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All the core bits of computers have been "crashing in price," Jim Cramer told viewers of his "Mad Money" TV show Thursday. And all tech shortfalls spell one thing: "There will be a major upside surprise coming on May 16 for

Hewlett-Packard

(HPQ) - Get HP Inc. (HPQ) Report

."

Tech companies are imploding, but H-P, which Cramer owns for his charitable trust,

Action Alerts PLUS, is a stock he likes.

H-P, he explained, doesn't sell chips or motherboards -- or any other computer parts. Instead, it buys these parts from other companies so it can sell computers and printers, Cramer said.

Even though it's not the right season to be in tech, not all tech stocks are created equal, he said. "Don't confuse the forest (tech) for the single tree (Hewlett-Packard)."

With H-P, investors have "a great margin story," because even though all of its computer parts suppliers are charging less money for their products, H-P is not selling its computers for any less, Cramer said.

He believes that HPQ should have a better-than-expected quarter and that people should get in before it reports after the close on May 16.

Cramer said he is predicting this is because the company's costs have dropped; it charges pretty much the same price for its products; and the analysts haven't noticed and so haven't increased their estimates.

Plus, H-P is highly levered toward the rest of the world, he added. Currency-exchange rates could add as much 5% to 6% to the company's bottom line with its percentage of overseas business, Cramer said.

"The currency factor is yet another reason" H-P should blow away expectations, he said.

Someone's in the Kitchen With Corning

"On 'Mad Money', there is a categorical order to discriminate," Cramer told viewers. "It's what we have to do when it comes to tech stocks."

Corning

(GLW) - Get Corning Inc Report

is a tech company that has three businesses, which are "firing on all cylinders." The stock is back down to $24 and ready to run, he said.

Cramer said he likes how Corning "uniquely knows how to reinvent itself." Back in the day, he said, it was a kitchen play, with a TV screen component, and then it got into fiber in a big way.

Now, Corning's getting into clean engines, like it got into fiber in the late 1980s. And that hasn't been factored into the stock yet.

For its new division, Corning has picked up

Cummins

(CMI) - Get Cummins Inc. Report

,

Detroit Diesel

and

Hyundai-Kia

as customers, Cramer said.

Image placeholder title

While it's great that Corning is able to reinvent itself, at heart it's still an LCD (liquid-crystal display) company, he said. For a while the sector was "shaky," but it's becoming more stable.

Sure, there are some skeptics who worry about a telecom-spending bust and a big drop in LCD glass prices, but that's wrong, Cramer said. He admonished investors to get into Corning before others start to notice it -- when its new business really takes off.

Sell Block

Cramer said that he could spend the "Sell Block" segment praising himself for a job well done in stocks such as

Avon

(AVP) - Get Avon Products, Inc. Report

or Cummins, but "there's nothing to learn from that." Instead, he delved into his mistakes, telling viewers what he learned in each case.

He thought

Vulcan Materials

(VMC) - Get Vulcan Materials Company Report

would have a good quarter, but it didn't.

Now it's down $8 from its high and is sitting at $118. This, Cramer said, taught him that people should declare victory when they're already up big. Also, he believed that

Procter & Gamble

(PG) - Get Procter & Gamble Company Report

could have been a "blue chip" like

Coca-Cola

(KO) - Get Coca-Cola Company Report

or

PepsiCo

(PEP) - Get PepsiCo, Inc. Report

, but Cramer was wrong about that, too.

In

Allergan's

(AGN) - Get Allergan plc Report

case, he failed to anticipate that

Medicis Pharmaceutical

(MRX)

could get approval for its Botox alternative drug. And with

Medco

(MHS)

, Cramer said he shouldn't have recommend a stock after a big run.

Don't get smug because a stock has performed well, he said.

With

Charter Communications

(CHTR) - Get Charter Communications, Inc. Class A Report

Cramer learned that his game plan can't be so hard core and that he needs to try to be more flexible. And

Andersons

(ANDE) - Get Andersons, Inc. Report

, which he "really blew" taught him not to play a fad after it's been played out. In Andersons' case, the fad was ethanol.

Finally, with

Estee Lauder

(EL) - Get Estee Lauder Companies Inc. Class A Report

, Cramer said he was less focused on the company's domestic business than he should have been.

"Celebrate your wins, but learn from your downside and

my

downside," he said.

Celgene's Right Stuff

Cramer welcomed Robert Hugin, president and COO of biopharmaceutical company

Celgene

(CELG) - Get Celgene Corporation Report

to the show.

TheStreet Recommends

Hugin said he was unsure why the stock went down after reporting a great quarter.

"It's certainly very strong results, strong top-line growth, 61% revenue increase -- and even with all we've invested in the future, the bottom line is that the adjusted earnings per share increased by 122%," he said.

"So I think it was a very good balance of good execution, but very much forward-looking, to build for the future," where there's lots of promise, he said.

Hugin said that Celgene is expecting to launch its Revlimid drug in almost 30 European countries in the next few months.

When Cramer asked Hugin about the company's $2.1 billion in cash and if it were thinking of making an acquisition or being acquired, Hugin said Celgene is "looking to build long-term value."

Celgene doesn't need to do anything, Hugin said, but if the right opportunities came along, the company would look at them.

Every now and then people get a chance to make money when the market is wrong, Cramer said. "Celgene is a 'back up the truck' situation."

During the "Sudden Death" round, Cramer was bullish on

Valero Energy

(VLO) - Get Valero Energy Corporation Report

,

MetLife

(MET) - Get MetLife, Inc. (MET) Report

and

Harley-Davidson

(HOG) - Get Harley-Davidson, Inc. (HOG) Report

.

Lightning Round

Cramer was bullish on

Harris

(HRS)

,

GOL Linhas Areas Inteligentes

(GOL) - Get GOL Linhas Aereas Inteligentes S.A. Sponsored ADR Pfd Report

,

Allegheny Technologies

(ATI) - Get Allegheny Technologies Incorporated Report

,

Time Warner

(TWX)

,

Charter Communications

(CHTR) - Get Charter Communications, Inc. Class A Report

,

Comcast

(CMCSK)

,

Union Pacific

(UNP) - Get Union Pacific Corporation Report

,

Nucor

(NUE) - Get Nucor Corporation Report

,

Reliance Steel & Aluminum

(RS) - Get Reliance Steel & Aluminum Co. Report

,

Atwood Oceanics

(ATW)

,

Nabors

(NBR) - Get Nabors Industries Ltd. Report

and

Hewlett-Packard

.

Cramer was bearish on

Brocade Communications

(BRCD)

,

Titanium Metals

(TIE)

,

Forward Air

(FWRD) - Get Forward Air Corporation Report

,

Axcelis Technologies

(ACLS) - Get Axcelis Technologies, Inc. Report

and

Rogers Communications

( RG).

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

.

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.

At the time of publication, Cramer was long Union Pacific and Hewlett-Packard.

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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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.