Cramer's 'Mad Money' Recap: Two Picks From the New-High List

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As part of a four-part special series, Cramer said he's pulling from the rubble the stocks that don't deserve to be down and that viewers should consider buying.

On Tuesday's show, Cramer suggested people buy General Cable (BGC Quote); today, he's pulling out First Solar (FSLR Quote).

The company, Cramer said, can generate more energy for less money than its competitors. But the reason to buy First Solar now is because it recently reported a "blowout, better-than-expected" quarter, he said. It is "immunized" from the downside and its upside it not reflected in its price, Cramer said.

"On Feb. 13, First Solar gave the Street some serious BTE," or better-than-expected numbers, he said. And while the company made some people money after it reported, it was hit hard for no reason during the recent market selloff, Cramer said.

Although the stock has rebounded, he believes it's still worth more than it's selling at now. Not only does First Solar have the highest margins of its competitors at 40%, but it also has low raw costs and estimates that are too low, Cramer added.