Jim Cramer Says Skip This 'Very Strange Stock,' Buy DraftKings Instead

On CNBC’s "Mad Money Lightning Round," Jim Cramer said he is a buyer of American Electric Power Company, Inc. AEP. "This won’t just be a smooth ride, 4.2% yield is good. A lot of people sold this stock because the short term rates have gone so high because the Fed has raised rates so rapidly. That’s why it’s going down, nothing to do with the company, which is incredibly well run," he added.

Cramer said Churchill Downs Incorporated CHDN has "always been a very strange stock. When we first heard about it, it was just nothing but pizazz, but we got gambling all over the place. I’m going to say you want to buy DraftKings Inc. DKNG."

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The "Mad Money" host said Verizon Communications Inc. VZ has got an 8% yield and also increased the dividend. "Even with this management team, I’m willing to own it," he added.

Price Action: Shares of Verizon fell 1.1% to close at $33.45, while DraftKings gained 2.2% to $31.85 on Friday. Churchill Downs shares fell 0.8% to settle at $118.62, while American Electric Power rose 0.5% to close at 77.74 on Friday.

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