Cramer's 'Mad Money' Recap: June 20

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"Today's selloff was led by all of the sectors we hate," Jim Cramer told viewers of his "Mad Money" TV show Friday. He told investors to stay away from the banks, retailers and automakers, which led today's decline.

Instead, he told investors to stick with the theses he's been repeating over and over, mainly agriculture, mining, minerals, infrastructure and the petroleum complex focused on natural gas and oil infrastructure.

Cramer recommended Gardner Denver (GDI - Cramer's Take - Stockpickr), a maker of the components needed to produce and ship oil where it's needed, as a new favorite in the oil patch. He last recommended the stock back on Sept. 26 at $36.60, and since then the stock is up 46%.

Cramer Interviews Medicis Pharmaceutical CEO

But Cramer said Gardner is still cheap and is not keeping up with its growing earnings.

"We buy what's working on Mad Money," Cramer told viewers. He explained that Gardner works because it builds proprietary technology into ordinary items, such as blowers, compressors and fluid handling products. "Gardner doesn't just make things, it makes things smaller, better and more energy efficient," said Cramer.

Cramer noted one of Gardner's new pump products, which helps the food industry transfer products to and from stainless steel tanker trucks faster and with less waste and clean-up. "You should be thinking less spoilage and smoother operations," he said.

Gardner currently holds the No. 1 or No. 2 position in most of its markets, noted Cramer, who also likes the company for its international exposure.

Cramer also called the company a buy simply on its valuation. The company beat estimates by 15 cents a share when it last reported on April 3. Trading at just 13 times forward estimate, Cramer said Gardner should be much higher. He said that estimates for the company are at least 50 cents too low, and he values the company at $65.

Speculation Friday

For "Speculation Friday," Cramer featured Oil Sands Quest (BQI - Cramer's Take - Stockpickr) as a real estate play on the ever-increasing quest for more oil. Oil Sands Quest currently controls over 500,000 acres land in Saskatchewan, Canada -- perfect for oil sands drilling and could be sitting on up to 10 billion barrels of bitumen, or dirty oil.

Cramer explained that while bitumen is harder to refine than light sweet crude, with oil well over $40 a barrel, the economics of oil sands now makes sense. But even if Oil Sands Quests doesn't find oil at all, Cramer values the company as a real estate play.

Cramer compared Oil Sands Quest to Ivanhoe Energy (IVAN - Cramer's Take - Stockpickr), which recently purchased leases in Canada at a value of $2.8 million per square acre. Applying that number to Oil Sands' 1,200 square miles of land, Cramer said the company could be valued at $3.4 billion, or more than 3 times its current enterprise value.

Cramer did caution viewers that Oil Sands Quest is speculative. The company has no revenue and has been issuing a slew of stock offerings which has been dilutive to its outstanding shares. He cautioned viewers that with Oil Sands Quest trading at just over $6, they must use caution when buying the speculative name and not pay up for the shares.

Next Week's Gameplan

Cramer said he expects next week to be quiet with the beginning of the summer season upon us. So for next week's game plan, he recommended buying CVS Caremark (CVS - Cramer's Take - Stockpickr) after Walgreen (WAG - Cramer's Take - Stockpickr) reports what he expects to be a disappointing quarter. He also expects Rite-Aid (RAD - Cramer's Take - Stockpickr) to be a withering entity in the drug store marketplace.

On Tuesday, Cramer recommended buying Darden (DRI - Cramer's Take - Stockpickr) before it reports on Tuesday. He said while everyone expects a weak quarter from Darden, he doesn't expect food costs to hurt the company as much as expected.

On Wednesday, Cramer recommended buying Nike (NKE - Cramer's Take - Stockpickr) on any weakness ahead of the Olympics next quarter. "If you don't see any weakness, we take a pass," he noted. He also recommended buying Research In Motion (RIMM - Cramer's Take - Stockpickr) ahead of what he expects to be an upside surprise.

Cramer said he's worried about Thursday, with ConAgra (CAG - Cramer's Take - Stockpickr) reporting what's anticipated to be poor results. He said that Discover Financial (DFS - Cramer's Take - Stockpickr), home builder Lennar (LEN - Cramer's Take - Stockpickr), and Rite-Aid also report, and he's not a fan of any of them. On the upside, Cramer mentioned only Accenture (ACN - Cramer's Take - Stockpickr) as a possible buy ahead of their earnings.

Medicis CEO Speaks

Cramer welcomed Jonah Shackman, chairman and CEO of Medicis Pharmaceutical (MRX - Cramer's Take - Stockpickr) to the show to discuss his company's latest products.

Shackman explained that his company's LipoSonix product uses focused ultrasound waves to non-invasively bust up fat in the body so it can be removed naturally. The product has already been approved in Europe and elsewhere in the world, and Shackman expects approval in the U.S. by 2011.

Medicis is currently conducting clinical trials on the procedure, and Shackman said he sees a clear path to approval by the FDA. He defended his company against criticism that its products will not receive the approvals it seeks.

Cramer stopped short of recommending Medicis, but called the baseless criticisms of the company "short-minded."

Lightning Round

In the Lightning Round, Cramer was bullish on John Deere (DE - Cramer's Take - Stockpickr), Williams (WMB - Cramer's Take - Stockpickr), Frontline (FRO - Cramer's Take - Stockpickr), Wal-Mart (WMT - Cramer's Take - Stockpickr), Costco (COST - Cramer's Take - Stockpickr), TJX (TJX - Cramer's Take - Stockpickr), Urban Outfitters (URBN - Cramer's Take - Stockpickr), Bucyrus International (BUCY - Cramer's Take - Stockpickr), Joy Global (JOYG - Cramer's Take - Stockpickr) and Southwestern Energy (SWN - Cramer's Take - Stockpickr).

Cramer was bearish on Hologic (HOLX - Cramer's Take - Stockpickr), Navios Maritime (NM - Cramer's Take - Stockpickr), Manitowoc (MTW - Cramer's Take - Stockpickr) and MEMC Electronics (WFR - Cramer's Take - Stockpickr).

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