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Is the bull really dead after just one down day in the markets?

The answer is "no" despite what the naysayers may say, Jim Cramer told the viewers of his "Mad Money" TV show Thursday.

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"Haven't you people ever heard of a correction?" he asked. Today's action was a classic market pullback, a big advance followed by a sharp decline. A classic correction is usually in the 5% to 10% range, so why is everyone ready to panic already, he said.

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Cramer said this is one of the greatest, nonstop market performances he's ever seen. People can't expect stocks to rally over 30% from the bottom without taking a breather. That's what stocks do, he said.

Now is not the time to sell the banks, said Cramer. In fact, he'd be a buyer of the banks, as conditions are finally right for them to begin making serious profits. "Nationalizion is off the table," he said.

Cramer said he'd be a buyer in the secondary offerings of banks like

Morgan Stanley

(MS) - Get Morgan Stanley Report


Wells Fargo

(WFC) - Get Wells Fargo & Company Report

, a stock which Cramer owns for his charitable trust,

Action Alerts PLUS.

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Cramer said he'd also be a buyer of banks that don't need capital such as

Goldman Sachs

(GS) - Get Goldman Sachs Group, Inc. Report

, another stock in his charitable trust.

"More investors want into this market than want out of it," said Cramer. And that's why you should want in too.

Sell Block

In this segment, Cramer sent

International Bancshares

(IBOC) - Get International Bancshares Corporation Report

back to prison, after releasing it just a few weeks ago on March 30.

International Bancshares has been a battleground between the longs and the shorts, he said. He interviewed CEO Dennis Nixon in March to get a better read on the company. Cramer's conclusion? With almost 20% of the company's shares sold short, the market had just gotten too negative on International Bancshares and he gave it his blessing and said "buy, buy, buy."

"Sometimes a stock can just too too hated," said Cramer. The market agreed, sending shares of International Bancshares up 86% since his buy recommendation.

Cramer said now is the time to take that profit and run. He recommended rolling the gains into other great banks, like

Texas Capital

(TCBI) - Get Texas Capital Bancshares, Inc. Report


Sterling Bancshares

( SBIB). He also recommended considering

Huntington Bancshares

(HBAN) - Get Huntington Bancshares Incorporated Report

, which he recently released from the Sell Block.

"Look at the big picture," said Cramer, "we won." He said it's time to ring the register.

Worst Is Over

Cramer spoke with Don Wood, president and CEO of

Federal Realty Investment Trust

(FRT) - Get Federal Realty Investment Trust Report

, to get a better understanding of the outlook for retail and commercial real estate.

Wood said that the retail sector is indeed softening, but he feels the stock prices of these companies already reflect that softening. He also said that some of his tenants have gone bankrupt, which has hurt the bottom line, but overall Federal mitigates its risk by spreading it out over many properties, geographies and sectors.

Turning to Real Estate Investment Trusts (REITs), Wood said that Federal has paid a cash dividend for 41 consecutive years, and plans to continue to do so. He said in some case, such as where liquidity is an issue, it may make sense for a REIT to pay out in stock, but in the case of Federal, they're sticking to a cash dividend.

When asked about the economy and the retail sector, Wood said he's seeing the market flattening out, and feels the worst is now over.

Nice Entry Point

In the fourth part of his "Tech Spec" series, Cramer recommended

On Semiconductor


, a supplier of power management components for gadgets and electronic devices.

Cramer said things are clearly picking up an On Semiconductor, but since the company had the unfortunately luck of reporting on such a down day, no one noticed, making tomorrow the perfect entry point for the stock.

According to the company, things are indeed looking up. On Semiconductor beat earnings expectations handedly and raised their guidance. The company also sees increased visibility, with order volume increasing and even rush orders picking up.

Cramer said he also likes that On Semiconductor is paying down debt and improving its balance sheet. The company is also slimming down its inventory. This one is worth speculating on, said Cramer.

Lightning Round

In the Lightning Round, Cramer was bullish on

Dominion Resources

(D) - Get Dominion Energy Inc Report


Abbott Laboratories

(ABT) - Get Abbott Laboratories Report



(VZ) - Get Verizon Communications Inc. Report



(T) - Get AT&T Inc. Report


Gilead Sciences

(GILD) - Get Gilead Sciences, Inc. Report


Cramer was bearish on


(TEF) - Get Telefónica SA Report


Check out the latest edition of

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

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At the time of publication, Cramer was long Wells Fargo, Gilead Sciences.

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.