Click here for an archive of Cramer's "Mad Money" recaps.

Because cable represents "the hottest of the hot," funds desperately want to be in

Time Warner

(TWX)

, Jim Cramer told viewers of his "Mad Money" TV show Wednesday.

A lot of people had given up on Time Warner, said Cramer, and market players thought it was "caught up in too many agendas." But then CEO Dick Parsons surprised everyone when the company unloaded 18 of its magazines.

"The triple play

packaging digital cable, digital phone and broadband services together in the Time Warner business is two thumbs up," Cramer said. "I realize that it is in a major turnaround, and Dick Parsons deserves the credit."

Time Warner's

latest quarterly results were great, and the "show stealer" here was AOL, he said.

Cramer welcomed Parsons to his show, and in a satellite interview, congratulated him for his company's recent success.

"There are 87,000 of my colleagues that did it, and I just have the privilege of leading the company," Parsons said. "We hope to keep it up."

There are three things going on at the company, Parsons said.

First, regarding the turnaround and the perception of cable, Parsons said Time Warner probably has the best cable company in America. He believes the triple play is working, and the cable company is "poised to fly."

Second, the company's new strategy at its AOL unit is based on an advertising-based model, as opposed to a subscription-based model, and all of the initial indications signal to management that the change is working.

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Finally, Time Warner has bought back 16% of the company in the past 10 months, Parsons said.

When Cramer asked if Carl Icahn, a major shareholder of Time Warner has helped shareholders, Parsons said, "Carl gets some of the credit."

Icahn, an activist shareholder, made Parsons "listen more deeply to the other shareholders," Parsons said. "They encouraged me to be more aggressive in terms of the stock buyback, which is helping us now."

In regard to the possibility of Time Warner spinning off its

Time

magazine business, Parsons said, "We never say 'never' to anything."

"Right now with

Time

, we are pruning and focusing on where the profitability is," the chief executive went on to say. "I believe in the magazine business."

While the company is in the publishing business, it is moving its content into the digital world, Parsons said. All of the company's "good content is finding its way onto the Internet."

"The current thinking is we want to manage our costs, make sure we have plans to move our big brands onto the Internet, but we're hanging on to this one," he went on to say.

In regard to AOL, Parsons said "it appeared to be a bold move to say we are going to give up billions of revenues in subscriptions, but we thought it through."

"I am very confident that Warner Brothers, which had a tough year on a comparison basis, is really positioned to have another gangbuster year," Parsons continued. In addition, New Line Cinema "has a few in the can that we are enthusiastic about," Parsons said.

Cramer believes this stock is where

Comcast

(CMCSA) - Get Report

was when it was at $34 and people thought it was finished going higher.

"Buy Time Warner," Cramer said. "You will not regret it."

To view Cramer's interview with Dick Parsons, please click here.

Am I Diversified?

In the "Am I Diversified?" segment of the show, during which viewers call in to get Cramer's take on their portfolio holdings, the first caller offered the following five stocks:

Cramer called out a pair in Crocs and Under Armour because both companies are in the apparel sector. He also said that four of them -- Crocs, Under Armour, Sirius and Ford -- are speculative stocks. Plus, Cramer said he doesn't like Wal-Mart.

"Throw them all back," he said. "Maybe keep Crocs, but look at

J.C. Penney

(JCP) - Get Report

and

Sears

(SHLD)

," a stock Cramer owns for his

Action Alerts PLUS charitable trust.

Instead of Ford, Cramer recommended looking at

General Motors

(GM) - Get Report

, and instead of Sirius, he advised looking into a good entertainment company.

The second caller owned the following five stocks:

"This is why I come to play," said Cramer, who blessed the portfolio and commended the caller for having "completely done it right."

Cramer's third caller named the following five stocks:

Cramer blessed this portfolio as being diversified as well, but suggested a swap out of Duke Energy and into

TXU

(TXU)

.

The Name to Know in Zinc, Copper

Market players should buy a stock that has had an "identity crisis," Cramer told viewers.

The company, EuroZinc Mining, which previously held the ticker symbol EZM, has merged with

Lundin Mining

(LMC)

and now possesses the symbol LMC.

"Lundin Mining has a wider base of assets, which makes it more reliable," Cramer said. And it is the "single way to play the single two hottest minerals in the world: zinc and copper."

Zinc is about to move into the driver's seat, and with Lundin Mining, EuroZinc got two mines which produce more than 70 tones of zinc, he said.

In addition, with the new mix of zinc and copper, the company has become a "prime takeover target," as there are "plenty of mining companies looking to make themselves bigger," Cramer continued.

Although it seems EuroZinc was doing fine on its own with its copper exposure, zinc's price should increase 70% as supply lessens, he said.

"This merger is brilliant, and the stock should be going much higher than we thought," Cramer said.

Mad Mail and Sudden Death

In his "Mad Mail" segment, Cramer told a viewer he believes

Evergreen Solar

(ESLR)

could run through Monday, and if not, he recommended cutting it off.

He told one viewer

Tween Brands

(TWB)

is "fabulous," and advised another to wait for a bounce before panicking out of

LifeCell

(LIFC)

.

In the "Sudden Death" round, Cramer was bearish on

Del Monte Foods

(DLM)

and

Foxhollow Technologies

(FOXH)

.

Lightning Round

Cramer was bullish on

Ceradyne

(CRDN)

,

NYSE

(NYX)

,

Apple Computer

(AAPL) - Get Report

,

L-1 Identity Solutions

(ID)

,

Cabela's

(CAB)

,

TXU

(TXU)

,

Qwest Communications

(Q)

,

Watts Water Technologies

(WTS) - Get Report

and

GameStop

(GME) - Get Report

.

Cramer was bearish on

Qiao Xing Universal Telephone

(XING)

,

Nasdaq Stock Market

I:IXIC

,

TOM Online

(TOMO)

and

MDU Resources

(MDU) - 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 latest book by

clicking here

.

At the time of publication, Cramer was long Altria 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."

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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 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.