Cramer's 'Mad Money' Recap: Raytheon Roars

In addition, Northrop Grumman (NOC Quote) also has caught up to the pack.

Cramer believes it's Raytheon's turn now. Expectations for the company are far too low, he said. Having mastered the game of underpromising and overdelivering, the company recently gave lowball guidance, which it should be able to beat, he added.

In addition, Raytheon has a "fabulous" buyback going and significant opportunities to grow even more internationally, he said.

Investing in Oil and Oil Service

The oil and oil service group is a bull market that is attractive as a long-term investment, Cramer told viewers. The best way to play this is with ConocoPhillips (COP Quote), said Cramer, who owns the for his charitable trust, Action Alerts PLUS.

The oils are down now relative to the sky-high price of crude, partly because of political reasons and also because talk of new taxes on the oil companies has some people taking profits, he said.

However, "there's a simple case for oil," Cramer said. "We're running out of it."

If oil comes down, people should back up the truck on it, he advised. In fact, Cramer said he'd buy some soon to take advantage of the recent lower prices.

In this group, Conoco not only trades at a discount, but the company is a big play on natural gas, which has been chronically undervalued for a long time, he pointed out. Also, unlike the other major oil companies, it doesn't have contracts with corrupt Third World countries, he said.