Cramer's 'Mad Money' Recap: Go Fish

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Lear (LEA Quote), St. Jude Medical (STJ Quote) and Fortune Brands(FO Quote) are three value plays that Jim Cramer believes could make people money, he told viewers of his "Mad Money" TV show Thursday.

These three stocks, which are at or near their 52-week low, have been left behind, he said. Value stocks are not cheap stocks, but are instead inexpensive stocks that are too worthwhile to throw back into the water, Cramer said.

These stocks are low risk and high reward, he said.

While growth stocks are all alike, Cramer said value can mean a lot of different things. Every value stock is valuable in its own way, he said.

The first value stock Cramer named was Lear, which is "the last man standing in the auto-supply business," he said. "This is going to be the king of the automotive supply sector."

People have been buying other auto suppliers that are more troubled than Lear, he said, adding that Lear is cheaper than it deserves to be.

"But a stock isn't a good value play just because it has been knocked down," Cramer warned. "It has to have a reason to go up."

The Hook

Cramer believes that Lear, a manufacturer of car interiors, is not a sexy play, but some people would say it possesses an inner beauty, like value stocks usually do.

The name of the game here is consolidation, he said, adding that Lear is in the position to take over other smaller companies because it has the cash to do so. Consolidation is Lear's value.

Lear "can buy these companies on the cheap to create an auto-supply empire," Cramer said.

The bottom line is that Lear is a value stock because it's been in a terrible sector. That sector is now bouncing back, and Lear has been left behind.