Fourth was Transocean (RIG), the star performer in the group, up 27.6%. Cramer called Transocean the best deep-water contract driller out there with great earnings visibility. He advised viewers to take some profits, but remained bullish on the company.

Finally, Cramer revisited Medco Health (MHS), a stock which is up just 0.7% since the November mention. Cramer said that while Medco makes its money whether or not the economy does well, it has more competition that he originally thought and perhaps the traditional defensive stock wasn't right for this portfolio. He told viewers "if it rallies, I'd sell it."

A Stealth Wind Power Play

Cramer featured Thomas & Betts (TNB) as the next in his series of "new technology" stocks that manufactures the products the new economy needs. Cramer called the company another "stealth" wind power stock that investors need to consider.

"Everything that wind touches is getting bigger," said Cramer who noted the management of Thomas & Betts is doing little to promote this small, but growing, portion of their business. Cramer said the company has also been selling unprofitable product lines and concentrating their efforts on its core competencies.

While Thomas & Betts reported lack-luster earnings on April 30, Cramer noted the company said most of its sales will be during the latter half of the year. He also said the company's international exposure, which now stands at 40% of sales, is up from just 30% a year ago.

Cramer said that on a valuation basis, Thomas & Betts is cheap since the company trades at just 10 times its earnings and has a 2.8 million share buyback program which accounts for 4% of the total shares outstanding.

Go Small in Dry Bulk Shipping

Cramer said when it comes to the dry bulk shippers, most of the money has been flowing into the bigger, more well-known companies, leaving the smaller shippers behind at the dock.

He recommended Paragon (PRGN) and Star Bulk Carriers (SBLK) as two stocks ready to play "catch-up" to their peers.

Cramer noted that while the shares of many of the larger bulk shippers are up as much at 100% for 2008, both Paragon and Star are up less than 50%. Both companies still have great growth prospects, and with their 9.1% and 9.4% dividend yields, what's not to love?

Cramer said the math is simple: "More ships equals more revenue." In the case of Paragon, the company plans to add three new ships to its fleet of 11 ships in 2008. Plus, the company has also successfully implemented a 25% rate increase for the year.

It's a similar situation at Star Bulk Carriers, which recently added two new ships to its fleet, and could possible also add a third.

Cramer said that he's by no means backing away from his favorite dry bulk carrier, Frontline (FRO), which hit another 52-week high today. However he urged investors to take a look at the smaller shippers for some short-term opportunities.

The Booming Tanker Business

Cramer welcomed Herb Hansson, chairman and CEO of Nordic American Tanker (NAT)to the show to discuss the boom in the tanker business.

Hansson confirmed that business is indeed booming, with day rates for tankers rising. He explained that while new ships have been scheduled to come on line this year, many have been delayed, keeping supplies tight and rates high.

Hansson confirmed that Iran has been using tankers to store oil offshore, thus taking additional supplies off line. This, too, is accelerating demand, he explained.

Asked about giving back to the shareholders, Hansson said his company returns all of its profits to its shareholders through its dividend and will continue to do so.

Final Notes

Cramer told viewers that Nucor's (NUE) filing to offer additional shares is the perfect time to get his second favorite steel play behind US Steel (X) at a discount.

Lightning Round

Cramer was bearish on Kroger (KR), Imax Corp (IMAX), Sina Corp (SINA), Fluor (FLR), International Paper (IP), Emcore (EMKR) and Reliant Energy (RRI).

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.