Cramer's 'Mad Money' Recap: Sept. 3

He called BB&T the logical choice to acquire assets from future failed banks.

Coal's Big Drop

Cramer put Joy Global (JOYG Quote) president and CEO Mike Sutherlin in the hot seat to get answers about the company's recent earnings miss.

Sutherlin said his company enjoyed record orders and revenues this quarter and felt the market overreacted to the company's margin issues. He called the current market environment negative on anything commodity related.

Sutherlin said Joy Global is in a strong position with share buybacks, solid cash reserves and tremendous upside potential. The company's backlogs extends well into 2010 to 2011, he said.

On China's currently soft market, Sutherlin said the country often goes through stocking and restocking cycles and is now suffering from weakness due to the Olympics and seasonality. He still sees China as desperately short of coal and expects strong demand to return soon.

Cramer predicted more pain for Joy Global. He said the oil service sector will have to bottom first before he would recommend buying Joy Global and his other favorite Bucyrus (BUCY Quote).

Am I Diversified?

Cramer took questions from callers about their portfolios and evaluated them. The first caller's portfolio included Teva Pharmaceuticals (TEVA Quote), Altria (MO Quote), Walgreens (WAG Quote), Home Depot (HD Quote) and General Mills (GIS Quote).

Cramer said this portfolio has two retailers with Home Depot and Walgreens and needed a financial stock.

The second caller's top holdings included Bank of America (BAC Quote), ConEd (ED Quote), General Dynamics (GD Quote), General Motors (GM Quote) and Verizon (VZ Quote).

Cramer called this portfolio perfect.

Mad Mail

In this segment, Cramer told a viewer that although he felt bad about selling Schering-Plough (SGP Quote), he stood by his comments on Tuesday's show that the negative press surrounding the company will limit any upside.

Cramer told a second viewer that the selling in IBM (IBM Quote) is overdone, and he sees the company as a buying opportunity.

When a third viewer asked about CPFL Energia (CPL Quote), Cramer said he still thinks that company is a buy.

He also reiterated buying Celgene (CELG Quote) and said he prefers CSX (CSX Quote) over railroad competitor Norfolk Southern (NSC Quote).

Sudden Death

Cramer was bearish on Salesforce.com (CRM Quote), Genentech (DNA Quote) and Steel Dynamics (STLD Quote).

Lightning Round

Cramer was bullish on Agnico-Eagle Mines (AEM Quote), Research In Motion (RIMM Quote), Molson Coors (TAP Quote), Sociedad Quimica (SQM Quote), Frontline (FRO Quote) and Red Hat (RHT Quote).

He was bearish on Yamana Gold (AUY Quote), ADC Telecommunications (ADCT Quote), MGM Mirage (MGM Quote), eBay (EBAY Quote), Eagle Bulk Shipping (EGLE Quote) and CVS Caremark (CVS Quote). P/>Want more Cramer? Check out Jim's rules and commandments for investing by clicking here.

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