Cramer's 'Mad Money' Recap: Stay in the Game

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"I am urging investors to not give up on stocks and to stay in the game," Jim Cramer told viewers of his "Mad Money" TV show Friday.

Cramer's comments came on a day when credit worries and weak economic reports sent the Dow plunging 316 points and Nasdaq falling 60 points.

As an alternative, he said investors should lighten up on U.S. stocks and invest in some international stocks.

He reminded viewers of the four Brazilian stocks he recently recommended, including Gafisa (GFA Quote), Petrobras (PBR Quote), CVRD (RIO Quote) and America Movil (AMX Quote).

Collectively, these stocks are up an average of 14.7% during a time when the domestic S&P average has been essentially flat, he said.

For a good international play, Cramer recommended Turkcell (TKC Quote), the largest wireless carrier in Turkey. The company currently has a 58% market share in Turkey and Cramer says Turkcell is expanding into neighboring, less-penetrated countries, affording it incredible growth potential.

The company recently reported a better-than-expected quarter, beating estimates by 8 cents a share. Turkcell was helped, in part, by a weak U.S. dollar and reported profits up 44% on a 50% increase in revenues. Cramer says Turkcell is a buy both because of its growth as well as the fact that it is not constrained by U.S. economic woes.

Cramer suggested buying Turkcell on any weakness in the stock, and getting in below $24 a share.

Opposing the XM-Sirius Merger

Cramer welcomed Democratic Congressman Gene Green from Texas to the show to discuss his opposition to the proposed merger between Sirius Satellite (SIRI Quote) and XM Satellite Radio (XMSR Quote).

Green said the merger would create a monopoly in the satellite radio industry, a scenario the Federal Communication Commission attempted to avoid when it issued licenses to the two companies. The FCC stipulated that they had to remain separate and provide consumers with choice.

He likened the proposed merger to the recently rejected deal between DirecTV (DTV Quote) and Echostar (SATS Quote), stating that a merger would have created a monopoly.

Green said he does not believe both companies would fail without the merger. He acknowledged accepting money from the National Association of Broadcasters but said his campaign has accepted contributions from many interest groups, and that in no way sways his views on issues.

When pressed about the lengthy government delay on a decision on the matter, Green said he's not sure what is delaying the FCC.

Getting in on the Visa IPO

"In every bear market there is a silver lining," Cramer told viewers. In the current bear market, Cramer says that silver lining may be the upcoming initial public offering (IPO) of Visa, which is set to trade under the ticker symbol "V".

Cramer compared the Visa IPO to that of Mastercard (MA Quote) last year. Since its debut, Mastercard is up 313%, and Cramer expects Visa to also be a winner.

With shares expected to price between $37 and $42 a share, Cramer says Visa is a better value than Mastercard. Visa has the larger electronics payment network and it has no credit exposure because it makes money processing electronic transactions, he noted.

Cramer also expects Visa to benefit from its Olympics sponsorship and says the company is not held hostage by the ailing U.S. economy. He recommended investors calls their brokers and do what they can to get in on the Visa IPO.

"When Wall Street hands you a gift, take it," he asserted.

Another Way to Invest in Gold

Cramer welcomed Sean Boyd, CEO of Agnico-Eagle Mines (AEM Quote) to the show to discuss the company's outlook and growth prospects.