Jim Cramer Gives His Opinion On Johnson & Johnson And PPG Industries

On CNBC's Mad Money, Jim Cramer said he would wait for Johnson & Johnson JNJ to pull back to around $115 and then he would buy it. He added that the earnings report was not as bad as people think.

Cramer doesn't like hostile takeovers and he sees PPG Industries, Inc.'s PPG bid for Akzo Nobel NV as an act of desperation. He thinks it's going to be a very hard deal to do, but it could be good for PPG Industries because the price of paint is going up. Cramer is a little bit concerned, because it looks to him as PPG Industries has to do it and its business might not be as good as he thought.