Click here for an archive of Jim Cramer's Mad Money recaps. Click here to get Jim Cramer's Mad Money Post Game video exclusively on

With all of today's headlines circulating around

Bank Of America

(BAC) - Get Report

, a stock which Cramer owns for his charitable trust,

Action Alerts PLUS, Jim Cramer told the viewers of his "Mad Money" TV show Thursday that only one matters.

And that's the one about today's upgrade of the stock by Morgan Stanley.

Cramer said everything surrounding CEO Ken Lewis and the acquisition of Merrill Lynch is water under the bridge, with no bearing on the stock's future performance.

The Morgan Stanley upgrade, however, means everything because it says the estimates for Bank Of America are too low, he said, adding Wall Street is starting to take notice as a result.

According to Cramer, BofA's business is improving rapidly, with interest rate margins between deposits and loans at record highs. In addition, he said the company's brokerage business is on fire, with strength from both retail and investment banking.

Image placeholder title

Given this strength, it will only be a matter of time before BofA will repay its TARP money and becoming an incredible earnings powerhouse, he said.

Sooner or later, he said, the bears will admit defeat and upgrade the company as Morgan Stanley did.

Cramer said given the strength in BofA's earnings, he sees shares surging to as high as $20 a share. "Focus on the numbers, not the hearings," he told viewers.

Reinventing the Business

Cramer spoke with Charles Bunch, CEO of

PPG Industries

(PPG) - Get Report

, a stock which Cramer owns for his charitable trust,

Action Alerts PLUS, and a company that's reinventing itself for a new global economy.

Bunch said the PPG has reduced the company's exposure to the automotive industry from over 33% of company sales in the 1990s, to less than 15% of overall sales today. It is also in the process of selling its automotive glass division so that it can focuse solely on its automotive coatings business going forward.

Brunch said PPG remains solidly profitable and is starting to see a recovery in China and elsewhere in the world. However, Brunch said he's most excited about PPG's optical business, which manufactures the "Transitions" brand of eyeglass lenses. He said it's now a $1 billion business for the company, and nearly 20% of all eyeglass lenses sold in the U.S. now include the Transitions coating.

Cramer said he's a buyer of PPG, given its incredible transformation, accidentally high dividend yield, and a beneficiary of falling natural gas prices. He said under $45 a share, PPG will make investors very happy.

Sell Block

In the Thursday "Sell Block" segment, Cramer compared the stocks of

Hanes Brands

(HBI) - Get Report


Gildan Activeware

(GIL) - Get Report

to see which of these two T-shirt makers is worth hanging in your portfolio.

According to Cramer, while the products of the two companies may be indistinguishable, the companies themselves are far from it. Both companies are up almost 200% from their bottoms earlier this year, he said.

However, Gildan derives 75% of its sales from activeware, and unlike Hanes, Gildan sells its products as blanks, suitable for custom printing. With 25% of Gildan's sales comes from corporations, 20% from non-profits and another 20% from the education market, Cramer said Gildan has serious exposure to cutbacks in discretionary spending and a weak market overall for promotional products.

Unlike Hanes, Gildan also is vertically integrated, meaning it has high fixed costs. As sales decline, so does margins, which have already fallen from 17% to just 3% in its most recent quarter.

Cramer said it's time to sell Gildan. "The growth story is played out," he said.

Mad Mail

Cramer agreed with a viewer and added Brenda Barnes, CEO of

Sara Lee

( SLE) to his "Wall Of Shame" list of the worst CEOs.

According to Cramer, Barnes has tried and failed to turn that company around, and at a time when the stocks of competitors stocks are rising, the stock of Sara Lee continues to falter.

Lightning Round

Cramer was bullish on


(BA) - Get Report






(EBAY) - Get Report


Agnico-Eagle Mines

(AEM) - Get Report


Eldorado Gold

(EGO) - Get Report


Ford Motor

(F) - Get Report


American Tower

(AMT) - Get Report



(QCOM) - Get Report


He was bearish on

Haynes International

(HAYN) - Get Report


Newmont Mining

(NEM) - Get Report


Check out the latest edition of

"Cramer's Take onTop-Searched Stocks" on Stockpickr.

Image placeholder title

Want more Cramer? Check out Jim's rules and commandments for investing by

clicking here


Read more of Cramer's Mad Money Lightning Round insights


For "Mad Money" performance statistics and other links, check out Mad Money stats

At the time of publication, Cramer was long Bank of America, PPG Industries.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for, Inc., and CNBC, and a director and co-founder of All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or is related to the specific opinions expressed by him on "Mad Money."

None of the information contained in "Mad Money" constitutes a recommendation by Mr. Cramer, or CNBC that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. You must make your own independent decisions regarding any security, portfolio of securities, transaction, or investment strategy mentioned on the program. Mr. Cramer's past results are not necessarily indicative of future performance. Neither Mr. Cramer, nor, nor CNBC guarantees any specific outcome or profit, and you should be aware of the real risk of loss in following any strategy or investments discussed on the program. The strategy or investments discussed may fluctuate in price or value and you may get back less than you invested. Before acting on any information contained in the program, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.

Some of the stocks mentioned by Mr. Cramer on "Mad Money" are held in Mr. Cramer's Action Alerts PLUS Portfolio. When that is the case, appropriate disclosure is made on the program and in the "Mad Money" recap available on The Action Alerts PLUS Portfolio contains all of Mr. Cramer's personal investments in publicly-traded equity securities only, and does not include any mutual fund holdings or other institutionally managed assets, private equity investments, or his holdings in, Inc. Since March 2005, the Action Alerts PLUS Portfolio has been held by a Trust, the realized profits from which have been pledged to charity. Mr. Cramer retains full investment discretion with respect to all securities contained in the Trust. Mr. Cramer is subject to certain trading restrictions, and must hold all securities in the Action Alerts PLUS Portfolio for at least one month, and is not permitted to buy or sell any security he has spoken about on television or on his radio program for five days following the broadcast.