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"After a big down day, I'm urging you to not get discouraged and to start picking among the rubble," Jim Cramer told viewers of his "Mad Money" TV show Friday.

"I know today was one of the worst days in a long time," he continued, "but there is always a bull market somewhere."

Cramer told viewers that amidst all the hopelessness and bearishness, he still sees strength in many of the theses he's been high on, including natural gas, agriculture and the oil drilling stocks.

Cramer likened the decline today to that of March, 2007, when he recommended four stocks that reported stellar earnings, but were taken down hard by the declining market action.

Those stocks were

General Cable




(CHE) - Get Report


First Solar

(FSLR) - Get Report



(AKAM) - Get Report

. One month later, Cramer noted, these stocks were up an average of 16.4%, or triple the performance of the S&P500.

For the current market sell-off, Cramer recommended four companies, all of which recently reported better-than-expected numbers, but whose stocks have been taken down mercilessly in recent days.

Cramer: Make Money Off Trends

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Wal-mart reported its earnings on May 13, beating Wall Street estimates by 1 cent a share. He called Wal-mart "a steal," saying he believes in CEO Lee Scott's turnaround plans for the company.

Cramer said he likes Brown-Forman for its strong international sales. "People don't drink less liquor in hard times," he said. With 50% of the company's sales coming from abroad, it should be unaffected by a slowing U.S. economy.

The stocks included


(WMT) - Get Report

, a stock which Cramer owns for his charitable trust

Action Alerts PLUS,


( BF-B),


(CPRT) - Get Report

and a new name for Cramer,

Integra Lifesciences

(IART) - Get Report


Copart, Cramer said, beat its earnings by 4 cents a share this past Tuesday, but its stock was down 1.7% today. "Let's not forget that Copart is up 16.3% since I mentioned in on April 23," Cramer reminded viewers. He called Copart the single best play on the current steel shortage.

Finally, Cramer recommended Integra Lifesciences as a play on the aging U.S. population. Integra reported blowout earnings, beating estimates by 9 cents a share, or 22%. Yet the stock is only up 27 cents since it reported those numbers.

A Remarkable Transformation

For Cramer,


(IR) - Get Report

is a good company with a great stock that's hiding amongst the horrible market action.

Ingersoll's recent acquisition of Trane air conditioning unit from the former American Standard completes a two-year transformation of that company. "This company is almost completely unrecognizable from where it was just a year ago," he said.

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Ingersoll-Rand is in Cramer's "new tech" family of companies that are working to solve the world's problems.

Cramer noted that Ingersoll has been selling many of its capital intensive units in favor of the higher growth "new tech" units. The company now derives 67% of its revenue from climate control technologies, 46% of which come from Trane. Another 18% of the company's revenue comes from industrial technology and the remaining 15% comes from security products.

According to Cramer, Ingersoll is now in a position to address two "new tech" themes: global famine and saving energy. With a 40% food spoilage rate in Asia, Ingersoll's new dominant position in refrigeration and cooling will be in high demandm he said.

He also sees great demand here in the U.S. for the company's industrial and commercial cooling systems, both of which will help reduce carbon emissions and save energy.

Cramer called Ingersoll-Rand a "triple-buy" in this, the most horrible of markets. He said it's a carbon saving company that deserves a higher stock price.

Speculation Friday

For "Speculation Friday," Cramer focused on battery makers

Exide Technologies




( HEV).

On May 21, Cramer featured


(ENS) - Get Report

, the No. 1 maker of traditional lead-acid batteries. Since that recommendation, the shares of EnerSys are up 4.6%.

Cramer said he thought then about also recommending Exide, but was worried about the company's exposure to the auto industry. This proved to be a mistake, since Exide shares rose 10.6% over that period.

Cramer called Exide's lithium ion batteries the future of the battery industry. The company, he said, has is growing globally, especially in India, where it recently doubled its battery-making capacity.

"Ener1 is truly a speculative play," said Cramer. But with heading to $150 a barrel, it may be worth the risk, he said. The company is developing hybrid car batteries and other battery storage technologies.

While Ener1 currently does not have any products on the market, the company could see its first products hit the shelves by the end of this year.

Cramer cautioned viewers to do their homework on these stocks and also warned them to use limit order and not trade the stocks after hours.

Mad Mail

In this segment, Cramer told a viewer that


(KO) - Get Report

is a buy due to its international exposure and huge stock buyback program, not because of the upcoming Olympics.

Cramer told a second viewer that he's still bullish on the Brazilian stocks and would keep buying


(GFA) - Get Report


Sudden Death

Cramer was bullish on

NRG Energy

(NRG) - Get Report



(PEP) - Get Report


Cramer was bearish on


(BID) - Get Report


Image placeholder title

Lightning Round

Cramer was bullish on

Patriot Coal

( PCX),

Arch Coal

(ACI) - Get Report


Peabody Energy

(BTU) - Get Report


Agnico-Eagle Mines

(AEM) - Get Report



(V) - Get Report



(MA) - Get Report


Thompson Creek Metal

(TC) - Get Report


Cramer was bearish on


(INTU) - Get Report


Annaly Mortgage

(NLY) - Get Report


First Solar

(FSLR) - Get Report


Hecla Mining

(HL) - Get Report


Want more Cramer? Check out Jim's rules and commandments for investing by

clicking here


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


At the time of publication, Cramer was long Walmart.

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.