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The market soared on Thursday -- ironically on the reassuring words of


Chairman Ben Bernanke, the same man largely responsible for the recent selloff in commodities.

Jim Cramer told viewers of his "Mad Money" TV show Thursday that now that the market has rebounded, it's time to pick through some rubble and look for value in commodities.

Two commodity stocks that Cramer likes are


(NUE) - Get Nucor Corporation Report



(FCX) - Get Freeport-McMoRan Inc. Report


These two stocks are even cheaper than they appear on paper.

"How do you hide value?" he asked. "Two words: special dividends." Both Nucor and Freeport have a history of paying special dividends, he added.

New Orleans-based Freeport, which owns the largest gold mine on Earth, sells concentrates of copper, gold and silver.

The company has paid out $2.25 in special dividends made in separate payments since December 2004.

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In addition, Freeport has 36.5 billion pounds of copper, 39.3 million ounces of gold and 115 million ounces of silver.

"This stock is not expensive," Cramer said. In fact, given their assets, Freeport is a cheap stock.

Nucor also is a gift horse, he said. It paid out a $1.50 in special dividends in the past year. The company, which engages in the manufacture and sale of steel in the U.S., has $2.22 billion in cash.

And according to the company, it is using its cash to buyback its stock.

In addition, raw material prices are not rising as highly as Nucor expected. Right now the stock is cheap, Cramer said.

"We like companies that have good habits like paying special dividends," he said. "And these two are my favorites for the special dividends."



(CEO) - Get CNOOC Ltd. Report

also tends to pay special dividends, but this stock is up 13%, so Cramer did not recommend buying it.

When a caller asked Cramer's opinion about

Allegheny Technologies

(ATI) - Get Allegheny Technologies Incorporated Report

, he said that because this company manufactures special steel that is used in aerospace, Cramer will give it one thumb up.

Please, Sir, We Want Some More

It's time to go to the poorhouse, Cramer said. The stocks in the poorhouse were all down today.

"When things are bad, we look for opportunity, Cramer said. "And when things are good, we guard against disaster."

When market players are preparing for the expectation of a hard landing, they should go to the poorhouse because the trick is to buy inferior goods, which are goods that you buy more of as you make less money, he said.

We are talking about inferior goods, not inferior stocks, Cramer emphasized.

The three best plays in this area, according to Cramer, are

Ralcorp Holdings

( RAH),


(PRGO) - Get Perrigo Company plc Report


Dollar Tree Stores

(DLTR) - Get Dollar Tree Inc. Report


St. Louis, Missouri- based Ralcorp, which makes cheaper brand food, is a real trade-down play, and a stock for a rough economy, said Cramer.

As people become poorer, they're going to be buying inferior-brand private-label food, Cramer said, adding that the company just reported a better-than-expected quarter.

Perrigo is the largest maker of generic over-the-counter drugs in the world. The company just received approval to make a generic version of


(GSK) - Get GSK plc American Depositary Shares (Each representing two) Report

Nicorette gum.

Dollar Tree is the best house in the dollar-store neighborhood, Cramer said. Dollar stores are places of last resort when times get tough.

"I'm not saying that we're in for a hard landing," he said. "But it is good to be prepared for the worst just in case." These three are buys, he added.

Buyback Mountain

"When a company borrows money to buy back stock, it is the kiss of death," Cramer said. These stocks eventually get hammered, he said.

This recently broke

Nabors Industries

(NBR) - Get Nabors Industries Ltd. Report

, which he owns for his charitable trust

Action Alerts PLUS, and


(AMGN) - Get Amgen Inc. Report

, Cramer said.

And he believes that it could happen to


(SYMC) - Get Symantec Corporation Report

because it's about to do the same thing.

These companies understand their own businesses, but they don't understand Wall Street. Cramer said he likes buybacks, but not with borrowed money. He advised people to stay out of a company that is issuing convertible bonds for two weeks.

Convertible bonds, Cramer said, are bonds with very low interest rates that turn into common stocks if the stocks appreciate. They destroy shareholder value, he said. These pieces of paper are dogs.

Buybacks spell trouble. Retail investors don't buy them because of low yields, Cramer said

Cramer welcomed

Intermagnetics General

( IMGC) CEO Glenn Epstein to the show.

Intermagnetics was sold today to

Royal Philips

. Epstein said everybody involved in the bid benefited from the transaction.

"Our numbers have been great in all my six years as CEO," Epstein said. "But as the medical-device sector went out of favor, we went with it."

Next, Jack London, CEO of technical-services company

Caci International

(CAI) - Get CAI International, Inc. Report

, which specializes in the defense sector, joined the show.

When Cramer asked London to explain the cost differential between bringing in Caci vs. bringing in army, the CEO said there is no continuity cost or continuous cost because the company goes in to do the job; and after its done, it leaves.

In March, the company won the biggest contract in its industry, Cramer said, adding that he likes Caci, and it saves the army money.

To view Cramer's interviews with Epstein and London, click here.

Lightning Round


Cramer was bullish on

Jacobs Engineering Group

(JEC) - Get Jacobs Engineering Group Inc. (J) Report



(AZO) - Get AutoZone Inc. Report


Panera Bread



Yum! Brands

(YUM) - Get Yum! Brands Inc. Report



( GENZ),

Foster Wheeler



Four Seasons Hotels

( FS),

Valero Energy

(VLO) - Get Valero Energy Corporation Report


Legg Mason

(LM) - Get Legg Mason, Inc. Report



(HAL) - Get Halliburton Company Report



(BUD) - Get Anheuser-Busch Inbev SA Sponsored ADR (Belgium) Report



(BA) - Get The Boeing Company Report


Network Appliance

(NTAP) - Get NetApp Inc. Report



Cramer was bearish on

Sonic Automotive

(SAH) - Get Sonic Automotive Inc. Report


Cheesecake Factory

(CAKE) - Get The Cheesecake Factory Incorporated Report


Millennium Pharmaceuticals

( MLNM),

Chicago Bridge & Iron




( IDR),

Brookfield Asset Management

(BAM) - Get Brookfield Asset Management Inc. Report


Bronco Drilling

( BRNC) and


(MSFT) - Get Microsoft Corporation Report


For more of Cramer's insights during the most recent 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 Network Appliance, Microsoft, Foster Wheeler, Halliburton, Nabors Industries and Anheuser-Busch.

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. 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.