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Jim Cramer told his "Mad Money" viewers Thursday evening that all we heard on Wall Street in the morning was how good

Exxon Mobil's

(XOM) - Get Report

quarter was.

So why did the stock do very little on Thursday? The market yawned, Cramer said, because the company's second-quarter earnings were a penny shy of Wall Street expectations.

What's more, Cramer said, Exxon doesn't care enough about growth. Instead of plowing all of its profits into exploration and drilling, Exxon would rather buy back its own stock, Cramer said. During the second quarter, the company bought back 64 million shares. Now it's embarking on a $5 billion stock buyback. But Cramer said the buyback doesn't amount to much when the company has almost 6 billion shares outstanding. That is why you shouldn't own Exxon Mobil or

Royal Dutch Shell

( RD) for that matter, Cramer said.

So what should you own? Cramer said investors should be buying

Chesapeake Energy

(CHK) - Get Report

and

Southwestern Energy

(SWN) - Get Report

. Both of those companies are investing in the future -- trying to find oil -- so that they can produce more growth for investors.

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When it comes to Chesapeake and Southwestern vs. Exxon Mobil, "it's growth vs. no growth," Cramer said. "Retire your shares of Exxon," Cramer urged. And buy Chesapeake and Southwestern Energy.

Lock and Load

Cramer also was hot for gunmakers

Smith & Wesson

( SWB) and

Sturm Ruger

(RGR) - Get Report

. The Senate is getting ready to pass a new bill that helps gunmakers immensely. The bill will eliminate big legal and insurance fees that gun manufacturers have always paid. Once the bill passes, said Cramer, the gunmakers won't have to worry so much about crippling lawsuits.

Sturm Ruger has grown sales by 8.2% this year; the company has no debt and it has a fat 4.38% dividend. Smith & Wesson, meanwhile, is expanding into the rifle business. Both companies also could take market share from European companies. When the bill passes, Cramer believes that both stocks could rise 20% to 25%. Both should be bought, Cramer said.

Herbal Medicine

Jim Cramer and fellow markets commentator Herb Greenberg talked medical technology stocks.

Greenberg told Cramer that

Intuitive Surgical

(ISRG) - Get Report

, which posted blowout earnings on Tuesday, "has done a great job of getting from here to there," but the company has risks, Greenberg cautioned.

The company's da Vinci surgical system, which costs about $1 million apiece, may not be the equipment that hospitals absolutely need. What's more, Greenberg said he's worried about utilization rates of the da Vinci system. They are being used only 29 times a quarter in each hospital that has the machine, he said.

Cramer said it would be silly for investors who have big gains to not ring the register after such a big move in the stock.

Another stock,

FoxHollow Technologies

( FOXH), which rose 23% Thursday on news of better-than-expected second-quarter results, is vulnerable to competition.

Ditto

Stereotaxis

(STXS) - Get Report

, Greenberg said. It, too, soon will face new competition. Greenberg said that Stereotaxis' competition will come from privately held

Hansen Medical

.

Skype Stealing Land Lines' Lifeline

Finally, Cramer issued an all-out sell recommendation on four land-line telephone companies. Cramer said investors should sell

Verizon

(VZ) - Get Report

,

SBC Communications

( SBC),

BellSouth

( BLS) and

Qwest

(Q)

. These land-line companies are in trouble, Cramer said.

"Skype is killing the land-line phone business," Cramer said. Skype is a free software program that allows consumers to make calls for free. The program allows callers to use the Internet to call anyone else who also has the Skype software program installed. Nobody is talking about this Skype product, Cramer said, but in six months, everyone will be talking about it. Consumers already have downloaded the Skype program more than 141 million times. Cramer said he needs investors out of these land-line stocks before everyone figures it out. And it's not just Skype that is hurting the Verizons and SBCs of the world. The cable companies are eating into market share, too.

Bottom line? Sell Verizon, SBC, BellSouth and Qwest now.

'The Lightning Round'

Bullish

Cramer was bullish on:

Caterpillar

(CAT) - Get Report

,

DayStar Technologies

(DSTI)

,

LSI Logic

(LSI) - Get Report

,

Cheesecake Factory

(CAKE) - Get Report

,

Medco Health

(MHS)

,

Cognizant Technology Solutions

(CTSH) - Get Report

,

Vulcan Materials

(VMC) - Get Report

,

Marshall & Ilsley

( MI),

LandAmerica Financial Group

( LFG),

Nabors Industries

(NBR) - Get Report

,

Capital One Financial

(COF) - Get Report

,

American Express

(AXP) - Get Report

,

Martha Stewart Living Omnimedia

(MSO)

, and

Sepracor

( SEPR).

Bearish

Cramer was bearish on:

Akamai Technologies

(AKAM) - Get Report

,

Molex

(MOLX)

,

Eyetech Pharmaceuticals

( EYET),

Ionatron

(IOTN)

,

Diebold

(DBD) - Get Report

,

American Italian Pasta

(PLB)

, Affiliated Computer Services,

Belo

(BLC)

,

Mentor

( MNT),

Discovery Labs

(DSCO)

,

DaimlerChrysler

( DCX),

EMC

(EMC)

, and

Vasco Data Security International

(VDSI)

.

James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for

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