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There are market opportunities to find stocks that work based on their fundamentals, Jim Cramer told viewers of his "Mad Money" TV show Thursday.

While Cramer remains bullish on agriculture, infrastructure and health care stocks, he believes oil stocks may present the biggest opportunity for investors.

Cramer cited dwindling oil reserves as the long-term catalyst that make oil stocks attractive. He noted companies like





(BP) - Get BP p.l.c. Sponsored ADR Report

, both of which were taken lower recently on fears the companies may be running out of reserves.

For this market, Cramer raves about

FMC Technologies

(FTI) - Get TechnipFMC Plc Report

, a high-tech oil equipment and service company.

In particular, FMC makes products for underwater oil processing systems and has recently landed large contracts for the coveted Pazflor Project off West Africa, among others. In a world where Cramer sees oil heading to $125 a barrel, FMC's commanding lead in its market will allow it to continue to prosper.

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In addition, he points out, the company offers investors a cushion with a huge stock-repurchase program with 14 million shares left to buy. And he says it's also cheap, trading at less than twice its growth rate, with solid fundamentals.

Looking Out for the Little Guy

Cramer welcomed Eric Dinallo, the state of New York insurance superintendent, to the show to discuss recent concerns and allegations involving


(MBI) - Get MBIA Inc. Report

and other insurers ravaged by the subprime mortgage mess.

Cramer expressed his concerns for municipal bondholders who may get short-changed by the growing credit crisis.

Dinallo said his agency is looking out for "the little guy," and that he was happy to see MBIA recently cut its dividend to preserve capital. He defended his recent move to persuade

Berkshire Hathaway

( BRK), to get into the bond insurance business. And he pointed out that many firms are now working with his agency to become more transparent and resolve the current concerns.

A Difference of Opinion

There's a battle brewing over

(CRM) - Get, inc. Report

and Cramer's taking sides. It seems Salesforce was recently upgraded by UBS on the same day Goldman Sachs downgraded the stock.

"What's amazing about these differing opinions," Cramer points out, "is how much the analysts agree on."

Both firms agree that Salesforce is the best run company in the software service industry, with the best management and great recurring revenues. Both analysts also agree that the company is the leader in its industry and is having a great quarter. So why, Cramer asks, did the Goldman analyst downgrade Salesforce? Because the stock is priced for perfection, he points out.

Cramer is siding with the Goldman analyst and recommends trimming your position in Salesforce and selling into any strength.

The stock, he points out, trades at 170 times its 2008 estimates, and that's just too high. Any bad news could signal disaster for Salesforce. Cramer believes there may be 10 points of upside, but perhaps as much as 30 points of potential downside. The lesson, Cramer says, "is even great companies can be too expensive."

Am I Diversified?

In his "Am I Diversified" segment, a viewer called in with





(GLW) - Get Corning Inc Report



(MSFT) - Get Microsoft Corporation (MSFT) Report



(MCD) - Get McDonald's Corporation (MCD) Report



(MRK) - Get Merck & Co., Inc. (MRK) Report

as his top holdings. Cramer blessed this portfolio as diversified, saying it was "picture perfect."

The next caller's portfolio included

Berkshire Hathaway

( BRKB),

Cypress Semiconductor

(CY) - Get Cypress Semiconductor Corporation Report








Leucadia National



Cramer noted that there is overlap between Cypress and EMC's


(SPWR) - Get SunPower Corporation Report

subsidiary, but blesses the portfolio as diversified because Sunpower could be categorized as an energy play.

And finally, the third caller's portfolio included

Goldman Sachs

(GS) - Get Goldman Sachs Group, Inc. (GS) Report



(RIG) - Get Transocean Ltd. Report



(GOOG) - Get Alphabet Inc. Class C Report



(CAT) - Get Caterpillar Inc. Report



(RTN) - Get Raytheon Company Report

. Cramer felt the caller's portfolio was diversified and asked "what's not to like?"

Image placeholder title

In the Lightning Round, Cramer was bullish on


(ACN) - Get Accenture Plc Class A Report


First Cash Financial Services

(FCFS) - Get FirstCash, Inc. Report



(HSC) - Get Harsco Corporation Report


Thompson Creek Metal

(TC) - Get TuanChe Ltd. Sponsored ADR Class A Report


CVS Caremark

(CVS) - Get CVS Health Corporation Report

Cramer was bearish on




Pacer International



Intuitive Surgical

(ISRG) - Get Intuitive Surgical, Inc. (ISRG) Report



(KEY) - Get KeyCorp (KEY) Report


American International Group

(AIG) - Get American International Group, Inc. Report


Rite Aid

(RAD) - Get Rite Aid Corporation Report

Want more Cramer? Check out Jim's rules and commandments for investing by

clicking here


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


At the time of publication, Cramer was long CVS Caremark, Corning, McDonald's, EMC, Goldman Sachs, Transocean and Caterpillar.

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.