Cramer's 'Mad Money' Recap: A Good Buy on the Cell Side

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The market suffered Wednesday, but Jim Cramer told "Mad Money" viewers that they already knew that. The important thing to remember, he said, is that some stocks are done suffering.

Cramer said that financials, techs and health care are already cooked, and that we're getting close with steel, copper and aerospace.

When things get this bad, it's time to go bargain hunting. His first stock pick was Qualcomm(QCOM Quote), which he owns for his Action Alerts PLUS charitable trust portfolio.

This is the ultimate next-generation cell-phone play because it is the master of CDMA technology, he said. The company makes the brains behind cell phones and is bringing amazing technology to the table.

Cramer believes that the stock should be massively overvalued, but it has fallen more than 11% since May 9, going from $52.74 to $46.90. We're getting lucky, he said, but added that "gut-wrenching drops like this usually happen for a reason."

You can't buy a great stock that's on sale unless you know why the sale was thrown, he said.

An opinion from the International Trade Commission said that the company infringed on three Broadcom(BRCM Quote) patents. But Cramer pointed out that these opinions are not final rulings in the patent dispute, and that it does not indicate that Qualcomm will lose the lawsuit.

Even as a worst-case scenario, said Cramer, if Qualcomm loses, there is no injunction and the company will not have to stop making anything. Moreover, he likes the stock because it raises its guidance all the time.