Cramer's 'Mad Money' Recap for July 23

Bottom line: Cramer said there is an incredible opportunity here for investors to buy GE now, after it has been taken down with financial stocks and hasn't rallied back.

Happier Days

"Happier days could be here again," Cramer told viewers. He pondered what would happen if gas and grain prices fell and home price depreciation finally stopped.

Cramer said Panera Bread (PNRA Quote), a stock which fell more than $2 a share today after reporting better than expected earnings, is a good example of a company that would benefit from that scenario.

"I think Panera has the ability to be the next big thing," said Cramer. Panera, he said, is increasing service, is cutting labor costs, has expanded margins and is offering a healthy menu. He talked with Panera's co-founder, chairman and CEO, Ron Shaich, to find out how all of this was possible in such a difficult environment.

Shaich said he sees a positive things in Panera's future and doesn't extrapolate anything from weakness in the last three weeks of the quarter. He said that lower gas and grain prices are both positives for Panera. He also said that by focusing on the business, the company has been able to decease wait times while increasing gross margins.

Shaich said the company sees a lot of growth to come as it carries out its strategy of becoming an alternative to traditional restaurants.

Am I Diversified?

Cramer spoke with callers to see if their portfolios have what it takes. The first caller's portfolio included Altria (MO Quote), Dow Chemical (DOW Quote), Alcoa (AA Quote), Excelon (EXC Quote) and McDonald's (MCD Quote).

Cramer called this batch of stocks truly a great portfolio. He noted that he owns both Altria and McDonalds for his charitable trust Action Alerts PLUS.

The second caller's top holdings included IBM (IBM Quote), Johnson & Johnson (JNJ Quote), Bristol Myers-Squibb (BMY Quote), Coca-Cola (KO Quote) and Colgate-Palmolive (CL Quote).

Cramer noted that Bristol Meyers and Johnson & Johnson are too similar. He recommended trading Bristol in favor of an oil or financial company.

The third caller had GrafTech (GTI Quote), Merck (MRK Quote), CVRD (RIO Quote), Halliburton (HAL Quote) and JP Morgan (JPM Quote) as their top five stocks.

Cramer said he'd sell GrafTech in favor of an industrial company like General Electric.

Mad Mail

In this segment, Cramer told a viewer that while he now believes the merger between Sirius Satellite (SIRI Quote) and XM Satellite (XMSR Quote) will get done, with the additional financing needed, he's not a fan of the common stock. He recommended Sirius as a speculative stock only.

Cramer told a second viewer he's a buyer of XTO Energy (XTO Quote) given its recent retreat.

Lightning Round

Cramer was bullish on Sims Group (SMS Quote), Research In Motion (RIMM Quote), Google (GOOG Quote), Amazon.com (AMZN Quote), EnerSys (ENS Quote), CIGNA (CI Quote) and SBA Communications (SBAC Quote).

He was bearish on TiVo (TIVO Quote), eBay (EBAY Quote), Cardiome Pharma (CRME Quote), Fuelcell Energy (FCEL Quote), Ford Motor (F Quote), Microsoft (MSFT Quote) and Nighthawk Radiology (NHWK Quote).

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