Cramer's 'Mad Money' Follow-Up: Signs of Strength

On Wednesday's "Mad Money" show, Jim Cramer said he saw strength in telephone companies, including AT&T(T Quote) and Verizon(VZ Quote), which he said were trending higher.

On Thursday, AT&T closed down 24 cents, or 0.9%, at $25.50, while Verizon added 9 cents to close at $31.

Industrials were also showing signs of strength, he said, offering General Electric(GE Quote) as an example, as were banks, such as Wells Fargo(WFC Quote). Cramer owns both stocks for his Action Alerts PLUS charitable trust.

General Electric closed up 8 cents at $11.88, and Wells Fargo traded higher by $1.91, or 10.5%, to $20.09.

Wednesday was Earth Day, so Cramer looked into Owens Corning(OC Quote) and Owens-Illinois(OI Quote) to demonstrate that green stocks aren't necessarily a good investment for your portfolio or the environment.

Cramer said that for stocks to head higher, they need to demonstrate growth and to pay a dividend, and Owens Corning and Owens-Illinois do neither.

On Thursday, Owens Corning gave up 78 cents, or 4.9%, to close at $15.23, while Owens-Illinois added 66 cents, or 3.8%, to close at $17.89.

Cramer was bullish on FirstMerit(FMER Quote), which he said might be one of few banks with the potential to profit while other banks fail. Cramer said FirstMerit has a chance of becoming Ohio's largest bank. It's returning its TARP funds and pays a nice dividend of about 6%.

On Thursday, FirstMerit closed up 81 cents, or 4.3%, at $19.71.

Cramer was also bullish on Hewlett-Packard(HPQ Quote), which he owns for Action Alerts PLUS, and expressed surprise that the stock has fallen as much as it has.