'Mad Money' Spotlight: Cramer's Bargains

Jim Cramer's message on last night's "Mad Money" boils down to this: Hurry! Don't delay! Everything is on sale! Everything must go!

The flip-side to the economic doldrums, indeed, is the fact that everything, outside of healthcare, can be had on the cheap. You name it and Cramer said it's down compared to year-over-year figures: real estate, gas prices and cars, to name just a few.

So why not stocks? Cramer put his stamp on three companies that can be, and should be, had on the cheap. Bank of America(BAC Quote), CSX(CSX Quote) and BP(BP Quote), which have all seen share prices drop 52%, 49% and 31% respectively.

CSX has seen its shares bounce up in Wednesday trading, gaining 4%, while BP's ADRs were up 0.7% on the day.

In a bid to firm up its capital position, Bank of America yesterday announced the average price for its preferred-for-common swap offer. The Charlotte, N.C.-based bank said it would issue $2.5 billion in common stock, or 200 million common shares, in exchange for current depositary shares of preferred stock. The average price per share came to $12.7048. The exchange offer is set to expire at midnight, New York City time, on Wednesday.

Bank of America stock was changing hands in positive territory today, up 2.8% in the morning.