Cramer's 'Mad Money' Recap: Hitting the Gas

Three Kings of Cash

"Cash is the best defense in a bad market," Cramer told viewers. "Cash is king right now."

Cash means flexibility, it means the company can perform buybacks, it has a cushion in case of a nasty selloff. In this particular market, cash is the queen, rook and bishop, too, he said.

But cash isn't everything, if the company's not strong. An example of a bad company that's flush with cash is Gateway(GTW), said Cramer. Players should avoid Gateway, Cramer advised. It is only worth the cash it has in the bank.

The three cash kings, he said, are:

• Apple Computer (AAPL)
• Cnooc(CEO)
• Schering-Plough(SGP), which he owns for his Action Alerts PLUS charitable trust.

Sears Holdings (SHLD), another stock he owns for Action Alerts PLUS, and Deutsche Telekom (DT) are two other great cash stocks, he said.

Talking Ethanol

"This market has gone from loving speculative plays to despising them," Cramer told his viewers. "I like speculative plays that are making a lot of money, even if right now they are cool."

Cramer welcomed Tim Newkirk, the COO of MGP Ingredients (MGPI) to his show.

MGP's two core businesses, said Newkirk, are the food ingredients business and the distillery business, in which it has a segment of a fuel-ethanol business, which has taken off dramatically.

Is it true if you don't add a little percentage of gasoline to ethanol, it is labeled as alcohol? Cramer asked.

Yes, that is true, said Newkirk, adding that to make nonfuel-grade ethanol requires different sets of equipment.

If you look back at the industry, it has always met demand requirements, Newkirk said. There is a tremendous amount of hype, to the point of overhype. There is good money to be made in this business, both by companies and their shareholders, but the hype is a little on the exuberant side right now, he said.

"If you want to speculate on ethanol, this is a good company," Cramer said, He said he likes it more than even Archer Daniels Midland (ADM) "at these prices."

To view Cramer's interview with Newkirk, click here.

Lightning Round

Cramer was bullish on Citigroup(C), ING Group(ING), National Oilwell Varco (NOV), Burlington Northern(BNI), Oceaneering International (OII), Carrizo Oil & Gas (CRZO), Foster Wheeler(FWLT), WCI Communities (WCI), KB Home (KBH) and Sealy (ZZ).

Cramer was bearish on E*Trade Financial(ET), Wachovia(WB), Avaya (AV), JDSU(JDSU), Helix Energy Solutions (HELX), Cemex (CX), Honeywell International (HON) and D.R. Horton(DHI).

For more of Cramer's insights during the most recent Lightning Round, click here.

Here's your chance to pick the stock you'd like me to feature on my radio show June 15: Chesapeake Energy Dynamic Materials Evergreen Solar Headwaters Pepsi Vaalco Energy

REMEMBER to listen in on Thursday for my take on the stock that wins this poll!

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