Cramer said that Yahoo!'s core business is worth at least $7.17 a share, taking the total value up to $22 a share. He said with Mayer at the helm, it's easy to think the stock will begin to move once the company reports on Oct. 22 and outlines more of its plans.
Companies cannot execute a turnaround plan, or any plan, without a solid CEO, Cramer concluded, and Yahoo! finally has one.
Here's what Cramer had to say about callers' stocks during the "Lightning Round":
Frontier Communications (FTR): "No. I don't want you to touch this one. They're in a bad part of telco."Western Digital (WDC): "Very inexpensive but I don't want to own any drive stocks." Cabot Oil & Gas (COG): "People feel that natural gas has bottomed. I'd hold onto it." Deckers Outdoor (DECK): "This is a one-way ticket away from paradise. We need to hear from management before we can believe in Deckers again." Celgene (CELG): "I like it. I think they're doing a terrific job. I want to buy some right here." Devon Energy (DVN): "This is a distinct disappointment and I'm not going there." Sears Holdings (SHLD): "Until you tell me that you want to shop at Sears, I'm not buying it. I won't shop there and I don't want to own the stock." ArcelorMittal (MT): "Just sell it. I don't want any steel stocks right now."