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Stocks discussed in Jim Cramer's Stop Trading TV program, Wednesday, December 3.

Legg Mason (LM), Kohl’s (KSS), J.C. Penney (JCP), Target (TGT), Macy’s (M), Verizon (VZ), AT&T (T),

Bill Miller, fund manager for Legg Mason, called a bottom in the U.S. stock market, and Cramer couldn’t disagree more. “You have to do the opposite of what he says,” Cramer cautioned. This doesn’t mean one shouldn’t buy, after all, lower gas prices make retail stocks seem more attractive, but Cramer would wait until after the announcement of November’s same store sales data, which he expects to be “awful.” Cramer told investors to take some profits in Target and Kohls, and he remarks that J.C. Penney has kept dropping even after he thought the bottom was in.

He would keep an eye on Macy’s but wouldn’t buy until the same store sales numbers are in. Cramer also likes Verizon and AT&T for their dividends and for the fact they aren’t heavily owned by hedge funds. Finally Cramer regretted his call on Schlumberger, which has dropped 6.4%. He expects a weak quarter for the company and thinks offshore drilling, including Transocean, will also be in the red for a while.

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Source: Cramer's Stop Trading - When to Buy Retail (12/3/08)