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Cramer's 'Mad Money' Recap: Looking at the Bright Side

Scott Rutt

12/19/08 - 08:00 PM EST

Click here for an archive of Jim Cramer's Mad Money recaps.

"It's time to stop ignoring all of the positives in this market," Jim Cramer told viewer of his "Mad Money" TV show Friday.

He said that in the daily foot race between the good news and the bad new, it's time the good news to start garnering some attention.

"How can we not celebrate the total collapse of oil prices?" Cramer asked viewers. He theorized that the decline in oil prices is beginning to breathe new life into many tired stocks.

Cramer said that with Darden Restaurants and BlackBerry maker Research In Motion posting better-than-expected numbers, it's clear that consumers are taking some of their gas and home heating savings and spending it.

Cramer also cited Thursday's upbeat interview with Costco's (COST Quote) CEO Jim Sinegal as further evidence that the American consumer may not be dead after all.

Cramer said his strategy going forward is to buy stocks that benefit from lower oil prices, such as Walmart (WMT Quote), a stock which he owns for his charitable trust Action Alerts PLUS, and Panera Bread (PNRA Quote).

Cramer also advocated that President Elect Obama take advantage of the unprecedented decline in the price of oil to build a second strategic oil reserve. That would allow the country to buy and store millions of additional barrels of the precious commodity at today's extremely low prices.

Cramer: Auto Bailout Fallout Is Good

Speculation Friday

In this segment, Cramer featured the stock of Sequenom (SQNM Quote), a genetic testing company with potentially tremendous upside.

Stockpickr

Sequenom is currently developing a non-invasive test for chromosomal abnormalities such as Downs Syndrome. Cramer said that unlike current invasive tests, like amniocentesis, which carry life threatening risks to the fetus, Sequenom's tests captures fetal cells in the mother's blood and carries no risk to mother or child.

Cramer said the new test could be revolutionary, allowing prospective parents to test for Downs Syndrome in just 12 weeks gestation instead of the current 20 weeks. The new test also doesn't require pre-market FDA approval, making its June 2009 launch date more certain.

Sequenom predicts the market for their new test could potentially reach $1.2 billion a year in the U.S. and as much as $3.5 billion worldwide. Cramer said the company could be a potential takeover target if its trial data continues to be as promising as the 99.1% detection rate the test is current achieving.

Outrage of the Day

Cramer again took aim at SEC Chairman Chris Cox, who today held a press conference and in an incredible act of selfishness and disloyalty, blamed his entire agency for not discovering Bernie Madoff's alleged fraud sooner.

Cramer called the action "unbelievable" and renamed his "Wall of Shame" list of the worst CEOs to "The Cox-Madoff Memorial Wall of Shame."

In other Wall of Shame news, Cramer removed Citigroup (C Quote) CEO Vikram Pandit from the wall, saying that the government's bailout of the company is the first one that may actually be good for shareholders. He said the value of Citi's huge deposit base can now be leveraged and the true value of the company might be unlocked.

Filling the newly-created top spot on the Wall of Shame is Take-Two Interactive's chairman Strauss Zelnick, who earlier in the year rejected a takeover offer from rival Electronic Arts at $25 a share because the deal "provided insufficient value." Take-Two currently trades at $8.43 a share.

Lightning Round

Cramer was bullish on ICx Technologies (ICXT Quote), Ultra Petroleum (UPL Quote) and Corning (GLW Quote).

He was bearish on Petrohawk Energy (HK Quote).

Check out the latest edition of "Cramer's Take on Top-Searched Stocks" on Stockpickr.

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

Read more of Cramer's Mad Money Lightning Round insights.

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