Use Wednesday’s rally to refocus on profitable stocks

CNBC’s Jim Cramer urged investors to use Wednesday’s market rally to recalibrate their portfolios.

“Use this moment to turn around. Get out of the stocks I’ve been against all year,” he said, adding, “This is for you.”

Stocks rose on Wednesday after Federal Reserve Chairman Jerome Powell signaled that the central bank would ease its rapid pace of interest rate hikes as early as December, though he said price stabilization was still a long way off.

Cramer reminded investors that while Powell’s remarks bodes well for investors who hope the Fed plans a soft landing, it doesn’t mean the macroeconomic hurdles hitting company balance sheets have gone.

In other words, investors still need to be careful and avoid companies that continue to lose money.

“If your company just laid off a group of people because it is losing so much money, this is not where you want to be. I want to be,” he said.

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