Freeport massively overpaid for Plains Exploration(PXP_) and McM

In his "No Huddle Offense" segment, Cramer said there was not one, but two big deals in the oil patch today. Unfortunately, they were both bad ones and they both involved the same company, Freeport McMoRan(FCX_).

Cramer said Freeport massively overpaid for Plains Exploration(PXP_) and McMoran Exploration(MMR_), which justifies the company's 16% loss in its share price Wednesday.

McMoran Exploration's latest project in the Gulf has been a disaster, said Cramer, which makes one wonder why Freeport would pay up 87% for the company. Likewise, Plains Exploration owns a sizable chunk of McMoran, raising eyebrows all around.

Cramer said Freeport McMoRan used to be a pure play on copper, but now has muddied the waters by adding oil. He advised selling all three companies by Thursday at the latest.