Cramer's 'Mad Money Recap': Bristol-Myers' New Look

Bottom line: Bristol "is just not getting enough love," he said. He believes the company is transforming itself into a pure play drug company and sees tremendous value in the process.

The Aluminum Substitution Game

"When steel prices get as high as they are, companies turn to aluminum," said Cramer.

For that reason, he's changed his mind and is now recommending Alcoa (AA Quote) as a stock investors should own.

Alcoa currently controls 10.9% of the world's aluminum market and 19.8% of the world's raw alumina, making it the most attractive of the aluminum stocks, Cramer said.

He said aluminum is replacing the heavier and more expensive steel in industries from food packaging to autos to aerospace. And he noted China has finally worked through its excess aluminum supplies and is now once again a buyer in the global aluminum marketplace.

Cramer also identified Alcoa's fastener business as a fabulous hidden gem within the company, noting the company provides up to one million fasteners for Boeing's (BA Quote) new 787 Dreamliner alone.

Given BHP Billiton's (BHP Quote) failed bid for Rio Tinto (RTP Quote), Cramer said Alcoa could be a takeover target and should be valued as high as $50 to $64 a share. The company currently trades at just 10 times its earnings with a 21% long-term growth rate.

Although Alcoa has had a history and reputation of earnings missing and failed executions, he feels those legacies are behind the company.

Wrong on Google

"If there's one thing I believe in, it's accountability," Cramer told viewers. "I'm showing you where I've made my mistakes so you can learn from them."