Cramer's 'Mad Money' Recap: How to Play the Earnings Season

Cramer characterized the selling pressure in EPD as "forced selling," brought on by hedge and mutual funds forced to liquidate their positions in order to cover their redemptions.

"This artificial selling pressure will not last for long," said Cramer, noting that EPD has been one of the hardest hit stocks in the natural gas sector. "The selling in EPD has nothing to do with the fundamentals."

According to Cramer, 2008 will be a year of improvements for EPD, with the company increasing the volume of gas pumped through several of its pipeline, while it prepares to bring new pipelines and platforms online later in the year.

Bottom line: EPD's 6.9% dividend yield, along with its outlook for 2008, makes it "irresistible," he says.

An Energy Infrastructure Play

Cramer welcomed Randy Harl, President and CEO, Willbros Group (WG Quote) to the show for an update on the company.

Despite weakness in Willbros' most recent quarter, he said the company maintains a backlog of over $1.3 billion. He said Willbros is now refocused on the strong North American market.

Harl, who remains very bullish on the state of energy infrastructure, dispelled concerns that short-term price swings in the cost of oil affect pipeline construction. "These are long-term contrracts," he explained.

Cramer agreed with Harl's outlook and gave Willbros a "buy, buy,buy."

Lightning Round

Cramer was bullish on Cal-Maine Foods (CALM Quote), Family Dollar Stores (FDO Quote), Procter & Gamble (PG Quote), Quicksilver Resources (KWK Quote) and Microsoft (MSFT Quote).

Cramer was bearish on Clearwire (CLWR Quote), Sprint Nextel (S Quote), Ford Motor (F Quote), MEMC Electronics (WFR Quote), Citigroup (C Quote) and JC Penney (JCP Quote).

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For more of Cramer's insights during the Lightning Round, click here.