Cramer's 'Mad Money' Recap: YaBay? eBayhoo?

And even if none of the big fish bites on this one, CLF has good prospects to buy it in the $80s, Cramer said.

CLF has forged itself into an invaluable asset in the iron sector and is "situated as a prime takeover candidate," he said. "Even if it doesn't get bought, it should still go higher."

Even up here, CLF is "completely undervalued," Cramer continued. The stock has little analyst coverage and is expanding internationally.

Am I Diversified?

During Cramer's "Am I Diversified?" game, the first player called out the following five stocks: Idearc (IAR - Cramer's Take - Stockpickr), Chevron (CVX - Cramer's Take - Stockpickr), Qwest Communications (Q - Cramer's Take - Stockpickr), General Mills (GIS - Cramer's Take - Stockpickr) and Vodafone (VOD - Cramer's Take - Stockpickr).

Cramer called a three-way pair with IAR, Q and VOD. He recommended getting rid of two of these and getting into a financial play and healthcare stock.

Cramer's next caller asked if he was diversified with these five plays: Aecom Technology (ACM - Cramer's Take - Stockpickr), McDermott International (MDR - Cramer's Take - Stockpickr), 3M (MMM - Cramer's Take - Stockpickr), Schlumberger (SLB - Cramer's Take - Stockpickr) and AT&T (T - Cramer's Take - Stockpickr).

Here, Cramer called ACM and MDR a pair. He suggested getting rid of ACM and picking up a financial, such as Goldman Sachs (GS - Cramer's Take - Stockpickr), which he owns for his charitable trust, Action Alerts PLUS, instead.

The Lease One Could Do

Cramer welcomed John McMahon, CEO of aircraft leasing company Genesis Lease (GLS - Cramer's Take - Stockpickr), to the show and asked him why an airline would rather lease an airplane than buy one from Boeing (BA - Cramer's Take - Stockpickr).

Airlines would rather lease because not everyone in the airline industry can afford to buy planes, McMahon said. Leasing aircrafts makes more sense because the airline industry is a cash flow business, he said.