Of the 10 Wall Street analysts coving Nordic American, only three have buys on the stock. Cramer said these analysts are operating on the faulty assumption that day rates will be going lower. He believes tanker stocks are levered to how many ships are out there, and not short-term swings in the rates.

Cramer said he loves the oil tanker story and Nordic American.

A Geothermal Power Play

Cramer celebrated the 60th anniversary of the State of Israel by highlighting geothermal power company Ormat Technologies (OTA Quote) as a great "stealth" Israeli play.

The stock has risen 51% since Cramer first recommended Ormat on Feb. 2, 2006. The company, which is based in Reno, Nev., is 60 percent owned by Ormat Industries in Israel. "This is a stock you can be proud of," said Cramer, referring not only to the stock's performance, but also the company's green energy nature.

Cramer explained that while Ormat's geothermal power generation is competitive with wind power on cost-per-megawatt basis, there are only a limited number of areas where geothermal energy is viable.

Despite that limitation, Cramer said there is still a lot of room for Ormat to grow. The company currently produces 400 megawatts of power and plans to add up to 100 megawatts a year. Ormat currently has 174 megawatts under construction.

According to Cramer, only one of the seven analysts covering the stock rate it a buy. He said this only leaves lots of room for upgrades as Ormat continues to under-promise and over-deliver on its earnings.

Cramer warned investors to not purchase Ormat immediately. The company trades at 33 times its expected 2009 earnings and it just four points off its 52-week high. Cramer advised viewers to only purchase Ormat on weakness and never in after-hours trading.

Not Doing the Homework

Cramer freed Coach (COH Quote) from prison and told investors they can once again buy the stock. He explained to viewers his reasoning for staying so negative on the stock for so long, and thus missing the upswing in the company's shares.

Cramer said his mistake with Coach was believing the media and not doing his own homework. Back in 2007, many stories began emerging expressing concern over Coach's growing inventory. Cramer, along with many, mistakenly assumed that with growing inventories, sales must be slowing. "Had I done the homework myself," he said, "I would've known the inventory levels were just fine."

Cramer said his second mistake was not giving Coach CEO Lew Frankfort the benefit of the doubt and believing in his domestic expansion plans in lieu of increased international growth. "Lew was right," he said.

Going forward, Cramer sees Coach as a buy. The company, which grew revenues at 19% this past quarter, trades at just 15 times its earnings, and maintains a 18.3% long-term growth rate. The company is also aggressively buy back its own shares and expanding its business in China.

Cramer told viewers that Coach is a "good one" on a pullback.

A Bullish Outlook

Cramer once again welcomed Peter McCausland, Chairman and CEO of Airgas (ARG Quote) to the show to discuss his company's promising outlook.

McCausland last appeared on Mad Money back on March 17, 2008, and since then his company's stock has risen 36%. Cramer also noted that the now "most frequent CEO guest" on Mad Money has made viewers 86% since his first appearance on the show.

McCausland continued his bullish outlook on Airgas and explained that while some of his company's segments are cyclical, others grow much faster than the economy and thus makes Airgas not a cyclical stock. He said acquisitions are one of his company's core competencies and one of its strengths.

McCausland also said that Airgas delivers gases and air goods as well as a lot of value added services and technical assistance to a wide array of industries. Indeed, he said, 13% to 14% of its business comes from its healthcare segment, one not typically associated with the Airgas.

Cramer told viewers that he's sticking with McCausland and Airgas.

Final Note

Cramer reiterated his sell recommendation of AIG (AIG Quote), calling "Wall of Shame" CEO Marty Sullivan a disgrace and telling viewers "this is as bad as it gets."

Lightning Round

Cramer was bullish on Sprint Nextel (S Quote) and Koppers Holdings (KOP Quote).

Cramer was bearish on Polyone Corp (POL Quote), Level 3 Communications (LVLT Quote), Immersion (IMMR Quote), Sigma Designs (SIGM Quote) and Oshkosh Truck (OSK Quote).

Want more Cramer? Check out Jim's rules and commandments for investing by clicking here.

For more of Cramer's insights during the Lightning Round, click here.