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It's time to go to Italy and pick up shares of

Finmeccanica

, Jim Cramer told viewers of his "Mad Money" TV show Wednesday.

The Rome-based company builds weapons, nuclear power plants and also has a locomotive business, Cramer said, making it a great triple play.

The upside of being involved in nuclear power in Europe vs. in the U.S. is that in Europe you can actually build the plants, Cramer said. And just like its other two businesses, the locomotive business is red hot in both the U.S. and in Europe, he added.

Unlike American conglomerates like

Tyco

(TYC)

, Finmeccanica's core businesses are strong, Cramer said. So as this company spins off more small businesses, the more valuable it becomes with its three main business lines.

To make the deal sweeter, the company's revenue is growing, but Wall Street analysts haven't revised their numbers yet, Cramer said.

He said it's better to buy the stock in Milan on that stock exchange, rather than on the pink sheets in the U.S.

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A caller wanted to know if there were any pure plays on uranium.

Cramer said that

Cameco

(CCJ) - Get Report

was the only company he would recommend as a pure play, adding that

Rio Tinto

( RTP) had some exposure to uranium.

Saks for a Portfolio

"We have a problem," Cramer said. "Neiman Marcus, the mainstay of high-end department stores, has been taken private. ... That means a gaping wound in any good portfolio."

And he said that

Saks

(SKS)

is the way to fill the hole.

It's not a great company, but it's a great turnaround story, he said. And after taking a good, hard look at Saks he thinks it's a better story right now at $18 than Neiman Marcus would be even if the company was still trading.

He believes the stock could go to $25, maybe even $30, and that the real estate the company is sitting on is worth $11 a share.

Historically, the stock has been a house of pain because it was organized into multiple divisions, he said, which meant more overhead and more management costs.

But now management has streamlined the business and in six months people who buy Saks will be purchasing only Saks 5th Avenue, Cramer said, adding that this is a great brand in the high-end retail business.

He also said that the company's new inventory planning system will be another great asset.

Saks' margins are smaller than the competition, and Cramer said that means it has room to improve. He added that when those margins improve, he thinks analysts will upgrade and the stock and it will move higher.

Playing Putin

And if you want to make some money off of cold weather and geopolitical turmoil, Cramer said that you should set your sights on Norway.

Europe is having its coldest winter in 50 years, he said, but Russian President Vladimir Putin and Gazprom, Russia's natural gas export monopoly, cut supplies to Europe today for the second time this month.

It's only a matter of time before people start wanting to buy fuel from democratic nations, said Cramer. And for Europe, right now, it just might turn to Norway for a stable natural gas supply, he said.

The biggest oil and gas company is

Statoil

(STO)

, Cramer said, adding that the Norwegian company has enough natural gas to meet Europe's needs and pays a 3% yield.

Mad Mail

Opening the viewer mailbag, Cramer said that it's not time to panic about South America. He added that for investors who bought

Bancolombia

(CIB) - Get Report

and made a profit, now might be time to take some off the table.

He declined to give an opinion on

Friendly Ice Cream

(FRN) - Get Report

, which is at a 52-week low, because he said he doesn't know the company well enough.

Another viewer wanted to know if there was a possible play on projections that hearing loss will grow. Cramer said that he didn't have any recommendations for this particular trend.

He said that

Foster Wheeler

(FWLT)

, which he owns for his

Action Alerts PLUS charitable trust, is a good engineering and construction play, and he said that mentioning

ENGlobal

(ENG) - Get Report

in the same paragraph was "blasphemy."

Lightning Round

Cramer was bullish on

Rowan

(RDC)

,

Schlumberger

(SLB) - Get Report

,

Accredited Home Lenders

( LEND),

Vertex

(VRTX) - Get Report

,

Palomar

( PMTI),

Cynosure

(CYNO)

,

Hercules Offshore

(HERO)

,

Ruth's Chris Steak House

(RUTH) - Get Report

,

Grey Wolf

( GW),

Rentech

(RTK)

,

OptionsXpress Holdings

( OXPS)and

Energy Conversion Devices

( ENER)

Cramer was bearish on

Parker Drilling

(PKD) - Get Report

,

Eastman Kodak

( EK),

Archer Daniels Midland

(ADM) - Get Report

,

RadioShack

(RSH)

,

3Com

( COMS),

HomeBanc

( HMB),

Unisys

(UIS) - Get Report

,

Syneron Medical

(ELOS)

,

LeapFrog

(LF)

,

Digital River

(DRIV) - Get Report

,

Ivanhoe Energy

(IVAN)

,

Tyco

(TYC)

,

Huntsman

(HUN) - Get Report

,

Rentech

(RTK)

and

Six Flags

( PKS).

For more of Cramer's insights during the Lightning Round,

click here.

Want more Cramer? Check out Jim's rules and commandments for investing from his latest book by

clicking here

.

At the time of publication, Cramer was long Foster Wheeler.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of TheStreet.com 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 TheStreet.com, 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 TheStreet.com is related to the specific opinions expressed by him on "Mad Money."

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