Cramer's 'Mad Money' Recap for July 2

Stock quotes in this article: PDX , SE , SCHW , FRO , HSC , VVC  

Cramer said Spectra is trading at a discount to its peers. He pegged the stock at $32.84 a share for a 17% gain, if its P/E multiple comes up to the industry average.

Am I Diversified?

Cramer reviewed the portfolios of callers to see if their portfolios have what it takes. The first caller's portfolio included Bucyrus (BUCY Quote), Allscripts (MDRX Quote), Target (TGT Quote), Windstream (WIN Quote) and AT&T (T Quote).

Cramer noted both Windstream and AT&T are in telecommunications. He recommended selling AT&T and adding a consumer stock like Pepsi (PEP Quote).

The second caller's top holdings included Caterpillar (CAT Quote), Toyota (TM Quote), Proctor & Gamble (PG Quote), Exxon-Mobil (XOM Quote) and AT&T (T Quote).

Cramer called this portfolio diversified, saying it was "perfect."

The third caller had Nike (NKE Quote), BEA Aerospace (BEAV Quote), El Paso (EP Quote), Sociedad Quimica (SQM Quote) and Compagnie General de Gophysique-Veritas (CGV Quote) as their top five stocks.

Cramer advised selling either El Paso or Veritas and adding a healthcare or consumer company to the portfolio.

Changes on the Wall of Shame

Cramer redeemed James Keyes, CEO of Blockbuster (BBI Quote), from his "Wall of Shame" list of the worst CEOs. He commended Keyes for doing the right thing for his shareholders when he walking away from the bid to acquire Circuit City (CC Quote).

Cramer replaced Keyes with Yahoo (YHOO Quote) founder and CEO Jerry Yang. "This man has treated this company as his own," he said, calling Yang "truly shameful."

Sudden Death

Cramer was bullish on Charles Schwab Corp (SCHW Quote) and Frontline (FRO Quote).

He was bearish on Ship Finance International (SFL Quote).

Lightning Round

Cramer was bullish on Harsco (HSC Quote), Vectren (VVC Quote), StanCorp Financial (SFG Quote), Enersis (ENI Quote) and CPFL Energia (CPL Quote).

Cramer was bearish on CVRD (RIO Quote), Goodrich (GR Quote), Skyworks Solutions (SWKS Quote), Valero Energy (VLO Quote) and HealthSpring (HS 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.

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At the time of publication, Cramer was not long on any stock.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of TheStreet.com or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither TheStreet.com, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or TheStreet.com is related to the specific opinions expressed by him on "Mad Money."

None of the information contained in "Mad Money" constitutes a recommendation by Mr. Cramer, TheStreet.com or CNBC that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. You must make your own independent decisions regarding any security, portfolio of securities, transaction, or investment strategy mentioned on the program. Mr. Cramer's past results are not necessarily indicative of future performance. Neither Mr. Cramer, nor TheStreet.com, nor CNBC guarantees any specific outcome or profit, and you should be aware of the real risk of loss in following any strategy or investments discussed on the program. The strategy or investments discussed may fluctuate in price or value and you may get back less than you invested. Before acting on any information contained in the program, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.

Some of the stocks mentioned by Mr. Cramer on "Mad Money" are held in Mr. Cramer's Action Alerts PLUS Portfolio. When that is the case, appropriate disclosure is made on the program and in the "Mad Money" recap available on TheStreet.com. The Action Alerts PLUS Portfolio contains all of Mr. Cramer's personal investments in publicly-traded equity securities only, and does not include any mutual fund holdings or other institutionally managed assets, private equity investments, or his holdings in TheStreet.com, Inc. Since March 2005, the Action Alerts PLUS Portfolio has been held by a Trust, the realized profits from which have been pledged to charity. Mr. Cramer retains full investment discretion with respect to all securities contained in the Trust. Mr. Cramer is subject to certain trading restrictions, and must hold all securities in the Action Alerts PLUS Portfolio for at least one month, and is not permitted to buy or sell any security he has spoken about on television or on his radio program for five days following the broadcast.

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