In a challenging market, investors should look to "well-known, great American companies with beaten down stocks," CNBC's Jim Cramer said Wednesday.
There are three companies that Cramer thinks have compelling stories and strength, even if their stock prices don't necessarily reflect that: Johnson & Johnson , Eli Lilly , and Procter & Gamble .
At Johnson & Johnson, a bruising yearslong battle with lawsuits linked to the company's talc powder battered the stock, Cramer said.
And finally, at P&G, Cramer thinks that there's a "grudging recognition" that the stock of the consumer goods company is underpriced.
How about the fact that they're amazing American companies, with stocks that get cheaper as they go down," Cramer said.