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Did you miss last night's "Mad Money" on CNBC? If so, here are Jim Cramer's top takeaways for today's trading.
MGM Resorts(MGM) - Get Report : In an exclusive interview, Cramer sat down with Jim Murren, chairman and CEO of MGM Resorts, a stock that's up 36% from its lows after reporting a solid quarter two weeks ago.
Murren talked about MGM's recent spinoff, MGM Growth Properties(MGP) - Get Report , which is a real estate investment trust currently paying a 6% yield. He said after planning on a $1 billion offering, the deal saw $11 billion in demand.
Murren is also bullish on MGM's new properties in Springfield, Mich., outside of Detroit and at the national harbor outside of Washington, D.C. He said that while Springfield will not be a home run for MGM, it will be a "solid double" while the national harbor property, which will open in December and cost $1.3 billion, easily qualifies as a "grand slam."
Murren is even more bullish in China, calling the bottom in the Macau gambling market. He said that country's economy is going through a painful transition, but is far from being over.
Finally, Murren said the demand in Las Vegas is growing again and with little new supply, Vegas will be doing well for a long time to come.
Apple(AAPL) - Get Report : The stock of Apple remains the worst loved piece of paper out there, Cramer told viewers. Even after the markets learned Warren Buffett took a 9.8 million share stake in the company, the response was still decidedly negative.
The markets continue to have a love-hate relationship with Apple, Cramer explained, and even the analysts aren't sure what to make of the company's recent weaknesses. Apple outperformed for ages, he said, but admittedly the stock has been a dog for the past year.
Even CEO Tim Cook's recent appearance on Mad Money was met with skepticism by the same analysts who continue to have a buy recommendation on the stock. With friends like those, who needs enemies?
Cramer said the bottoming of a stock is a process, and only when the analysts begin downgrading can that process complete. So until we see some of the long-time Apple bulls turn their tepid buy recommendations into holds or sells, Apple will continue to be a tough stock to own.
American Tower(AMT) - Get Report , Crown Castle(CCI) - Get Report and SBA Communications(SBAC) - Get Report : Cramer acknowledged the quiet bull market that's raging in the cell tower stocks of American Tower, Crown Castle and SBA Communications , all of which have been on fire since bottoming in January.
Cramer explained that back in January, rumors Sprint(S) - Get Report was going to overhaul its network away from American Tower and Crown Castle sent all three companies' stocks plummeting. Since then cooler heads have prevailed, with research noting that wireless data demand continues to double every year.
Cramer also noted that with the auctioning of new wireless spectrum by the federal government, carriers will need to install new antennas to take advantage of the new frequencies.
Of the three, Cramer blessed American Tower as his favorite, trading at less than 17 times earnings with the best international growth prospects in a strong dollar environment.
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At the time of publication, Cramer's Action Alerts PLUS had a position in AAPL.