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"There is one area that's shining

domestically," Jim Cramer told viewers of his "Mad Money" TV show Tuesday. It's telecom.

Telecommunications is "lower risk," and it's the one sector the

Fed

can't "bulldoze," he said. It's one of the few domestic areas in which market players can make money right now.

Although both

Verizon

(VZ) - Get Verizon Communications Inc. Report

and

AT&T

(T) - Get AT&T Inc. Report

are "great places to be," Cramer said he can't recommend both.

He believes that AT&T has moved up too much. Even though Cramer doesn't advise selling AT&T, he doesn't advise buying it, either. People should put any "new money" into Verizon, he said.

Verizon's technology is known to be better than AT&T's when it comes to wireless, Cramer said. Plus, Verizon has a 4.3% dividend, whereas AT&T is yielding 3.7%. Verizon has more of a cushion in case it takes a hit, which shouldn't happen anyway, he said.

Verizon's quarter was good, Cramer continued. It increased its wireless customers by 14.5% year-over-year and displayed a No. 1 retention rate. In addition, its fiber-optics service has accelerated revenue growth, he said. FiOS has only been around at Verizon for about five quarters, but it already has a lot of customers.

"The triple play

telephone, cable and Internet is driving Verizon," Cramer said. "It could very well become the one-stop shop for all your telco needs."

Even though the "hapless"

Vonage

(VG) - Get Vonage Holdings Corp. Report

has been taking clients from Verizon, Cramer believes that should soon change as people begin to see that Vonage is not worth sticking with.

Meanwhile, AT&T has started to spend "a bundle" to fight off its cable competitors, he said. Telco's a great way to play defense, and now at these prices, "Verizon is greater than AT&T."

Image placeholder title

A Bigger Play

Though Verizon is the bigger way to play the telco spending cycle, a smaller, more speculative way to play it is with

Alltel

(AT) - Get Atlantic Power Corporation Report

, Cramer told viewers.

This wireless company has what the "big dogs" want: wireless subscribers, especially in rural areas, Cramer said. In fact, Verizon or AT&T might try to buy Alltel to keep up wireless growth, Cramer said.

Cramer said he wouldn't also discount the possibility of

Sprint Nextel

(S) - Get SENTINELONE, INC. Report

buying Alltel.

Back on April 24,

The Wall Street Journal

discussed the possibility of AT&T making a bid for Alltel, Cramer said. "We know wireless is very strong," he said. "That is why you can speculate on Alltel."

There aren't that many wireless plays out there, and making acquisitions is the best way for companies such as Verizon, AT&T and Sprint to grow, Cramer said. They all need to keep up their wireless growth "to please people on Wall Street."

A company will never announce that it's for sale on a conference call, but at the same time Alltel's silence is a good sign, he added. Plus, the company's fundamentals are good.

No Bad News Is Good News

Telco spending is "back on track," and the best way to play it is with

Tellabs

(TLAB)

and

Ciena

(CIEN) - Get Ciena Corporation Report

, Cramer said.

Cramer pointed out how Tellabs' stock didn't go down even after reporting "a stinko quarter." When bad news doesn't hurt a stock, you know that's a good sign, Cramer said.

Plus, not only is its business with AT&T "starting to pick up," but Tellabs is also the leader in last-mile technology, which happens to be the fastest-growing in telco infrastructure spending, he said.

Moreover, Tellabs makes high-speed data more efficient and takes care of online bottleneck traffic, Cramer said.

Cramer believes that Ciena is a play on Verizon's spending because Ciena accelerates its spending on FiOS. The main difference between the two, Cramer said, is that Tellabs is more levered to "access products," while Ciena is more levered to "transport products."

However, as the telco industry has a history of being volatile, he warned his viewers to take profits in these stocks as their contracts come in. "These are trades," Cramer said.

He also advised people not to consider the "lower quality"

JDS Uniphase

(JDSU)

, because "you could get burned," Cramer said.

JDSU has gone from "Just Don't Sell Us" to "Just Don't Sue Us."

Jacobs Engineering

Cramer welcomed Craig Martin, president and CEO of

Jacobs Engineering Group

(JEC) - Get Jacobs Engineering Group Inc. (J) Report

, to his show and asked him if his long-term projects are going to be canceled if oil dips to $58.

"Not at all," Martin responded. "In fact, if you listen to most of the customers in the business, they're using oil prices in the low $40s as their benchmark for financing projects in determining if they make sense. So an oil price move from $68 to $58 just doesn't have any impact."

Cramer said that Jacobs Engineering is one of few companies that has a major bet on Canadian oil sands. However, he said it seems that Canada is not drilling as much as it once did, and the green movement is having an effect on some of these projects.

Martin said Jacobs Engineering believes that the Canadian oil sands are "great for the long term." Many of the company's projects, the CEO said, look a lot more like programs that are being phased out.

Each program, Martin continued, may have up to 10 phases that each take two or three years to complete. Although there are some issues with costs, labor availability and the green movement, the drivers are "overwhelming," Martin said.

"We think the investment is going to continue for a long time."

Cramer said he likes the company and its book of business. And at these prices, he said, it could be the "best in show."

TheStreet Recommends

To view Cramer's interview with Craig Martin, please click here.

Lightning Round

Cramer was bullish on

Wyndham Worldwide

(WYN)

,

Union Pacific

(UNP) - Get Union Pacific Corporation Report

,

Humana

(HUM) - Get Humana Inc. (HUM) Report

,

WellPoint

(WLP)

,

UnitedHealth Group

(UNH) - Get UnitedHealth Group Incorporated Report

,

WellCare Health Plans

(WCG) - Get WellCare Health Plans, Inc. Report

,

Superior Offshore International

(DEEP)

,

Louisiana-Pacific

(LPX) - Get Louisiana-Pacific Corporation Report

,

eBay

(EBAY) - Get eBay Inc. Report

,

MedcoHealth Solutions

(MHS)

,

Arch Coal

(ACI) - Get Albertsons Cos. Inc. Report

,

Peabody Energy

(BTU) - Get Peabody Energy Corporation Report

,

Monster Worldwide

(MNST) - Get Monster Beverage Corporation (MNST) Report

and

First Solar

(FSLR) - Get First Solar, Inc. Report

.

Cramer was bearish on

Marriott International

(MAR) - Get Marriott International, Inc. (MAR) Report

,

American Commercial Lines

(ACLI)

,

International Coal Group

(ICO)

and

SunPower

(SPWR) - Get SunPower Corporation 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 popular book by

clicking here

.

At the time of publication, Cramer was long UnitedHealth Group and Union Pacific.

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."

None of the information contained in "Mad Money" constitutes a recommendation by Mr. Cramer, TheStreet.com 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 TheStreet.com, 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 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.