Cramer's 'Mad Money Recap': How to Beat High Oil Prices

Cramer explained that while he hates both companies for turning great brands and franchises into mockeries, and while he loathed both company's CEOs enough to add them to his "Wall of Shame," he has faith that one man can turn them around.

He said activist investor Carl Icahn is the only one who can unlock the value in the two failing entities. He recommended piggy-backing off of Icahn's moves and taking advantage of what Cramer called a "proven strategy."

Cramer cited BEA Aerospace (BEAS Quote), Kerr McGee and Time Warner (TWX Quote) as recent examples of Icahn's success in turning around companies.

In addition to the Icahn factor, Cramer said both Motorola and Yahoo! are cheap. He told investors to absolutely not buy these companies for their on-going businesses, but only for the potential Icahn can potentially unleash from them.

Mad Mail

Cramer told a viewer that the recent insider selling in First Solar (FSLR Quote) was just so large that he couldn't continue to be behind the company. "No company will receive my backing with that much insider selling," he said.

Sudden Death

Cramer was bullish on Valmont Industries (VMI Quote) and Transocean (RIG Quote).

He was bearish on Dell (DELL Quote).

Lightning Round

Cramer was bullish on CVRD (RIO Quote), Discovery Holdings (DISCA Quote), Terex (TEX Quote), Caterpillar (CAT Quote) and Mechel Steel (MTL Quote).

He was bearish on Aircastle (AYR Quote), Dryships (DRYS Quote) and China Mobile (CHL Quote).

Want more Cramer? Check out Jim's rules and commandments for investing by clicking here.

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