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"For everyone who missed out on the 400-point rally yesterday and today, I have one thing to say: It's not too late, you've barely missed a thing," Jim Cramer said on his "Mad Money" TV show Wednesday.

The 50-basis-point rate cut is a reason to get in the game and stay in it, he said. As proof that it's not too late for people to get into the market, Cramer pointed out similar moments in history.

When the

Federal Reserve

realized the extent of the problems in 1990, for example, it was a great time to get in

the market, he said. "Since then, the

Dow Jones

is up 10,000 points."

In addition, looking back at 1998, when the Fed blinked, the


rallied 110% straight off of that, Cramer said.

A lot of people are trying to talk this market down because they either were sitting on the sidelines, or were shorting, or thought the market was going to go down, he said. But now is not the time to get scared out of the market. People should not pay attention to these "Negative Nancies," Cramer said.

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Don't listen to the theoretical issues people are going to talk about to try to get others out of the market, he advised. "We don't care about theory, we care about practice: the practice of making money." It's not that the theories are wrong, Cramer said, but they are irrelevant.

"The rate cut is great for stocks, so many stocks," he said. It's been great for

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TheStreet Recommends


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(TGT) - Get Target Corporation Report

, as well as the banks, Cramer said.

People should consider buying


(WB) - Get Weibo Corporation Report


Downey Financial

(DSL) - Get DoubleLine Income Solutions Fund Report


FirstFed Financial


, he said.

Moreover, maybe the cut can and maybe it can't save the homebuilders. Cramer said that while he still wouldn't touch the


(LEN) - Get Lennar Corporation Class A Report

or the

KB Homeses

(KBH) - Get KB Home Report

, he also wouldn't short them anymore.

'T' Time


(T) - Get AT&T Inc. Report

, Cramer told viewers, is a company with a good dividend that has "totally reinvented itself as a growth business."

It "boldly" took on the iPhone deal without even seeing the demo version and has made some "gutsy acquisitions," he said. But while AT&T is willing to invest in growth, it won't just purchase anything, Cramer said. It's doing it the right way by building its triple play with telco companies.

Calling AT&T a "sexy and cheap" company, Cramer welcomed CFO Rick Lindner to the show and asked him how he views the telecommunications business.

The telco industry, Lindner responded, is making a resurgence. He said he believes AT&T has the best assets in the business and he is seeing great performance across all the company's segments. Sales of the


(AAPL) - Get Apple Inc. Report

iPhone, said Lindner, have been great, and have not only brought the wireless company new customers, but it has also increased store traffic for AT&T.

Wireless data revenue is growing significantly, and Lindner said he's seen nice margin expansion in the wireless segment. Further, there's been good demand for broadband, and the company's video division is taking off as well, he added.

Lindner said that since Apple has cut the iPhone's price by $200, he has seen a dramatic increase in demand as customers continually come in from other networks.

From a financial standpoint, Lindner said AT&T has a strong balance sheet and no credit concerns. So the choppiness of the market and interest rate environment has not been much of a factor in financing the business, he said.

Cramer remained bullish on AT&T, and told viewers that if they're looking for one stock to buy for their children, AT&T should be it.

Mad Mail

In the "Mad Mail" segment, a writer commented on


(CSCO) - Get Cisco Systems Inc. Report

recent acquisition of wireless solutions company Cognio and asked if all WiFi companies are headed down the bandwidth road to the extent that

Level 3 Communications


will soon experience explosive revenue and profit growth.

"I hope so," Cramer responded. But remember, LVLT is stalled here.

Am I Diversified?

In his "Am I Diversified?" round, Cramer's first caller asked if he was diversified with the following five stocks: Apple,


(NE) - Get Noble Corporation plc Report





Research In Motion




(SLB) - Get Schlumberger N.V. Report


Cramer pointed out two pairs with Apple and RIMM, and Noble and Schlumberger. He advised the caller to make some changes.

Throw out Noble and Apple and add a defense play like

Northrop Grumman

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and a financial like Wachovia, he suggested.

Separately, Cramer said he prefers


(DE) - Get Deere & Company Report






(BG) - Get Bunge Limited Report

to Potash.

His second caller named these five picks:





(FTEK) - Get Fuel Tech Inc. Report


NightHawk Radiology

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L-1 Identity Solutions



US Gold



Cramer told the caller she had too much of a gambling portfolio with too many speculative stocks like ID, FTEK and UXG. He suggested getting out of those and into less speculative names.

Lightning Round

Cramer was bullish on


(PEP) - Get PepsiCo Inc. Report


BEA Systems



General Motors

(GM) - Get General Motors Company Report


RRSat Global Communications Network




(ZUMZ) - Get Zumiez Inc. Report


Superior Offshore International



Oshkosh Truck

(OSK) - Get Oshkosh Corporation (Holding Company)Common Stock Report

, Northrop Grumman,

L-3 Communications

(LLL) - Get JX Luxventure Limited Report


Lockheed Martin

(LMT) - Get Lockheed Martin Corporation Report


General Dynamics

(GD) - Get General Dynamics Corporation Report


Cisco Systems

(CSCO) - Get Cisco Systems Inc. Report


XTO Energy



GMX Resources




(SI) - Get Silvergate Capital Corporation Class A Report



(RIG) - Get Transocean Ltd (Switzerland) Report



(SLB) - Get Schlumberger N.V. Report


Prudential Financial

(PRU) - Get Prudential Financial Inc. Report



(MET) - Get MetLife Inc. Report



(HAL) - Get Halliburton Company Report


Cramer was bearish on

Smart Balance



Parametric Technology






Parker Drilling

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(AIZ) - Get Assurant Inc. Report


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

clicking here


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


At the time of publication, Cramer was long Transocean and XTO Energy.

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.