Cramer's 'Mad Money' Recap: Corning Diesels Into Future

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Jim Cramer is revved up about Corning (GLW Quote), not for its fiber-optic or LCD businesses but rather for its little-known diesel emission filtration business, he told viewers of his "Mad Money" TV show Tuesday.

Cramer said new, tougher diesel emission standards go into effect in 2007, and products that help reduce diesel emissions should be a billion dollar market by 2008. Corning should garner a "huge chunk" of that market, he said.

Five years ago, Corning was a fiber-optic business with an LCD business on the side, said Cramer. Now it's an LCD business with a fiber-optic business on the side. In five years, Cramer believes Corning will be a clean diesel company with an LCD business on the side.

Investors aren't yet factoring Corning's diesel emissions business into estimates, said Cramer, and therein lies the opportunity. The "stock's too cheap on the out years," he said.

In response to a question about Cummins (CMI Quote), Cramer said he liked Cummins as a play on this year's diesel truck replacement cycle as truckers look to replace their trucks before the new regulations go into effect.

SiRF Garmin Wave

In an interview Friday on "Mad Money," Garmin (GRMN Quote) CFO Kevin Rauckman told viewers business is great. That makes Cramer want to buy the stock of SiRF Technology (SIRF Quote), which makes chips for Garmin's GPS systems.

Cramer said buying Garmin's stock off of Rauckman's interview is too obvious. Everybody knows Rauckman said business is good, he said. But, looking for a derivative play like SiRF is a good trade because it "takes longer for the market to work that through."

In response to a question about NovAtel (NGPS Quote), Cramer said he believes this holiday season is shaping up to be a "GPS Christmas." Both NovAtel and Garmin should work, he said. But, his favorite play it is SiRF because it makes GPS chips for a number of manufacturers, he said.