- "Mad Money" host Jim Cramer offered investors a group of stocks he believes are still bargains despite high overall market valuations.
- Ford, PayPal and Boeing are among the companies Cramer highlighted.
CNBC's Jim Cramer said Wednesday to look for bargain buying opportunities in a stock market sitting at all-time highs.
The S&P 500 and the Dow Jones Industrial Average both notched record closes Wednesday, but the "Mad Money" host said investors can still find "a dozen big-names at any given moment that can roar higher."
"Sure, when you look at the whole market, it may be overvalued versus where it traded in the past, but when you consider that the bond market's giving you next to nothing, stocks are still the only game in town," Cramer said.
Cramer identified seven stocks he thinks are cheap opportunities at the moment.
Wednesday's consumer price index showed used car price inflation slowing down in July. Cramer believes that could mean new cars are now available.
Automakers have struggled to keep up with demand due to a semiconductor shortage, but as the chip supply recovers, Cramer thinks Ford is a buy.
"Ford is now too cheap to ignore," Cramer said.
Shares of online payments system PayPal have fallen from their highs since the company reported lower-than-expected second-quarter earnings due to issues involving eBay switching payment processors. That stock price dip has created a buying opportunity for investors, according to Cramer.
"That's been baked into the stock for ages," Cramer said, referring to the eBay situation. "Why not pick up some PayPal down that much?"
Cyber safety company NortonLifeLock is on Cramer's radar.
NortonLifeLock on Tuesday announced a merger with digital security business Avast, sending the stock nearly 9% higher Wednesday. However, Cramer said the stock price is still below where it was when investors first got word about the Avast transaction.
American Eagle Outfitters
Although Cramer said American Eagle Outfitters consistently sees top same-store sales among mall-based retailers, its stock is still nearly 10% off its record high. Cramer thinks the apparel retail stock looks attractive here.
Aircraft maker Boeing has seen several tailwinds recently, including strong orders and deliveries numbers in July. However, the stock is below its 52-week high from March, which Cramer said was "crazy."
Pioneer Natural Resources and Devon Energy
Oil prices have been under pressure lately and oil companies' shares follow suit. However, oil prices reversed losses Wednesday and trended higher after the White House called on OPEC to boost oil production.
With oil at lower levels currently, Cramer said it's an "ideal time to pick up quality exploration and production plays" that care about their shareholders and corporate governance.
To that end, Cramer said Pioneer Natural Resources and Devon Energy are two oil companies with a track record of returning capital to shareholders that are trying to lower their carbon footprints. "Devon and Pioneer both work," he told viewers.
Disclosure: Cramer's charitable trust owns shares of PayPal, American Eagle, Boeing, NortonLifeLock and Ford.
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