Cramer's 'Mad Money' Recap: Good Cheap Stocks

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Market players can come back from a day like Friday when the Dow was down 366 points by buying the cheapest stocks that don't need to recover, Jim Cramer told viewers on his "Mad Money" TV show on Monday.

By cheap, Cramer means stocks that are a bargain relative to their earnings and growth.

Cramer's first cheap recovery play is Google (GOOG Quote). It may sound crazy but he believes Google is cheap at $650, because its share price means nothing.

Despite posting "blowout" earnings on Thursday, the stock is still not at its 52-week high and should go higher, he said.

"It had an awe-inspiring quarter," with 57.3% revenue growth, he said, noting it has what he calls "scarcity value."

The real secret behind Google is that it is a "value proposition" for its users and its advertisers, he said. In addition, it's making big bucks in YouTube.com, it's a "rest-of-the-world" stock and it's not exposed to the subprime mortgage crisis.

On Wednesday, when Google is holding an analyst day, Cramer said analysts should rave about the stock and, even possibly, raise estimates. It's "inexpensive and undervalued" and people should consider getting in Google before its analyst meeting, he said.

Intuitive Surgical

Intuitive Surgical (ISRG Quote) is another stock that reported a fabulous quarter last week and did not go as high as it should have, Cramer told viewers.