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It's not necessary to wait for the all clear to sound to know that things are getting better now, Jim Cramer told the viewers of his "Mad Money" TV show Thursday.

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He said the markets are changing, but the bears don't want to listen.

Cramer said the news from

Wells Fargo


, a stock which he owns for his charitable trust,

Action Alerts PLUS, of much better-than-expected earnings is game changing. He said no longer can the bears deny the fact that banking can be a massively profitable business.

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How did Wells Fargo pull off a win in the middle of Armageddon? Cramer said the answer is simple: The housing market is bottoming. People are lining up to get mortgages and taking advantage of record low rates, and Wells Fargo is now one of the dominant players. And if that weren't enough, the company is also poised to begin buying up zombie banks and selling off the bad parts to the U.S. Treasury.

Cramer said on the heels of this great news, he's also bullish on

JPMorgan Chase


, another Action Alerts Plus name, along with

Bank Of America


, which also might be in much better shape than people believe.

Cramer said the bears are wrong, and there are just too many positive signs in the market signaling a turn in the economy. From restaurants like



to appliance companies like



, you don't have to be wearing rose-colored glasses to see that things are better than they were before.

Sell Block

In the Thursday "Sell Block" segment, Cramer recited the mantra "when facts change, we change our minds," as he released life insurers

Principal Financial






Lincoln National



Hartford Group


from solitary confinement.

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Cramer said he doesn't want to own any of these names, but with the news that the government's TARP plan will be extended to the insurers, they're no longer toxic.

Cramer said there's no doubt these companies made a lot of terrible decisions, but TARP solves many of their problems and it's time to stop hating them.

On the flip side, Cramer said he's adding dental supply makers

Patterson Companies



Henry Schein


to the Sell Block.

He said in the tougher economic times, dentists are beginning to tighten their belts, opting for lower cost supplies from Mexico as opposed to the higher priced ones from these two vendors.

Dentists are pulling back, especially in the area on consumable products, which accounts for 35% of Patterson's and 30% of Henry Schein's earnings, he said. Yet Wall Street hasn't gotten the message, with analysts holding onto their buy recommendations, he added.


Cramer spoke with Zan Guerry, Chairman and CEO of


( CHTT), to discuss the company's outlook after its recent earnings miss.

Guerry said he was disappointed with the company's first quarter, with sales off 8% more than originally expected. However he noted some bright spots, including a good showing by



and strong sales in both March and April. Overall, Guerry said he feels pretty good about the rest of 2009.

Asked why lower commodity prices hadn't flowed to the company's bottom line, Guerry said that process is a slow one but should show signs of improvement as the year progresses. He also said Chattem is not planning on increasing advertising spending, and is instead preparing to launch seven new products this spring.

Cramer said if investors feel the recession is here to stay, then Chattem is a good stock to own. But if they feel as he does that things are improving, this might not be the best time to own the stock.

Am I Diversified?

Cramer spoke with callers to see if their portfolios have what it takes. The first caller's portfolio included:

Agnico-Eagle Mines






First Merit Bank



Edison International



Boston Scientific



Cramer told this caller "well done," saying the portfolio is diversified.

The second caller's top holdings included

First Merit Bank















Cramer identified three technology stocks with Cisco, Nuance and SPIL, and recommended selling Nuance and picking up an industrial stock.

Mad Mail

Cramer told a viewer that

Wells Fargo


surged big today because of its core earnings power, and that's what matters most.

Lightning Round

In the Lightning Round, Cramer was bullish on

Allos Therapeutics

( ALTH).

Cramer was bearish on

International Bancshares



Morgan Stanley



JM Smucker



W&T Offshore



Church & Dwight



Check out the latest edition of

"Cramer's Take onHeadline Stocks" on Stockpickr.

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

clicking here


Read more of Cramer's Mad Money Lightning Round insights


For "Mad Money" performance statistics and other links, check out Mad Money stats

At the time of publication, Cramer was long Wells Fargo, Morgan Stanley, JPMorgan Chase.

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.