Cramer's 'Mad Money' Recap for July 29

Unconcerned about Oil Prices

Core Laboratories(CLB Quote) shouldn't be falling along with oil and gas prices.

That's the contention of David Demshur, CEO of the company, who maintains his company should do well as long as oil stays above $70 and natural gas is above $6.

Core Labs employs proprietary technology to analyze rock in and round oil fields and then furnishes that information to show clients how best to use that it to their advantage. It applies the same kind of analysis to natural gas.

Despite a drop in the stock in the past month, Demshur said the company is insulated from volatile commodity prices because the demand for its services is "inelastic."

That's the reason why the company has been able to enjoy record profits in 11 of the past 21 quarters, he said. Moreover, he said the company has guided for record revenue and profits for the third quarter and full year.

Demshur said he is an advocate for off-shore drilling. If Congress were to pass legislation to allow for such drilling, "we could eliminate all of our imports from the Middle East," he said.

A Reversal of Fortune

Kimberly-Clark(KMB Quote) is a classic defensive play that investors normally would flock to during these tough times, Cramer says.

However, the company has had its lumps because oil is an active ingredient in many of its health and hygiene products. For every $1 in the average price of oil increases, the company's annual earnings lose a penny. And for every $1 increase in natural gas, KMB's annual earnings lose 4 cents.

But Cramer says the company is in a position to turn things around. He says the company's conservative guidance and the downward trend in oil and gas prices will help. So should a coming price increase it is planning.

There's a real chance of a turnaround here, he predicts.

Mad Mail

In this segment, Cramer told a viewer that analysts have been "ridiculously negative" on AT&T(T Quote). He says the stock is cheap and he likes the dividend.

For that matter, he also likes Verizon(VZN Quote) and predicts both stocks will be much higher at year's end.

When one viewer noted she was not saving any money using gas/ethanol mixture, Cramer expressed his dislike again of the ethanol mandate. "No one wants it. It's all about politics. It should be scrapped," he said.

Lightning Round

Cramer was bullish on ABB(ABB Quote), and Transocean(RIG Quote).

He as bearish on Garmin(GRMN Quote), General Electric(GE Quote), Huntington Bancshares(HBAN Quote), Intrepid Potash(IPI Quote), Potash(POT Quote), and AuthenTec(AUTH 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.