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"This, alas, is Speculation Friday, where we in Cramerica extol the dangers of risk and recklessness," Jim Cramer told viewers of his "Mad Money" TV show.

"It's vital that you hold some high-risk stocks as part of a diversified portfolio," he said, and he offered

CV Therapeutics

(CVTX)

and

Nvidia

(NVDA) - Get Report

as examples.

Cramer added CVTX to his biotech speculative buy list, calling it a little $11 stock and a "battleground." It makes small molecule drugs for cardiovascular diseases, and as of May 10, 36% of the float had been sold short.

However, "the bear case doesn't hold up under any scrutiny," he assured people.

There are two ways market players can win here: Either the earnings explode, bringing CVTX's price to the mid-$20s, or it gets taken over, Cramer said.

First, he believes that CVTX is a "win" on its Ranexa drug, of which it owns 100% of the rights. Cramer said he feels sales for Ranexa could skyrocket.

And that's not the only thing driving earnings. CVTX's Regadenoson drug is in the last stage of its development and should be approved in 2008. If the drug does get approved, CVTX will get 20% of the royalties, Cramer said.

The combination of these two drugs should send stock higher.

Also, CVTX's pipeline could attract a buyout offer from a big pharma that would rather buy a smaller company than develop its own drugs.

"You could get a double here, or you could get cut in half," he said. But the former possibility is more likely, Cramer said. He stressed that the stock is risky and that he wouldn't buy it after hours.

Tech on Spec

Cramer told viewers that he frowns upon buying tech stocks this early in the year. However, Cramer said he does have a speculative tech name people might want to consider getting into: Nvidia

The stock, Cramer said, hit its 52-week high today of $39.85, but it should still go higher. NVDA is "one of the few winners in the PC supply chain" and "one of a handful of tech stocks that have momentum right now," he said.

Cramer believes that NVDA is surpassing its competition with its new processors and that, as a maker of graphic chips, it could profit from supporting the growing gaming industry.

Image placeholder title

Moreover, he said that NVDA is also benefiting from the fact that it is levered toward

Intel

(INTC) - Get Report

laptops.

The lack of support from analysts, he said, surprises him. But Cramer believes that more analysts should upgrade their stance on NVDA and send the stock much higher

Further, even though the PC market has been a "treacherous" place over the last year, NVDA has managed to beat its estimates for the last four quarters, Cramer said. Plus, it has a billion-dollar buyback, which is pretty impressive for a company of its size.

Mad Mail

In his "Mad Mail" segment, Cramer told a mailer he is feeling very "hoggish" with

Crocs

(CROX) - Get Report

and endorsed selling some of the stock. Also, he said he is worried that Crocs didn't participate in the rally during the last couple of days.

Responding to another viewer, Cramer said he believes that

Level 3 Communications'

(LVLT)

bandwidth-shortage story is still on. "I would pull the trigger right here," he said.

Moreover, Cramer called

Sears

(SHLD)

, which he owns for his charitable trust,

Action Alerts PLUS, a "must own," and he said he would stick with

Costco

(COST) - Get Report

.

Game Plan

In April, Cramer said, he did a series about likely private-equity buyouts. Today, one of the stocks he had mentioned as a potential buyout candidate in that series,

Penn National Gaming

(PENN) - Get Report

, announced that it is being acquired by

Fortress Investment Group

(FIG)

and Centerbridge Partners.

This, Cramer said, encourages him to advise people to go out and buy

Cheesecake Factory

(CAKE) - Get Report

,

TJX

(TJX) - Get Report

or

Ross Stores

(ROST) - Get Report

next week as other potential buyouts.

Cramer suggested people take a little

Taser

(TASR)

off the table.

During his "Game Plan" segment, Cramer said he believes that next week the Paris Air Show -- a "glorified fashion show" -- should bring some attention to the aerospace sector. Here he said he likes

Boeing

(BA) - Get Report

and

BE Aerospace

(BEAV)

.

Moreover, Cramer also said he likes defense stocks

Raytheon

(RTN) - Get Report

,

Alliant Techsystems

(ATK)

and

Lockheed Martin

(LMT) - Get Report

. The Democrats, he said, have to prove they are tough on terrorism, so Cramer doesn't believe that they will stop spending money in the sector.

Moving on, Cramer recommended getting out of

Tyco

(TYC)

on Tuesday, because he doesn't see much upside left there. He said he is sick of

Qualcomm's

(QCOM) - Get Report

underpromising.

Concerning next week's earnings, Cramer said he likes

Darden

(DRI) - Get Report

and

Morgan Stanley

(MS) - Get Report

but said he's not interested in

Circuit City

(CC) - Get Report

or

FedEx

(FDX) - Get Report

.

Lightning Round

Cramer was bullish on

Halliburton

(HAL) - Get Report

,

Kraft Foods

(KFT)

,

Switch & Data Facilities

(SDXC)

,

Office Depot

(ODP) - Get Report

,

Sony

(SNE) - Get Report

,

Canon

(CAJ) - Get Report

,

GOL Linhas Areas Inteligentes

(GOL) - Get Report

Colgate-Palmolive

(CL) - Get Report

and

Prudential

(PRU) - Get Report

.

Cramer was bearish on

Superior Energy Services

(SPN)

,

Build-A-Bear Workshop

(BBW) - Get Report

,

Investools

(SWIM)

,

Southwest Airlines

(LUV) - Get Report

,

JetBlue Airways

(JBLU) - Get Report

and

Procter & Gamble

(PG) - Get Report

.

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

.

Want more Cramer? Check out Jim's rules and commandments for investing from his popular book by

clicking here

.

At the time of publication, Cramer was long Halliburton and Sears Holdings.

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."

None of the information contained in "Mad Money" constitutes a recommendation by Mr. Cramer, TheStreet.com 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 TheStreet.com, 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 TheStreet.com. 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 TheStreet.com, 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.