Cramer's 'Mad Money' Recap: In the Wolverine Den

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"Welcome to Mad Money 101," Jim Cramer told viewers of his "Mad Money" TV show, which was broadcast from the University of Michigan as part of his "Back to School" tour Tuesday.

"I am putting my fashion reputation on the line to try and make you some mad money," he told the audience in Ann Arbor, Mich., suggesting they should take a look at Wolverine World Wide(WWW Quote).

The footwear maker's main brand, Hush Puppies, has already hit a "tipping point" and become widely popular, he said. Cramer believes that the company's other brands, including Merrill and Caterpillar boots, will see a similar fate.

Wolverine shares trade at 17 times next year's earnings, which is cheap, he said. Moreover, the Rockford, Mich., company just reported a fabulous quarter on April 19, and the stock jumped.

"This is where we pull out our discipline," he said. When a stock reports a great quarter and has a big run, it's time to play a waiting game.

Cramer said that it's generally a good idea to wait a few days for people to start taking profits, and then to buy the stock when the price pulls back.

If it's a good stock, the pullback won't last and the price will start moving higher again, he said.

Pizza Special

After a couple of Cramer doppelgangers took the stage to throw chairs in the traditional prelude to the show's Lightning Round segment, Cramer welcomed Domino's Pizza(DPZ Quote) CEO David Brandon to the stage.

"In just six years at the helm, [Brandon] turned a college favorite into a financial powerhouse," Cramer said of the University of Michigan alumnus.

Wall Street says that Domino's can't follow its own act, Cramer said. But Brandon replied that such a sentiment is ridiculous, and that with steady results for the last seven years he is confident that the company will continue to perform well.