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When sentiment turns negative the market yields bargains, and one such deal is footwear-maker

Crocs

(CROX) - Get Crocs, Inc. Report

, Jim Cramer said Wednesday on

CNBC's

"Mad Money" show.

"Sometimes the market just gives you a great deal. You gotta take it," Cramer said. Crocs, a maker of light-weight, odor-resistant shoes, came public last week at $15 and traded to $30 on its first day. Since then, the stock has been caught in the market's downdraft; it closed Wednesday at $28.

"There was no way Crocs was gonna catch fire when the market was getting beat up," Cramer said. If not for the general malaise, "Crocs would be trading at $35, and that's where I think it's going to go." Cramer highlighted the shoe-maker's 57% gross margins, solid unit growth, and profitability.

"They have a stylish product that's in demand and doesn't have a lot of competition." Cramer said, adding that he sees "seven points of upside and maybe just a couple of downside."

Big Brother

Another Cramer pick Wednesday was

Viisage

( VISG), a maker of facial-feature identification equipment. Viisage recently agreed to buy

Identix

( IDNX) for $770 million and privately held SecuriMetrix for $28 million.

In Identix, Viisage is getting "by far the best" maker of fingerprint-identification products, while SecuriMetrix makes a product for identifying irises and can "sell it to everybody." With the two additions, Viisage owns the three legs of "identification tripod," Cramer said, part of a "global domination strategy" that makes the company "basically Big Brother."

TheStreet Recommends

"Viisage is transforming themselves from a component in the war on terror into a company that can fight half the battle without anyone else," Cramer said, arguing that the company should capture "most of the mindshare, if not the actual share," of a biometrics market that should total $4 billion by 2009. Add to that potential gross margins of 75%, a 40% compound annual growth rate, and "Viisage has bought itself into greatness."

"If the old Soviet Union had Viisage then I think the KBG could have kept that police state going for decades longer," Cramer said. "We need a little totalitarianism ourselves right now."

Lightning Round

Cramer was bullish on:

Nabors

(NBR) - Get Nabors Industries Ltd. Report

,

GlaxoSmithKline

(GSK) - Get GlaxoSmithKline Plc Report

,

Schering-Plough

( SGP),

Alcan

(AL) - Get Air Lease Corporation Class A Report

,

ValueClick

(VCLK)

,

Tom Online

( TOMO),

AutoZone

(AZO) - Get AutoZone, Inc. Report

,

FTI Consulting

(FCN) - Get FTI Consulting, Inc. Report

,

OptionsXpress

( OXPS),

Goldcorp

(GG)

,

Graco

(GGG) - Get Graco Inc. Report

,

Martek

( MATK),

Grey Wolf

( GW), and

Sirius

(SIRI) - Get Sirius XM Holdings, Inc. Report

. He recommended buying

Chesapeake Energy's

(CHK) - Get Chesapeake Energy Corporation Report

preferred and selling the common.

Image placeholder title

Cramer was bearish on

AnsThink

( ANSR),

Southwest Air

(LUV) - Get Southwest Airlines Co. Report

,

Alberto-Culver

(ACV) - Get AllianzGI Diversified Income & Convertible Fund Report

and

Mannatech

(MTEX) - Get Mannatech, Incorporated Report

.

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 Schering-Plough.

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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