Cramer's 'Mad Money' Follow-Up: RIG

Jim Cramer was bullish on Transocean (RIG Quote), Taiwan Semiconductor (TSM Quote) and Xilinx (XLNX Quote) on his "Mad Money" show Tuesday night. All three stocks traded higher Wednesday.

On Wednesday, shares of Transocean closed higher, up $1.63, or 2.83% to $59.30. Shares of Taiwan Semiconductor closed higher, up $0.10, or 1.11% to $9.08. Shares of Xilinx closed higher, up $0.74, or 3.82% to $20.11.

Cramer said surging crude prices should be bullish for Transocean, as the company doesn't need additional cash, and sees demand for its rigs still outstripping supply.

Cramer said Transocean is also trading at a deep discount, just 4 times earnings.

Cramer said there's a rally coming in the semiconductor stocks, and the way to play it is with the little guys.

He previously recommended Taiwan Semiconductor as one intriguing name and Tuesday night added Xilinx to his buy list.

Cramer said Xilinx is poised for a big comeback, now that its guidance is topping Wall Street expectations and that the company should be the clear winner in the coming Chinese telecom stimulus package.

Trading at just 15 times its earnings, Cramer said Xilinx is cheap, especially given the company's lean inventories, which will allow it to raise prices. "I think Xilinx is going higher," he concluded.