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

Cramer apologized for his negative call on Google (GOOG Quote), missing the company's run from $449 to $595 a share.

"Simply put, I stayed negative for too long," said Cramer. He cited four reasons for his decision. First, he relied on market data provided by Comscore, rather than doing his own homework. On Feb. 26, Comscore reported declining traffic at Google, but he said that couldn't have been further from the truth.

Second, he made the mistake of comparing Google to competitor Yahoo! (YHOO Quote), reasoning that if Yahoo was shrinking, Google must be too. In reality, Google was taking share from Yahoo.

Third, he neglected to account for how quickly Google would see a return from its acquisition of DoubleClick, which, it turns out, is doing a lot better than anyone expected at this early stage.

Finally, he misjudged Google's international business growth. The company's international revenues grew at 14% this past quarter, much higher than Cramer expected.

"Now is the time to learn from my mistakes," said Cramer. With Google trading at just 23.5 times its earnings and carrying a 28% long-term growth rate, Cramer predicted Google could soon see $697 a share.

Mad Mail

In this segment, a viewer asked Cramer about Education and Technology Group (EDU Quote). Cramer said that stock is difficult to analyze and he'd stay away.

Another viewer asked about Shaw Group (SGP Quote). Cramer said he's concerned with the company's nuclear exposure domestically and its dependence on its international exposure.