Cramer's 'Mad Money Recap': The Natural Gas Boom

A Big Upside Surprise

Cramer wore a brown paper bag on his head to hide his embarrassment for having recommended NYSE Euronext (NYX Quote) for the past year.

The company, though, turned things around in the past quarter and enjoyed a surprise to the upside. Cramer said that the turnaround was due to the leadership of CEO Duncan Niederauer.

Niederauer told Cramer that the quarter's results were the first to fully reflect the integrated NYSE and Euronext components. He said that the quarter proved the combined company is ready to handle record trading volumes without incident and investors should trade with confidence.

Niederauer also said much of his energy is now focused on the expense side of the business. He mentioned that the projected cost savings from the merger of $70 million a year hasn't fully kicked in yet, and that there's still additional cost savings to be realized.

Regarding the pending acquisition of the American Stock Exchange, Niederauer said they're ahead of schedule on closing the deal, and he expects that merger to be another great example of the synergies that can come from combining exchanges.

Cramer commended Niederauer for a job well done, saying, "NYX works."

Misjudging Comcast

Cramer apologized to viewers for staying too negative, too long on Comcast (CMCSA Quote) and missing the bottom in the stock.

In an effort to have viewers learn from his mistakes, Cramer said that he was too focused on Verizon (VZ Quote) and AT&T (T Quote), and mistakenly thought that additions of subscribers at those companies were coming at the expense of Comcast. In reality, this was not the case.