Cramer's 'Mad Money Recap': Picks Among the Rubble

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"After a big down day, I'm urging you to not get discouraged and to start picking among the rubble," Jim Cramer told viewers of his "Mad Money" TV show Friday.

"I know today was one of the worst days in a long time," he continued, "but there is always a bull market somewhere."

Cramer told viewers that amidst all the hopelessness and bearishness, he still sees strength in many of the theses he's been high on, including natural gas, agriculture and the oil drilling stocks.

Cramer likened the decline today to that of March, 2007, when he recommended four stocks that reported stellar earnings, but were taken down hard by the declining market action.

Those stocks were General Cable (BGC Quote), Chemed (CHE Quote), First Solar (FSLR Quote) and Akamai (AKAM Quote). One month later, Cramer noted, these stocks were up an average of 16.4%, or triple the performance of the S&P500.

For the current market sell-off, Cramer recommended four companies, all of which recently reported better-than-expected numbers, but whose stocks have been taken down mercilessly in recent days.

Cramer: Make Money Off Trends

Wal-mart reported its earnings on May 13, beating Wall Street estimates by 1 cent a share. He called Wal-mart "a steal," saying he believes in CEO Lee Scott's turnaround plans for the company.

Cramer said he likes Brown-Forman for its strong international sales. "People don't drink less liquor in hard times," he said. With 50% of the company's sales coming from abroad, it should be unaffected by a slowing U.S. economy.

The stocks included Walmart (WMT Quote), a stock which Cramer owns for his charitable trust Action Alerts PLUS, Brown-Forman (BF-B Quote), Copart (CPRT Quote) and a new name for Cramer, Integra Lifesciences (IART Quote).