Cramer: There Are Some Bargains Out There

 | May 31, 2016 | 1:37 PM EDT
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Here's the kind of day where you can pick up some bargains. I am thinking about a note we put out earlier today for Action Alerts PLUS about Carl Icahn taking a stake in Allergan (AGN).

The stock's barely up because of the futures pressure. But does anyone really think this addition to Allergan's shareholder base doesn't matter? (Allergan is part of TheStreet's Action Alerts PLUS portfolio.)

Icahn is a long and loud guy, meaning that once he takes a stake he becomes a principal endorser and advocate of the situation.

I know Icahn worked well with Brent Saunders, the CEO of Allergan, when Saunders ran Forest Labs (FRX). What a home run that turned out to be. Could this be the same kind of thing? Allergan's too big for that to happen, but when Allergan's deal with Teva (TEVA) closes, the company will have a huge amount of cash and I think it can sit there and buy all the stock it wants and actually move the company's shares.

That's how good that situation can turn out to be.

I also think it isn't a bad idea to circle back to some of the retailers that did well but not well enough. Home Depot (HD) gave a terrific quarter but didn't give a good "cadence" call, meaning that as the quarter went on business didn't improve.

All I can say is, with this weather, how could it not improve? We are in a planting season that was delayed because of cold weather. That's changed and it is game on for the great American retailer.

And again, the defense stocks are being knocked down even as we are hearing more and more about how NATO countries are having to spend for themselves now that the U.S. has pulled back.

I think all of the defense stocks remain too low and you are getting a good chance to do some buying.

Just examples of how to take advantage of a no-volume day to start some bargain positions.

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