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"Don't be fooled thinking you missed the boat" on Celgene ( CELG) "when it's still in port waiting for you," said Jim Cramer on his "Mad Money" TV show Tuesday.

Celgene rose 10% Monday when word leaked that its Revlimid drug for myelodysplastic syndromes (MDS) does not have the safety concerns people feared. Celgene goes before a Food and Drug Administration panel Wednesday to seek approval for Revlimid.

Banking on Biotech

Cramer said that analysts are beginning to downgrade the stock ahead of the panel meeting, believing that all the good news is priced in.

"That logic is wrong," said Cramer, adding that biotech stocks often run in anticipation of FDA approval, but they can run after approval is granted as well.

Cramer said he would buy Celgene ahead of the FDA panel meeting -- and afterward -- if more analyst downgrades were forthcoming.

A caller asked how one should go about doing "homework" on biotech stocks. "It's not easy," said Cramer. If one doesn't have the time or inclination, Cramer recommends owning a biotech exchange-traded fund or the ( FBIOX) Fidelity Select Biotechnology fund.

Another caller asked Cramer what he thought of Celgene's prospects for the long term. Cramer said long term he preferred Amgen ( AMGN) and Genentech ( DNA). Celgene is an intermediate-term play, he said.

Another caller asked how much revenue Revlimid would generate for Celgene. Cramer said he expected $250 million in sales the first year and "maybe more later," as the drug's use expands to other indications.

Lumberjacking

"It looks like we're headed for a lumber shortage," said Cramer. "We need all the lumber we can get our hands on in order to rebuild," in the wake of Hurricane Katrina.

The lumber business has been "awful" for a very long time, said Cramer. So, it's important to be selective. Cramer was bullish on Plum Creek Timber ( PCL), Georgia-Pacific ( GP) and Weyerhaeuser ( WY).

Plum Creek has 7.8 million acres of trees, pays a 4% dividend, is organized as a real estate investment trust and makes its money selling land. "I think if we get a nasty lumber shortage, the property becomes a lot more valuable," said Cramer.

Georgia-Pacific is the "beauty pageant winner" because, according to Cramer, it's the most visible brand in the lumberyard. "As soon as the lumber shortage starts getting more press, you can count on everyone to jump into Georgia-Pacific. It's obvious, and it's easy," he says.

Weyerhaeuser is the "one I would buy," though, said Cramer. It's the "one I would do a 'mon back* for."

Weyerhaeuser has reported "good quarters" recently. "It's actually been doing well. They've been making money and beating expectations -- the only guy in town doing that," Cramer notes.

Cramer said Weyerhaeuser's estimates are down for next year vs. this year, as people had expected demand for lumber not to be as strong next year. But Hurricane Katrina changed all that, said Cramer, who believes that those estimates will prove too low.

"That's when stocks start flying -- when estimates go higher, which is why I want you to buy Weyerhaeuser sooner rather than later."

Fit to Print and Buy?

MarketWatch.com senior columnist Herb Greenberg joined Cramer to talk about newspaper stocks. Greenberg has written favorably about those stocks, and Cramer is decidedly bearish.

Greenberg said his best source on newspaper stocks, mutual fund manager Bob Olstein (who owns Tribune ( TRB) and Knight-Ridder ( KRI)), believes that Cramer is wrong to be bearish on newspaper stocks.

Greenberg pointed to the companies' "phenomenal" cash flow and said he believes that there will be industry consolidation lest "some of these go down the tubes."

He said that newspapers are still " the big mass media" in local markets, adding that it's "something advertisers are still paying for."

Cramer remained unconvinced, however, arguing that younger generations are not reading newspapers but instead are getting their news from the Internet.

Omnivision Technologies ( OVTI) is a stock Greenberg says is too high and going lower.

Greenberg said that even though OVTI's recent quarter looked good on the surface and the company raised guidance, "they were able to raise guidance because they lowered their tax rate.

"Earnings quality has been a big issue at this company for a long time," Greenberg said, noting that the company got one-third of its pretax profits from the sale of previously written-off inventory. "That means their margins were not as high as they were."

Cramer summed up the conversation by saying that Greenberg is "very wrong about newspaper stocks" and "very right, I think, about that inventory issue over at OVTI."

After the break, Cramer returned to his bearish newspaper theme, saying of Dow Jones ( DJ) that "having a good product doesn't mean you have a good stock.

"The family that controls Dow Jones has consistently prized good journalism over good business.

"Why would you want to get involved with that?" Cramer asked.

Cramer said the main reason people have been interested in Dow Jones is because they are hoping for a takeover. But that never happens, he said.

"They don't care about it. They care about excellent journalism." This kind of thinking won't change, he added.

"That's fine, but stay away from the stock," he advised.

Cramer was also bearish on Knight-Ridder, which he said is "the best house in an unbelievably bad neighborhood." Cramer added that the company "came out with terrible news today."

"Go read the papers, but stay away from the stocks," he iterated.

Cramer wrapped up by saying that Google's ( GOOG) stock offering will price Wednesday night.

He thinks demand is "incredibly strong." His target is still $350 by year-end, "but at this pace, it's going to get there by quarter's end."

Lightning Round

Bullish

Cramer was bullish on Best Buy ( BBY), Prudential Financial ( PRU), MetLife ( MET), First Marblehead ( FMD), XM Satellite Radio ( XMSR), Sirius Satellite Radio ( SIRI), IntraLase ( ILSE), Aramark ( RMK), Alliant Techsystems ( ATK), Ameritrade ( AMTD), Charles Schwab ( SCH), Distributed Energy Systems ( DESC), Capstone Turbine ( CPST), Research In Motion ( RIMM), TXU ( TXU) and Schlumberger ( SLB).

Bearish

Cramer was bearish on EarthLink ( ELNK), Novell ( NOVL), Hudson City Bancorp ( HCBK), Sigma Designs ( SIGM), RadioShack ( RSH), Medarex ( MEDX), Restoration Hardware ( RSTO), Red Hat ( RHAT), Palm ( PALM), Orbital Sciences ( ORB), Seagate Technology ( STX), Nektar Therapeutics ( NKTR) and Pfizer ( PFE).

*For all you home-gamers, a 'mon-back opportunity means Cramer would back up the figurative truck and load up on a stock.

1. Pigs Get Slaughtered 2. It's OK to Pay the Taxes
3. Don't Buy All at Once 4. Buy Damaged Stocks
5. Diversify to Control Risk 6. Do Your Homework
7. Don't Panic 8. Buy Best-of-Breed
9. Defend Some Stocks 10. Don't Bet on Bad Stocks
11. Own Fewer Names 12. Cash Is for Winners
13. No Regrets 14. Expect Corrections
15. Know Bonds 16. Don't Subsidize Losers
17. No Room for Hope 18. Be Flexible
19. Quit When Execs Do 20. Patience Is a Virtue
21. Be a TV Critic 22. When to Wait 30 Days
23. Beware the Hype 24. Explain Your Picks
25. Find the Bull Market
At the time of publication, Cramer was long Commerce Bancorp, Alliant Techsystems and Aramark.

James J. 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 ActionAlertsPLUS. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here. 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."