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"It's time for a gigantic mea culpa," Jim Cramer told viewers of his "Mad Money" show Wednesday.

Back on Aug. 10 when a viewer asked about the NYSE ( NYX), Cramer said he was not a fan of the stock. In fact, he was not a fan of it as recently as last Monday, he said.

Now, even after Wednesday's pullback, the stock is over $70, Cramer said.

"I was wrong when I said it wasn't a buy at $57, and I would be wrong if I didn't say it was a buy at $71," he said. "I got it dead wrong, and it stands out like a sore thumb."

Cramer said he's been persistently negative on the stock because he's been looking at what it has been and not what it will be.

"I have not thought about the possibilities of what could happen here," he said.

At $57, Cramer believed that the positives were all in the stock, and that the NYSE had too much competition, he said. But "it's a sign you're wrong when you agree with the rest of the Street."

Though there are 12 analysts who are currently neutral on the stock, Cramer said he's going positive on it.

"Other players in this game have all raised prices for transactions this year," he said. "It is in an incredible position by going electronic and taking all the costs off the floor."

In addition, NYSE has revenue growth, which increased 10% to $470 million over the previous year.

"It's a recipe for one thing: earnings explosion," Cramer said. "If you look at any of the successful companies, they all looked hideous when they became for-profit. Then they made people huge amounts of money."

Moreover, Cramer believed that NYSE was going to spend too much for Euronext, but that wasn't correct thinking, he said. Cramer now believes that NYSE should buy more exchanges around the globe.

"I was wrong, and I want you in it," he said.

Buy some NYSE stock now, and buy the rest when the deal with Euronext is finalized, Cramer said.

Snap Back

Cramer welcomed New York Giants kicker Jay Feely to the show.

What most people don't know is that Feely is not just an NFL player, but also a 'go-to guy' for financial advice," Cramer said. He asked him what advice he gives people about the market.

Feely said it was "a blessing" for him not to get into the NFL right away, because he got the chance to spend two years as a financial adviser and is now the Giants' "resident financial adviser."

Because his teammates don't have the knowledge base or the time to follow the market closely, Feely said he usually suggests that they maximize their 401(k)s and stresses the importance of diversifying to "limit risk and take advantage of growth in the market."

When Cramer asked why Feely believes that it's important to have a mix of speculative and blue-chip stocks, "You have to stay entertained," Feely said.

"I have my bedrock and try to invest in mutual funds, but I also try to invest in small-cap stocks," Feely said.

After gaining a profit, Feely said he takes out his cost basis and allows the rest to run, moves which Cramer applauded.

Feely offered a tip for new investors who want get into the stock game. "Start early and be disciplined," he said, regarding how much disposable income a person should invest.

Feely told Cramer, a Philadelphia Eagles fan, that the Giants have "enough talent to come back and win the division." The Giants beat the Eagles in an overtime thriller two weeks ago, but suffered a disappointing loss to the Seattle Seahawks onSunday.

Once outside, Feely showed Cramer how to place-hold a football for Feely to kick.

To view Cramer's interview with Jay Feely, please click here.

Holding Fast

A viewer tried to get Cramer to change his mind on Level 3 Communications ( LVLT) by saying that Cramer should have recommended Cogent Communications ( CCOI - Get Report) instead.

Although both companies' stock's charts look like they're the same, Level 3 should go up more than Cogent, Cramer said. "Though both supply bandwidth, which might be in short supply, it's not that simple," he said.

"Cogent is a roll-up of bad properties," Cramer said. "They issue stock to buy a lot of things."

Moreover, Cogent has a second-tier network, and it could take a big hit if uncommitted shareholders take profits, he said. Meanwhile, Level 3 is getting rid of debt, which is reassuring, Cramer said. Additionally "it has the best management in the industry."

Level 3 is a tier-one company and "a better long-term play," he said.

All the companies in this space consider one another as peers and "don't mess with one another" when dealing with Internet traffic, he said.

But "at this point, everyone hates Cogent," Cramer went on to say. "Cogent's upside is limited, and Level 3's isn't."

That's why Cramer said he's sticking with Level 3, as it could double in 18 months.

In his "Mad Mail" segment, Cramer told a viewer that Nektar Therapeutics ( NKTR - Get Report) is a played-out story, even though he "wishes that weren't the case." On the other hand, NightHawk Radiology at $19 is still a buy, he said.

Lightning Round

Cramer was bullish on THQ ( THQI), Consolidated Edison ( ED), Exelon ( EXC), TXU , Sears Holdings ( SHLD), JC Penney ( JCP), Cisco Systems ( CSCO), DynCorp ( DCP), Intermec ( IN), USG ( USG) and McDonald's ( MCD).

Cramer was bearish on FPL ( FPL), Mitsubishi UFJ Financial ( MTU), Hansen Natural Phelps Dodge , Jos. A Bank Clothiers ( JOSB), JDSU ( JDSU), Diana Shipping ( DSX) and Jabil Circuit ( JBL).

In the "Sudden Death" round, Cramer was bullish on Dynegy ( DYN).

For more of Cramer's insights during the 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 Sears Holdings.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on Mad Money are his own and do not reflect the opinions of TheStreet.com 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 TheStreet.com, 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 TheStreet.com is related to the specific opinions expressed by him on "Mad Money."

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