Cramer's 'Mad Money' Recap: Double Game Plan

A Tale of Two IPOs

In the second part of his game plan, Cramer named two companies that are going public next week. First, there is Photowatt, which will trade under the symbol PHWT and which Cramer recommended viewers stay away from.

"We have had way too many solar stocks come public and there's not enough demand, even with the hype that surrounds solar," Cramer said. "Avoid it at any price."

If people want a solar play he suggested they buy First Solar (FSLR Quote), the best of breed play in the industry.

The second company planning to come public next week is eTelecare, which will trade under the symbol ETEL, Cramer said. This is an outsourcing company, not based in India, but in the Philippines, "the next great outsourcing center," he said.

Market players expect the company to open at $12.50 to $14.50, but Cramer said he'd pay up to $15 for it. However he urged viewers to "please buy it carefully."

Freeport's Mights

Freeport-McMoRan (FCX Quote) is a stock that manages to "hit all the bases" and there are many "screaming" reasons to buy it, Cramer said.

This "enormous" producer of minerals recently merged with Phelps Dodge and is now a "happy oligopoly," he said. Although the deal should never have been allowed to happen, it did and now the company has a corner on copper, Cramer said.

Not only is Freeport a "terrific hedge against inflation," it is also in "tremendous demand," he added. Today it priced a secondary offering of 41 million shares and at the end of the day the stock was up $1. People should like the stocks the crowds like because they're the ones that tend to go up, Cramer said.

Meanwhile, analyst estimates on Freeport are too low. But Cramer believes the company will "blow away" the numbers. Moreover, people who think copper is no longer in demand are wrong, he said, because copper is all about the rest of the world. While 10 years ago the U.S. used 30% of the world's copper and China used 10%, now those numbers have flipped, Cramer explained.

This is a $62 stock that is headed for $100, he said.