Cramer's 'Mad Money' Recap: The Call of the Wild

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A Flying Leap

LeapFrog Enterprises (LF Quote), "the ultimate bear stock ... is about to change its stripes," said Jim Cramer Wednesday on his "Mad Money" TV show.

"I want you to put the power of hate to work for you and buy a stock that everybody despises," he said. LeapFrog, which makes educational toys, has a history of underperforming, said Cramer.

But, "amazingly, the brand is still pretty strong. It's not a damaged company, so much as it is a mediocre one," he said.

"But even the mediocre guys have their day in the sun," Cramer added.

Cramer thinks the bearish sentiment toward LeapFrog has reached a crescendo, as not one of the 18 analysts who cover the stock recommends it.

Twelve have a hold recommendation, and six have an outright sell, he said. It's at the point where "people don't care anymore."

When you get that kind of bearish sentiment, said Cramer, all you need is a small amount of good news to make the stock "shoot up."

And, Cramer thinks LeapFrog's new product, the FLY pentop computer, which is due out in a few weeks, may be just the ticket.

"I'm not betting on a super turnaround. I'm not gambling on the FLY making the stock a double. No, I'm just sure at $14, this stock is just too hated and too undervalued to miss," said Cramer, noting that some "very smart," value-oriented investors own large amounts of the stock.

I see the stock going to $25 even if the FLY isn't a hit, said Cramer. Shares of LeapFrog closed Wednesday's regular session at $13.90.

Bullish on Another Bear

Cramer is bullish on Bear Stearns (BSC Quote) after Lehman Brothers (LEH Quote) reported a "knockout quarter" Wednesday.