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

On Thursday's "Mad Money" show, Jim Cramer said that Thursday's down day was just a breather. It's still a bull market, he said, and banks are still a buy, including Goldman Sachs(GS Quote), which he owns for his Action Alerts PLUS charitable trust.

On Friday, Goldman closed up 4.4%, or $5.86, at $139.59.

He also recommended buying the secondary offerings from Morgan Stanley(MS Quote) and Action Alerts PLUS name Wells Fargo(WFC Quote).

Morgan closed up 3.9%, or $1.06, to $28.20 on Friday, while Wells Fargo added 13.8%, or $3.42, to $28.18.

Cramer said it's time to get out of International Bancshares(IBOC Quote), which has gone up 86% since he recommended it in March, and into another bank, such as Texas Capital(TCBI Quote), Sterling Bancshares(SBIB Quote) or Huntington Bancshares(HBAN Quote).

International Bancshares gained 92 cents, or 6.7%, to $14.60; Texas Capital added $1.30, or 9.2%, to $15.50, Sterling Bancshares added 56 cents, or 7.9%, to $7.69; and Huntington Bancshares was up $1.31, or 33.7%, to $5.20.

Cramer's fourth "Tech Spec" stock of the week was On Semiconductor(ONNN Quote), which supplies power management components for electronic devices. He said that since the company reported on a down day, it went under the wire, but that the company is getting rid of debt and strengthening its balance sheet. He said that Friday, May 8, would a great time to get into the stock.

On Friday, On Semiconductor lost 10 cents, or 1.8%, to close at $5.61.