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Get the Lead Out

A valuable market opportunity, Cramer told viewers of his "Mad Money" TV show Monday, is when a "bogus" lawsuit puts a terrific company on sale.

Such an event occurred last week with

Sherwin-Williams

(SHW) - Get Report

, which lost $1.3 billion in market cap after an adverse "public nuisance" ruling in Rhode Island related to a lead-paint lawsuit.

While a worst-case scenario would call for the company to remove its paint throughout the state, Cramer said that comes with the assumption that the ruling will hold up.

But, "there's no way it's going to cost as much money as people think," Cramer said, adding that investors are now in waiting mode as a Rhode Island appeals court will decide Tuesday whether the company should have to pay punitive damages.

Cramer said investors should buy the stock after the ruling; but Cramer said that ultimately the ruling should be overturned on appeal.

He said the difference between a company like Sherwin-Williams and the tobacco and asbestos companies is that the latter knew they were harming consumers.

But Sherwin-Williams, Cramer said, didn't know lead paint was a problem when it was selling the lead paint. "You can't hold a company liable for what it doesn't know about its products," Cramer said.

Ultimately, this is a "great company," Cramer said, adding that it just raised its dividend.

However, people are panicking and wildly overestimating the losses. "When people panic in a stock, you need to think about buying," Cramer said.

A caller asked Cramer whether a recent decision by

Wal-Mart

(WMT) - Get Report

to take certain Sherwin-Williams products off its shelves would hurt the company.

Image placeholder title

Cramer said Wal-Mart's move has already been discounted into Sherwin-Williams shares.

Cramer added that he expects Sherwin-Williams to take advantage of the home-remodeling boom, although he favors

Home Depot

(HD) - Get Report

and

Lowe's

(LOW) - Get Report

for home-improvement purposes.

Power Knowledge

Cramer said investors can often get inspired by a great stock for the wrong reasons. This happened for Cramer when trying to consider what stock could most benefit from "dirty bombs" and spent radiation, possible results of recent geopolitical turmoil.

Cramer turned to

Washington Group International

( WGII) because of its ability to post profit, but he found that the company's defense segment wasn't the biggest reason to recommend the stock.

Washington Group has a stellar power and infrastructure business, which includes design, construction and engineering operations. It should be considered a front-runner to build the new Alaskan pipelines and is a player in coal-generation projects and power plant construction, Cramer said.

"Infrastructure is sexier than you think," Cramer said, adding that the company also had a hand in mining, a big growth industry.

Cramer also told a caller that he likes both Washington Group and

URS

(URS)

in coal-to-diesel technology.

SEC Subpoenas

Cramer welcomed frequent guest and

MarketWatch

columnist Herb Greenberg, who disclosed recently that he was subpoenaed in a regulatory investigation into allegations of collusion between short-sellers and a stock-research firm.

Those allegations also involve

Overstock.com

(OSTK) - Get Report

and its CEO, Patrick Byrne, who, according to Greenberg, has "libeled me and slandered me." (In a related lawsuit, online retailer Overstock has accused research firm Gradient and others of conspiring to manipulate its stock price.)

Cramer revealed that

he, too, has been subpoenaed, because "I said negative things about a stock

Overstock."

Greenberg pointed to the apparent irony of the

Securities and Exchange Commission

issuing a subpoena to him when he and the agency are essentially "doing the same thing, policing bad companies."

Both Cramer and Greenberg suggested a chilling effect would occur if their correspondence with sources were subject to disclosure.

Steeler's Wheel

Cramer said that a ranking of companies on Monday by

The Wall Street Journal

is "going out of its way to lose you money."

The newspaper listed the worst-performing stocks of the past 10 years, but Cramer said the absolute worst is a company he believes that you should own:

Foster Wheeler

(FWLT)

.

Cramer said the company, which competes in the same oil service sector as

Halliburton

(HAL) - Get Report

, is set to benefit from the current high price of oil.

In addition, any terrorism against oil production could give Foster Wheeler a chance at another contract.

Cramer said the fact that the stock has quadrupled since last May indicates that Foster Wheeler has escaped its past, unlike what the

Journal

would have you believe.

"Forget idiotic rankings," Cramer said.

Lightning Round

Bullish

Cramer was bullish on:

EDO

( EDO),

DRS Tech

( DRS),

Bookham

( BKHM),

Century Aluminum

(CENX) - Get Report

,

Manitowoc

(MTW) - Get Report

,

Celgene

(CELG) - Get Report

,

Genentech

( DNA)

Black & Decker

( BDK),

MEMC Electronics

(WFR)

,

Peabody Energy

(BTU) - Get Report

,

Blue Nile

(NILE)

and

Google

(GOOG) - Get Report

.

Bearish

Cramer was bearish on:

Valero Energy

(VLO) - Get Report

,

Amylin Pharmaceuticals

( AMLN),

Syntroleum

(SYNM)

,

LeapFrog

(LF)

,

Lucent

( LU),

Intrado

( TRDO),

Alcoa

(AA) - Get Report

,

Johnson & Johnson

(JNJ) - Get Report

,

Snap-On

(SNA) - Get Report

,

Whole Foods

( WFMI),

Juniper Networks

(JNPR) - Get Report

and

Cisco

(CSCO) - Get Report

.

For more of Cramer's insights during the Lightning Round, please 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 Foster Wheeler, Halliburton and Lucent.

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