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Wal-Mart's Bill of Goods

"Greed ... can be good. Friends in high places are even better," Jim Cramer told viewers Thursday on his "Mad Money" TV show, which is another reason he's bullish on

Wal-Mart

(WMT) - Get Report

.

Cramer, who has been bullish on Wal-Mart since late September because of improving stores and a slowing economy, said Wal-Mart is fighting a bill in the Maryland legislature that would require large employers like Wal-Mart to spend 8% of their payroll on health benefits.

Cramer said Wal-Mart hired the wife of a state senator who voted for the bill the first time around to help in its efforts.

While the move may be "shameless," said Cramer, from a business perspective, he likes Wal-Mart's moxie. "If you were worried they were losing their edge with all their attempts to look like a better corporate citizen, worry no more!" exclaimed Cramer.

Whether Wal-Mart is successful or not in its attempt to fight the bill, "You buy some Wal-Mart, still!" he said. The stock has "a lot more upside to it."

Cramer is bullish on Israeli wireless broadband connectivity company

Alvarion

(ALVR)

as a play on the expected growth in WiMax.

WiMax, said Cramer, could be huge as it has a range of 30 miles as opposed to WiFi, which is measured in feet.

Alvarion has made a profit in just two years of its 10-year history, though, said Cramer. But, at $7.67 -- where the stock closed Thursday -- the stock is cheap, he said.

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Cramer believes that Alvarion's stock has bottomed and that the catalyst for the stock to move higher should come early next year when industry standards for WiMax are expected to be decided upon.

Asked about the possibility of Alvarion getting acquired, Cramer said he never speculates on takeovers when a company's earnings are declining. He is "playing it for the earnings, and they've got to come back."

Herb on the FLY

MarketWatch

senior columnist Herb Greenberg joined Cramer to talk about

Capstone Turbine

(CPST) - Get Report

,

Terex

(TEX) - Get Report

,

Marvel Entertainment

( MVL) and

LeapFrog

(LF)

.

Cramer asked Greenberg when he was "going to see the Sequoia National Forest from the one birch tree that you're focusing on" regarding Capstone. "If they get a big Wal-Mart order, it will be

making money hand over fist."

"In your dreams!" exclaimed Greenberg. Greenberg said he called Wal-Mart, and Wal-Mart said it didn't know what Cramer was talking about.

Greenberg said Capstone supplies

United Technologies

, which "ended up selling that to Wal-Mart."

Greenberg added that United Technologies tells him "right now they're only exclusive with Capstone. They're not going to tell you what might happen in the future."

Yes, but "three months ago you were ... telling me they were going to get rid of Capstone," countered Cramer.

"They still might," said Greenberg, adding that with operating margins of negative 189% at Capstone, "Why would you even care about a company like that?"

About Terex, which is in the midst of restating its financials, Cramer said, "At a certain point the financials are going to come out, and you're going to have to get behind it big."

"If the financials ever

come out

," said Greenberg. "If anyone can ever figure out what the financials are!"

On Marvel Entertainment, Cramer said, "That was a really great call to get out. Any chance we should look at it again?"

"Not right now," said Greenberg.

And finally, Cramer asked Greenberg if he was sticking by his negative view on LeapFrog.

"Maybe LeapFrog as the ... trade still may do well. But, I still don't think this

FLY pentop computer is going to be a great seller. I don't know why anyone would buy the pen if it still has a bunch of glitches that haven't been worked out yet."

Cramer summed up the interview saying he believes that Greenberg "will be wrong about the FLY pen" but that Greenberg had a good call about getting out of Marvel.

On Capstone, Cramer said that despite Greenberg's view, he still likes it.

Short Bread

"There's money to be made in heavily shorted stocks, but only when they're good ones," said Cramer, commenting on a

Wall Street Journal

article about the relative merits of betting against short sellers.

The article listed the most heavily shorted stocks on the

NYSE

and the

Nasdaq

, and Cramer broke down the stocks one by one.

Accredited Home Lenders

( LEND): Cramer is not a fan of the company's nonconforming loan business. He believes the stock goes lower.

OmniVision Technologies

(OVTI)

: The company missed estimates the last two quarters, said Cramer, and he believes that estimates are still too high. "I don't like it."

Red Robin Gourmet Burgers

(RRGB) - Get Report

: "Absurdly expensive" at 32 times 2005 earnings forecasts, said Cramer.

Calpine

(CPN)

: Cramer believes the stock will "keep going lower and lower."

Martha Stewart Living Omnimedia

(MSO)

: MSO deserves to trade at $12 without Martha hype. MSO closed at $17.80 Thursday.

Winnebago Industries

(WGO) - Get Report

: Cramer said he believes that the shorts expect number cuts. "I can see that," he said.

Beazer Homes

(BZH) - Get Report

: "I'd be short the homebuilders if I was at my fund right now."

Eagle Materials

(EXP) - Get Report

: Cramer believes the shorts are wrong and would do a 'mon back* on the cement maker.

"That's funny. I thought there was a cement shortage in this country," he said, adding that the company is increasing prices and has great cash flow and a good buyback.

"Their only problem is they don't have enough capacity to meet demand. That's what I call a high-quality problem." The only thing Cramer could see hurting the company is if there is a repeal of the tariff on Mexican cement coming into the U.S.

Lightning Round

Bullish

Cramer was bullish on

LeapFrog Enterprises

(LF)

,

Exxon Mobil

(XOM) - Get Report

,

Electronic Arts

( ERTS),

XM Satellite Radio Holdings

( XMSR),

Everest Re Group

(RE) - Get Report

,

American International Group

(AIG) - Get Report

,

Pike Electric

( PEC),

Encore Wire

(WIRE) - Get Report

,

Biogen Idec

(BIIB) - Get Report

,

Conexant Systems

(CNXT) - Get Report

,

Royal Gold

(RGLD) - Get Report

,

Anglo American

( AAUK),

GameStop

(GME) - Get Report

,

Broadcom

(BRCM)

,

Terex

(TEX) - Get Report

,

Walgreen

(WAG)

,

Oneok

(OKE) - Get Report

and

Xcel Energy

(XEL) - Get Report

.

Bearish

Cramer was bearish on

Ross Stores

(ROST) - Get Report

,

Nextel Partners

( NXTP),

UTStarcom

(UTSI) - Get Report

,

Gymboree

( GYMB),

CommScope

(CTV) - Get Report

,

Playboy Enterprises

( PLA) and

Akamai Technologies

(AKAM) - Get Report

.

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

click here.

*For all you home-gamers, a 'mon-back opportunity means Cramer would back up the figurative truck and load up on a stock.

At the time of publication, Cramer was long GameStop and Anglo American. 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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