Cramer: I Think GE Has 'It'

Tickers in this article: FDX GE GIS

NEW YORK ( TheStreet -- Debra Borchardt: Here come the generals. We're going to talk about General Mills (GIS) and General Electric (GE) . General Mills came out, they had an excellent quarter and they boosted their 2013 forecast so do you like both....

Jim Cramer: Well but they didn't have big record growth.

Debra Borchardt: They did not have the big record growth.

Jim Cramer: I love General Mills is a sleep-at-night stock but it's not as good as McCormick (MKC) . It's not as good as Hershey (HSY) . It's not as good as Heinz (HNZ) . Okay. Or it's not as good as Kellogg (K) . Those are all better. Those are all, I think are better stocks to own right not. Good yield and good growth. Better than what General Mills has so it's good to see that yogurt kind of bounce back here.

General Electric is one I want to take issue with. Stephanie Link and I, we own it for Action Alerts Plus , and it's gone from being love to hated like that, and I want to really caution people that it's entirely possible that people don't get the fact that Immelt was being conservative. General Electric is a company that's had a big move. The company has returning capital. The company's going to great in energy, do great in healthcare ultimately, and the fact that the stocks being thrown away was downgraded today is an opportunity, and all I can say is I wish that I hadn't talked about it because we'd be buying it. I mean I wish that I hadn't, I knew we were going to be asked about it.

Debra Borchardt: Well what's the number that you would but it at if you pulled back?

Jim Cramer: Right here. Right here. I'd buy right here. It's down two days. It's down a couple percent, and General Electric is a company that is going to keep boosting its dividend. That has great worldwide infrastructure, infrastructure plays, and it's a great call on the world's economy, and the funny thing is, let's compare FedEx (FDX) to General Electric.

FedEx, not doing that well but everyone says, oh I can play world recovery. GE doing incredibly well. Company is conservative in the conference call and in the analyst breakfast, next thing you know people say oh, it doesn't have it. I think GE has it. I think the margins are going to go up. I think there's great growth. I think it's a terrific way to play the world's economy, and I think its well behind the market over the last six, seven years and it's a buy.

Debra Borchardt: Alright if you want to back a general, it sounds like Jim is backing General Electric and not General Mills.