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) -- "Good news hardly seems to matter any more in this market," Jim Cramer told the viewers of his "Mad Money" TV show Friday, as he laid out next week's game plan.

Cramer said the banks rallied today on the news that financial reforms have finally been agreed to by Congress. He said this news brings clarity to the banks, which is far more important than the bill itself.

Banks like

JPMorgan Chase

(JPM) - Get Report


Bank Of America

(BAC) - Get Report


Goldman Sachs

(GS) - Get Report

, three stocks which Cramer owns for his charitable trust,

Action Alerts PLUS, remain good bets, he said, along with


(C) - Get Report

and even the regional player

PNC Bank

(PNC) - Get Report

, which has no exposure to the new reforms.

Cramer said he also continues to watch


(BP) - Get Report

, which he feels is headed towards bankruptcy as legal claims overwhelm its cash flow. BP affects the mood of the market, he said, and is worth watching, especially if a hurricane makes things worse or hampers the relief wells.

Cramer also highlighted a few key conference calls next week, including

Micron Technologies

(MU) - Get Report


Barnes & Noble

(BKS) - Get Report

, which will shed light on the corporate PC market and the red hot eBook reader market.

On Tuesday, Cramer fav

General Mills

(GIS) - Get Report

reports, and Cramer said he's still a fan of the company, its CEO, and its 2.6% yield. On Thursday, Cramer said he'll be watching agriculture giant



, which has fallen 42% since Cramer put it in the Sell Block on Aug 13.

Finally, Cramer said he'll be watching the June unemployment data on Friday. After a downtick in May, everyone wants to know if hiring is on the rebound, he said.

Doublechecking Dividend Yields

"Not all high yielding dividends are secure," Cramer told viewers, as he explained how sometimes a super high dividend is actually a red flag, and not a reason to pile into a stock.

Cramer compared the dividends of

Annaly Capital

(NLY) - Get Report


Hatteras Financial


, two mortgage REITs that borrow money to buy mortgage bonds known as "agency paper."

Cramer explained that while Annaly offers a 5.6% yield, Hatteras had a 15% yield, despite both companies being in the same business. That's why he was not surprised when Annaly recent raised its dividend, while Hatteras this week announced a dividend cut.

Cramer said Annaly is simply the better player, investing in longer-term, fixed- rate loans, while Hatteras chose the riskier, shorter-term paper. Annaly also actively manages its portfolio, locking in profits for shareholders. He said this is a classic case of a high-dividend warning that things are too good to be true.

Cramer also commented on some other dividend stocks viewers have asked about. He said the Indonesian telco

PT Telecom

(TLK) - Get Report

has earnings twice that of its dividend payout, and he's now a fan of that stock. He said that

National Grid

(NGG) - Get Report

has earnings only 1.5 times that its payout, and that makes him less comfortable.

Finally, Cramer said that natural gas importer

Cheniere Energy

(CQP) - Get Report

has a worrisome dividend, and with the U.S. importing less and less natural gas, the company's business is worrisome as well.

iPhone Derivative Play

For "Speculation Friday," Cramer cracked open



(AAPL) - Get Report

new iPhone 4 to see what derivative stocks might be worth purchasing.

Cramer said simply, "if it supplies Apple, it's working," as he referenced both

Cirrus Logic

(CRUS) - Get Report

, which is up 39% since he recommended it on May 10, and

ARM Holdings


, which is up 10% in just two weeks. Apple is a stock, which he owns for his charitable trust,

Action Alerts PLUS.

But Cramer honed in on

Omnivision Technologies


, the company that supplies image sensors for the cameras in both Apple's iPhone and the new HTC Evo, as well as for notebooks, security equipment and other small camera applications.

Cramer said that Omnivision derives 55% of its sales from mobile handsets, 30% from notebooks and PCs, and the remaining 15% from everything else, making the company a big player as smart phones go from luxuries to necessities all over the globe.

Omnivision last reported a one-cent-a-share earnings beat, on revenue that was up 74% year over year. The company raised guidance and saw sequential growth as well, as it shipped 125 million sensors last quarter. Also in the positive column, the company's gross margins are on the rise, as more and more phones and devices opt for higher quality cameras from Omnivision rather than cheaper alternatives.

Cramer said with the iPhone using not one, but two of Omnivision's cameras, and the company having $6.11 per share in cash on its books. He said the company, while speculative, is clearly a winner.

Mad Mail

Cramer told a viewer that he doesn't think a bankruptcy in BP would have an effect on

Permian Basin Royalty Trust

(PBT) - Get Report

but questioned the need to take that risk and advised selling it to be safe.

Cramer told another viewer that while he's a fan of



(MSFT) - Get Report

new Xbox game system technologies, the division is just too small to make a dent in the company's earnings, which is why he remains a fan of Apple, which has been highly successful on its product launches.

Lightning Round

Cramer was bullish on


(NWE) - Get Report


PNC Financial Services

(PNC) - Get Report



(HAL) - Get Report


Consolidated Edison

(ED) - Get Report


Progress Energy



Dominion Resources

(D) - Get Report


JDS Uniphase




(C) - Get Report


Men's Wearhouse



He was bearish on

Research In Motion

( RIMM),

Flagstar Bancorp

(FBC) - Get Report





American Capital Agency

(AGNC) - Get Report


-- Written by Scott Rutt in Washington D.C.

To watch replays of Cramer's video segments, visit the Mad Moneypage on CNBC


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clicking here.

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


At the time of publication, Cramer was long JPMorgan, Bank of America, Goldman Sachs, Apple.

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."

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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.