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Inco, Inco All Day

Jim Cramer is issuing a "Mao back" (a Chinese version of a 'mon back*) on nickel producer,

Inco

(N)

, he said Tuesday on his "Mad Money" TV show.

A recent

Wall Street Journal

article talking about how a major Chinese nickel processor is struggling to meet demand for nickel makes Cramer want to own Inco, the world's largest producer of nickel.

Cramer said Inco just opened a new mine and that alone should be worth an additional $6 to its stock price. Inco shares ended the regular trading session Tuesday down $1.02 to $43.53.

"A gift," said Cramer. Cramer sees Inco's stock breaking $50 in the "not too distant future."

A caller asked if

China Medical Technologies

( CMED) might be a good way to play the growth in hospitals in China.

Cramer said that CMED was a speculative play and that he was uncomfortable with it because of Chinese medical companies' tendencies to make unsubstantiated claims.

The best way to play the growth in Chinese medicine, he said, is to buy U.S. medical technology companies that do business in China such as

General Electric

(GE) - Get Report

.

Another caller asked about Chinese Internet plays. Cramer said

Google

(GOOG) - Get Report

and

Yahoo!

(YHOO)

"own the Net, and they will own the Net in China, too."

Three of a Kind

Cramer is bullish on three energy stocks as possible takeover plays:

Energy Partners

(EPL)

,

Newfield Exploration

(NFX)

and

PetroQuest Energy

(PQUE)

.

He's bullish because on Monday

Norsk Hydro

( NHY) offered to pay an "enormous" amount for

Spinnaker Exploration

( SKE), which is virtually "interchangeable" with these three companies.

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Furthermore, "none of them have run up as much as they should in response to this unbelievable Norsk-Hydro-for-Spinnaker bid," said Cramer.

Cramer said Norsk-Hydro paid the equivalent of $42 per barrel of proved reserves for Spinnaker. Energy Partners is valued at just $16 per barrel of proved reserves, Newfield at $20.54 and PetroQuest at $23.10, Cramer added.

Moreover, there are a number of companies that "look like Norsk-Hydro" that Cramer believes may well be interested in making similar acquisitions.

"If you still don't have enough oil" in your portfolio, said Cramer, "today is the day to buy."

Bullet-Proof Procter and Testy Estee

Load up on

Procter & Gamble

(PG) - Get Report

, and sell

Estee Lauder

(EL) - Get Report

said Cramer.

Despite having to close four of its Folgers' coffee facilities because of Hurricane Katrina, and despite skyrocketing prices for plastic, Procter & Gamble said Monday night that its "earnings will be just fine," noted Cramer

Estee Lauder, on the other hand, announced a "shockingly bad" quarter and blamed its difficulties on the hurricane and on weakness at high-end department stores that sell its wares.

Cramer said Estee Lauder's excuses are a canard and that the real problem is Estee Lauder's management.

High-end products and high-end retailers are doing well right now, said Cramer, as rich consumers continue to spend regardless of high gasoline prices or rising interest rates.

Those stocks should be more valuable in an economy where everything else is slowing down, Cramer said.

The fact is, said Cramer, Procter & Gamble is the "wheat," and Estee Lauder is the "chaff." You always want to own best of breed, said Cramer. "Own Procter."

Icy Hot Chills

Chattem

( CHTT) CEO Zan Guerry joined Cramer by telephone to discuss his company's third-quarter results.

Guerry said he was happy with the results and that his company, which makes and markets health care products, toiletries and dietary supplements, had bought back $8 million of stock last week.

Cramer asked Guerry if his company's new products were losing steam.

Guerry said Chattem's new wares are "ahead of schedule," and next year his company has "very big" products planned.

"Is there a slowdown in the Icy Hot sleeve?" asked Cramer.

Guerry said that there had indeed been a slowdown but that the Icy Hot patch, a topically applied pain reliever, is the company's biggest product in that product line. "The Icy Hot franchise is in very good shape," he said.

Cramer said even though "we didn't want to hear any slowdown in Icy Hot," the CEO "said he's going to make the numbers.

I'm a bull on the stock," said Cramer, "particularly in a slowing environment."

Lightning Round

Bullish

Cramer was bullish on

Yahoo!

(YHOO)

,

Lowe's

(LOW) - Get Report

,

Home Depot

(HD) - Get Report

,

Microsoft

(MSFT) - Get Report

,

Cendant

( CD),

Lyondell Chemical

( LYO),

Genentech

( DNA),

AmerisourceBergen

(ABC) - Get Report

,

Cardinal Health

(CAH) - Get Report

,

Qualcomm

(QCOM) - Get Report

,

Iron Mountain

(IRM) - Get Report

,

ev3

( EVVV),

Trident Microsystems

( TRID),

Genesis Microchip

( GNSS),

Corning

(GLW) - Get Report

,

Georgia-Pacific

( GP),

Weyerhaeuser

(WY) - Get Report

,

Plum Creek Timber

(PCL)

and Google.

Bearish

Cramer was bearish on

Blockbuster

( BBI),

Sabre Holdings

(TSG) - Get Report

,

ViroPharma

(VPHM)

,

Toll Brothers

(TOL) - Get Report

,

Building Materials Holding

( BMHC),

First Commonwealth Financial

(FCF) - Get Report

,

PNC Financial Services

(PNC) - Get Report

,

Alkermes

(ALKS) - Get Report

,

Alnylam Pharmaceuticals

(ALNY) - Get Report

and

Verso Technologies

(VRSO)

.

*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 Yahoo!, Microsoft, Cendant and EnCana.

James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for

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