.
The Mad Money host said that's especially true in the case of PPG Industries, a Pittsburgh based specialty chemical company that does a solid portion of its business in Europe.
"PPG used to be an old-fashioned chemical company with a lot of commodity business, but in recent years the company has been either selling off or shutting down the commodity side," Cramer explained. "Now PPG gets roughly three-quarters of its sales from its coatings businesses."
That coating business involves a proprietary technology applied to cars, planes, buildings, glasses, and more. The application makes things, look better, last longer; and it also reduces energy use, cuts harmful emissions and minimizes waste.
And because of the proprietary nature of the business PPG was able to shrug off weakness in Europe that dragged down results released by so many other companies.
"During the quarter, we delivered strong performance in our coatings portfolio, as we grew aggregate coatings segment earnings by 13 percent versus last year's record level," said CEO Charles E. Bunch.
The Street liked what the company had to say and after earnings, the stock marched higher, going from $132 to $140 in a single day. And the stock has continued to rally since then.
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However, Cramer said that he thinks it's not too late to buy.
"With this latest move, PPG is only up about 8% for the year, so I think the stock could still have plenty of room to run," he said.
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