Cramer's 'Mad Money': Google's Not Done

Updated from 7:24 p.m. EDT

On the day that Internet-search company Google (GOOG Quote) closed above $300 for the first time, Jim Cramer said on CNBC's "Mad Money" that the stock has more room to rise.

"The bottom line is Google is not done," Cramer said. He said Google had a "weigh-station stop" at $300, but he believes the stock will reach $350 a share. "Google is cheap," he said. "Stocks trade on growth. And there is no company that has the growth that Google has."

In response to a question from a caller, Cramer said he thinks "many people are selling Yahoo! (YHOO Quote) to buy Google." He also spoke positively about Intel (INTC Quote), Microsoft (MSFT Quote) and Cisco (CSCO Quote), saying that "in the second half of the year tech has always come back."

However, Cramer was downbeat on IBM (IBM Quote), saying it wasn't the tech stock to own.

Away from the technology sector, Cramer said he was positive on Boeing (BA Quote), St. Jude Medical (STJ Quote), Constellation Brands (STZ Quote) and Treehouse, a pending spinoff from Dean Foods (DF Quote). With Treehouse, he recommended investors wait for three days after the stock goes public to buy it, because at the outset the shares could see forced selling by money managers who track the S&P 500.

Another caller asked if she should consider Cadbury Schweppes (CSG Quote), but Cramer said Pepsi (PEP Quote) was better. "Those who want a beverage company should look no further than Pepsi," he said.

In the lightning round, Cramer said he liked Odyssey Re (ORH Quote), XTO Energy (XTO Quote), Timberland (TBL Quote), Nike (NKE Quote), Novatel (NVTL Quote), TurboChef (OVEN Quote) and Lucent (LU Quote).

Also getting upbeat comments were McAfee (MFE Quote), Deere (DE Quote), Bowater (BOW Quote), Calpine (CPN Quote), Disney (DIS Quote), Marvell Technology (MRVL Quote), Broadcom (BRCM Quote), Texas Instruments (TXN Quote), National Semiconductor (NSM Quote), Tesoro (TSO Quote), Lockheed Martin (LMT Quote), Northrop Grumman (NOC Quote), Alliant Techsystems (ATK Quote), Enterra Energy (EENC Quote) and Sears Holdings (SHLD Quote).