Ford

(F) - Get Report

might have been thinking it was delivering bad news when it announced CEO Bill Ford's departure, but it was actually good news, Jim Cramer said on his

"RealMoney" radio show Wednesday. The struggling automaker named Boeing's Alan Mulally to the top spot on Tuesday.

"Needless to say, the media went into overdrive on this one," said Cramer. "There's one line I focused on, which was viewed as a negative, but again was a positive: 'Mr. Mulally has no Detroit experience.' "

This is actually the key to Ford getting better, Cramer said. "Ford is an insular company in an insular town," he said.

Cramer believes that Mulally has come to Ford with a mandate to fix the company. This is why Ford is up today, he said.

"Even though it preannounced a horrible quarter, it still went up," Cramer said.

Ford has been bottoming here for some time, he said, but it's up too much today. Cramer said he'd wait for it to come down before buying any.

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"Ford is no longer on my bad list," he said. "It has too much going for it with this new executive."

There have been some good times lately at the gas pump, as prices have fallen, Cramer said. The best way to make money from the decline in gasoline is with

JC Penney

(JCP) - Get Report

, he said.

Because retail was going down when gas was up, market players should apply the opposite when gas is going down, which is that retail should go up, Cramer said.

"But you must find the right retailer," he stressed.

Although Cramer respects and believes that

Sears

(SHLD)

is terrific -- and even owns it for his charitable trust,

Action Alerts PLUS -- Cramer said he understands that it is a $150 stock, and that some people might feel uncomfortable and not be able to afford it. But he still believes that investors should own even just one or two Sears' shares if they can, because it's going up.

Still, best way to profit from the gas decline now is JC Penney, which has been buying back stock aggressively and "has a terrific management," Cramer said.

"It has four points up and one point down," he said.

"If you watch the news or read the newspaper you would think that the housing market is in a death spiral," but this is not true, said Cramer.

Sure, sales have slowed, but if you've bought a house to live in, who cares? Cramer said. He also disclosed the fact that he, himself, does not own, but rents.

"If it's such a disaster, then why on earth would a brokerage firm such as

Merrill Lynch

(MER)

spend more than a billion dollars to buy a mortgage company?" he asked. "Housing is not in freefall, despite what the pundits say."

Merrill's telling us not to fret over the state of housing, Cramer said. There are some pockets of slowdown that are bringing prices down, but there are also parts where there is upside.

"We're a growth country, and after the inventory of unsold homes

goes away housing will move and Merrill Lynch will make a fortune," he said. "This is one of the reasons I like Merrill Lynch's stock so much."

Sometimes market players should not run from, but instead go to a stock where a company is laying off people, Cramer said.

"You should begin to look at a stock that I have long disliked," Cramer said, referring to

Intel

(INTC) - Get Report

.

"Now Intel is trying to get back to its fighting weight," he said.

Although people may not want to own Intel because they feel it has no momentum, Cramer believes that business has improved for Intel.

Cramer's Callers

Although there are a lot of people who have "taken whacks" at

Hershey

(HSY) - Get Report

, "the level of pessimism has created an opportunity," to make money off the stock, said Cramer.

"So many people have downgraded Hershey that its expectations have been wrenched here," he said.

There are so many brokers that are against Hershey that even if it reports a number that is not so hot, Cramer believes the stock will still go up.

"I would make my move and pull the trigger, and buy some Hershey right now," he said.

Cramer told the next caller he would hold

First Marblehead

(FMD)

, a leading private education lender, if he owned it.

"If I didn't own it, I would wait till it was under $50 before I made my move," he said. The stock was recently at $51.81.

When a listener asked about

Dominos Pizza

(DPZ) - Get Report

, Cramer said that if he had to buy pizza, he would buy

Papa John's

(PZZA) - Get Report

, which is best of breed.

Responding to another caller, Cramer said he would swap out of

Norfolk Southern

(NSC) - Get Report

and go into

CSX

(CSX) - Get Report

.

Although, "both are in the doghouse" right now, Cramer believes that when the

Fed

starts cutting rates, rails will start working again.

Gilead

(GILD) - Get Report

is among the best of breed in its space, Cramer told another caller.

All biotech stocks are down right now, but it's only a matter of time before they start doing well, he said. Cramer recommended holding on to it.

"

Apple

(AAPL) - Get Report

is a buy," Cramer said. "Of the stocks that I regret I don't own for my charitable trust, Apple is No. 1."

At the time of publication, Cramer was long Sears Holdings.

Jim 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

Action Alerts PLUS. Listen to Cramer's RealMoney Radio show on your computer; just click

here. Watch Cramer on "Mad Money" at 6 p.m. ET weeknights on CNBC. Click

here to order Cramer's latest book, "Real Money: Sane Investing in an Insane World," click

here to get his second book, "You Got Screwed!" and click

here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by

clicking here.

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