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It's time to buy I-Flow ( IFLO), Jim Cramer told viewers of his "Mad Money" TV show Friday.

The medical device company has a great concept and there are good reasons to buy the stock, he said, but those reasons really have begun to matter only now.

"It has a great story, but it didn't become compelling until it got a major haircut and became a bargain hunter's dream," he said.

I-Flow has a product that hospitals, patients and doctors all liked, but the stock has been too expensive, he said.

But then the company missed the consensus Wall Street revenue estimate by 4% and the stock dropped to $13.50. Cramer called the results a little disappointing, but not enough to justify the sharp drop in price.

I-Flow wasn't owned by growth junkies or people who could take a small revenue miss in stride, he said. "They panicked, plain and simple ... a terrible way to invest and a terrific way to lose money."

Cramer said that now could be the time for investors with cooler heads to buy I-Flow, whose main product is a pump called the ON-Q pain relief system. This post-operative device automatically delivers a continuous infusion of a local anesthetic for up to five hours directly to the treatment area, and it's being used with just about every type of procedure, he said.

This means that the patient is out of the hospital earlier, which hospitals and insurance companies like, he added.

SHOO Addict

If you need a new pair of shoes, the one that Cramer likes is Steve Madden ( SHOO).

He said that the company is best of breed in the midprice shoe space as it conquers those markets where people are tired of sneakers.

Steve Madden shoes are a little pricier, a little fancier but still casual, he said, and the company has a retail arm so it can sell its own merchandise.

But, Cramer said, this is a tarnished company. The company founder Steve Madden was sent to prison in 2002 for securities fraud, an event that many believed would signal the end of the company.

But the stock puttered along for three years, and Madden's return to the company has revived the stock, he said.

Cramer said that this stock is about investing in conspicuous consumption, as shoppers who want to look high-end without breaking the bank will buy its products.

And he believes that despite the fact that the stock is up 45% since early August, it's not too late to get on board.

Steve Madden's second-quarter results came in at the high end of its guidance and its gross margin rose 11 percentage points relative to its sales, he said. Also, inventory was down 17%, a good sign in the clothing and apparel businesses.

A caller wanted to know if Brown Shoe ( BWS) can compete with Steve Madden in the midprice shoe space. Cramer said that the trend is about casual shoe wearers turning to slightly more formal, slightly pricier options.

The world is big enough for both, he said.

Optical Illusions

"Sometimes investors really just jump the gun," Cramer said, citing the end of the tech bubble when everyone piled into high-speed optical network stocks.

Nearly every one of those companies neared $100 and then plummeted near zero, he said.

"But that doesn't mean that the people who were overly enthusiastic were wrong," Cramer said. "They just had awful timing.

"In this game, it's better to have great timing than to be right."

He believes that the time is finally right for all those high-speed optical network plays, including his favorites Bookham ( BKHM), JDS Uniphase ( JDSU) and Ciena ( CIEN).

Cramer said he wanted to add MRV Communications ( MRVC) to the list, despite the fact that the stock plummeted from $91 to $3 after the tech bubble burst.

Over 70% of MRV's sales come from Europe, he said. But the real reason he likes the company is because of the numbers.

He said that estimates for the stock are way too low. Gross margins were at 0% in the third quarter, but jumped to 20% in the fourth.

MRV Communications said it could see 30% sequential sales growth in its optical business in the first quarter of this year, Cramer added.

FTTP sales, meaning the fiber optic network used in homes in business, have been strong, he said, and he believes they will be stronger going forward.

And finally, Cramer said that MRV Communications is a momentum play. It started the year at $2 and is up 60%. "If you get momentum sickness, I think you should avoid this one," he said.

Arch Chemicals

Finally, Cramer interviewed the CEO of Arch Chemicals ( ARJ), Michael Campbell.

Campbell said that the Environmental Protection Agency just gave the company permission to market in the U.S. its Purista, a treatment that helps prevent odor buildup in fabrics.

He added that his company has had success with Purista in Europe, and that the product will soon be available in major retailers like Wal-Mart.

Campbell said that Arch Chemicals is a biocides company, and that it has high hopes for its water chemical business.

Arch's water chemical business has "stunk in terms of profitability," Campbell said, noting that it turned in a 2% margin last year.

Water represents a third of the company, and Campbell said that the company is actively implementing a plan to drive top-line results and margins higher.

Lightning Round

Cramer had a correction. During Wednesday's lightning round, he mistakenly said that ValueClick ( VCLK) owns Linkshare. In fact, ValueClick competes with Linkshare.

Cramer was bullish on: Pioneer Drilling ( PDC), Yahoo! ( YHOO), Concur Technologies ( CNQR), Crown Castle ( CCI), JDSU ( JDSU), Ciena ( CIEN), Bookham ( BKHM), Crocs ( CROX), Broadcom ( BRCM) Marvell ( MRVL) Pacific Ethanol ( PEIX), Archer Daniels Midland ( ADM), BHP Billiton ( BHP), Motorola ( MOT), Grey Wolf ( GW), Schlumberger ( SLB), Halliburton ( HAL), Nabors ( NBR)and Starbucks ( SBUX).

Cramer was bearish on: Intel ( INTC), Tyson Foods ( TSN), Charles & Colvard ( CTHR), Palm ( PALM), Frontline ( FRO), United Microelectronics ( UMC)and Silicon Motion Technology ( SIMO).

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

Want more Cramer? Check out Jim's rules and commandments for investing from his latest book by clicking here.

At the time of publication, Cramer was long BHP Billiton, Halliburton, Yahoo!.

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."

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