Cramer's 'Mad Money' Recap: Shopping at Wal-Mart

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Cramer issued a "triple buy" on Wal-Mart (WMT Quote) Wednesday on his "Mad Money" TV show.

Cramer, who has long been bearish on Wal-Mart, is changing his opinion for three reasons. First, with consumer confidence low and the Federal Reserve "going after the economy," Cramer said people will start shopping more at the "lowest-price" retailer.

Second, Wal-Mart is "actually thinking about style and taste" in bringing on former Target (TGT Quote) executive John Fleming and in contemplating buying Tommy Hilfiger.

Third, with Wal-Mart's stock at a six-year low, the stock is finally "cheap," said Cramer.

A caller asked if dollar stores are good investments now. Cramer said he expects Wal-Mart to turn around first and then the dollar stores' business will follow. He would not buy the dollar stores' stocks yet though.

In response to a question about Target, Cramer said he sees Target flat-lining while Wal-Mart goes up.

Commenting on oil and natural gas stocks, Cramer said those stocks are being marked up by mutual funds into month-end, and he would wait until next Tuesday or Wednesday to buy.

Golly, Nabors

In the past year, Saudi Arabia's national oil company has doubled the number of oil rigs it is using and is "trying to buy a whole lot more," Cramer said. "The oil fields are getting old. They need a lot more rigs just to keep up."

While that may be bad news for the Saudis and the price of oil, it is good news for companies in the oil rig business. Cramer said the Saudis are offering to pay almost twice as much a day for oil rigs than the going rate in the U.S., and they are offering three-year guaranteed contracts. What's more, when the rigs make their way to Saudi Arabia, that will tighten rig supplies in the U.S. and raise day rates here as well, said Cramer.