Cramer's 'Mad Money' Recap: Bargain Stocks With Great Dividends

And finally, Cramer likes Dow Chemical for its 4.52% yield and the fact the stock has fallen 16% since December. He also likes the company's joint plastics ventures in Kuwait.

A Gem of an Oil Stock

Cramer credited a viewer for introducing him last month to Petrobras Energia (PZE Quote), an oil and gas exploration and production company in Latin America that he now feels is a buy. Although Petrobras operates in a risky area of the world, Cramer believes the risk-reward is low enough to make the company an attractive stock.

Argentina's energy sector is "heating up," Cramer says, with stronger prices in the country's refining business. He noted that Petrobras is an undercovered and underexposed company with little analyst coverage, making it unlikely to get downgraded.

"High oil is high oil," Cramer explained, no matter where in the world you are drilling for it. Petrobras is "not for the faint of heart," but if you can tolerate the risk, this is a company you should own, Cramer says.

A Recession-Proof Health Care Stock

Cramer visited his local drugstore to find a company that's both a defensive play and also an attractive takeover target. He likes Chattem (CHTT Quote) for its recession-proof brands such as Icy-Hot, Selsen Blue, Gold Bond and Pamprin, among others.

Cramer says Chattem's success can be measured by how many feet of aisle space it takes up in your local drugstore. The company's strategy of purchasing distressed brands from other companies and reviving them is working. Its successful business model has caused the stock to double since he first recommended it in April 2006.