Cramer's 'Mad Money' Recap for July 17

"Housing is housing," said Cramer, as he reiterated his sell recommendation on the whole industry.

A Speculative Healthcare Play

Cramer moved "Speculation Friday" to Thursday in order to talk about Symmetry Medical (SMA Quote), a stock that he said has been on his radar for awhile.

With the economy looking more like it's in a recession, Cramer said it's the healthcare stocks that will prosper.

Symmetry is a supplier of orthopedic implants to many of Cramer's larger healthcare favorites, including CR Bard (BCR Quote) and Smith & Nephew (SNN Quote), which is up 5.8% since Cramer's recommendation just last week.

"Nobody stops getting hip replacements because the economy is bad," said Cramer, who called Symmetry's products necessities and not discretionary spending.

Cramer said that bigger healthcare companies come to Symmetry to help speed up production and lower costs. He also noted that the company is not affected by rising raw costs since its main commodity is titanium. "Think of Symmetry as the arms dealer to the medical sector," said Cramer.

Symmetry makes Cramer's speculative list because of its run-in with the SEC earlier this year, which led to earnings restatements and a $2.2 million hit for accounting and legal costs.

But with the situation now behind them, Cramer called Symmetry a tarnished stock but not a tarnished company.

Wall Street is expecting 8.5% revenue growth for Symmetry in 2008, but Cramer said that number could be almost double. He sees the $16 stock reaching $21 a share if that happens.

Nothing Has Changed

Cramer said steel stocks have been crushed in recent weeks, with favorite Nucor (NUE Quote) falling 11% after it lowered earnings guidance from $1.95 per share in the third quarter to between $1.80 to $1.85.

To find out if the drop was warranted, Cramer talked with Nucor CEO Dan Dimicco.

Dimicco said that his business has not dropped 20%, as the company's stock price would indicate. He said business is still strong and he also expects the third quarter to be strong. He called Nucor's guidance conservative.

Dimicco explained that Nucor's philosophy has always been to make money making steel. The company has great technology, great people and a great culture, he said. After delivering a second quarter that saw earnings up 68%, Nucor is firing on all cylinders, he said.

Cramer said that while the markets have been punishing steel, he's a buyer of Nucor.

Lightning Round

Cramer was bullish on Ferrellgas Partners (FGP Quote), Energy Conversion Devices (ENER Quote), AT&T (T Quote), MetLife (MET Quote) and Marathon Oil (MRO Quote).

He was was bearish on Sonic Corp (SONC Quote).

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