Cramer's 'Mad Money' Recap: Teva's Empathy Pangs

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Every once in a while, the market makes a mistake so bad that you can't help but try to make money off it, Jim Cramer said Tuesday on his "Mad Money" TV show.

This is why he suggested taking a look at Teva Pharmaceutical(TEVA Quote). Ask Cramer about Teva and he'll usually tell you to sell the stock, he said. But today is different.

Teva is the most heavily owned Israeli stock, and it's down because Israeli Prime Minister Ariel Sharon's medical condition has raised general concerns about stability in the Middle East, Cramer said.

"It's been beaten up by the same risks keeping all Israeli stocks down right now," he said. But it's about to close a deal to buy the U.S. company Ivax(IVX Quote), which will increase Teva's exposure in America while lessening its exposure to the regional risks that have been weighing on the stock.

Plus, Cramer said that the business itself was solid, with the company involved in proprietary multiple sclerosis and rheumatoid arthritis treatments.

He told a caller that the company will likely not face serious, additional regulatory concerns once it is tied with Ivax.

And he said that Peru is another place to start looking for stocks that are down because of geopolitical concerns, which he believes are overdone.

China Port Authority

Another international play is Hutchison Whampoa, Cramer said, because the company is one of the best China plays around.

The company's American depository receipts (ADRs) trade on the pink sheets in the U.S., so he recommends buying the company in Hong Kong, where it is one of the largest companies on the Hong Kong Stock Exchange.

Hutchison is involved in telecommunications, property, retail, energy and ports, and Cramer said that the company's port exposure is what makes it a buy.

"No one ever thinks about ports, but we'd better get started," Cramer said, because, he claims, it's the best way to play globalization.

It's also the best way to play China, he said. The company operates 41 ports around the world, including five of the world's seven busiest container ports. And as long as China continues to be the manufacturer to the world, it will have to ship out the products and the port business will make a killing.