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"Every once in a while, the market does something so stupid it takes your breath away," Jim Cramer told viewers of his "Mad Money" TV show Monday.

And when it does this, it can create a fallen angel.

A fallen angel, he explained, is a stock that deserves to trade at a higher multiple than it does.

Therefore, Cramer said he was dedicating the show to explaining how certain fallen angels have gotten to where they are, why he believes people should buy them, and what should bring them back up.

He named VF Corp. ( VFC) as his first fallen angel.

VF recently announced the sale of its "horrible" intimate apparel business for $350 million, Cramer said. He considers this a great move, as the company not only had "razor-thin margins," but now that the intimate-clothing division is gone, VF is free to "let its other higher margin businesses shine."

However, VF became a fallen angel because it said it wasn't happy with its fourth quarter even before it reported, citing a difficult retail market, Cramer said.

Consequently, market-players didn't care about the company's good news and "threw it down the pit."

The stock quickly took a 7% hit, even though it's getting out of its worst business, he said. But Cramer believes that VFC should miss its quarter by only 3 cents.

"The fallen angel will get its wings back," he said. In fact, Cramer said the stock should go back to where it was before this fiasco -- right after it reports on Feb. 6 -- and continue to climb higher.

Cramer would be a "serious buyer" of VF ahead of its earnings report.

Flight Time

Amgen ( AMGN) is another stock that has taken a hit for the wrong reasons, Cramer said.

Last week it got its wings ripped off because of headlines that said its Aranesp drug was fatal to some patients, Cramer said. But the bad headlines, which caused the stock to fall, were actually off base, he said.

The patients who died had terminal cancer and had given up on chemotherapy and radiation treatment, Cramer explained. They weren't expected to get better.

While Amgen fell in part because of the negative headlines, it also fell because it gave low guidance, Cramer said.

Amgen is notorious for being conservative with guidance, he said. Therefore, if history repeats itself, he believes that people should see an upside surprise here.

The fact that Amgen is selling like a traditional slow-growth pharma company is "crazy," Cramer said.

Forget the headline risk, because with steady earnings growth and with a new colon cancer drug and new osteoporosis drug in its pipeline, the stock has only good news ahead of it, he said.

Quest Is Cheap

Lastly, Cramer named Quest Diagnostics ( DGX), which he owns for his charitable trust, Action Alerts PLUS, as an angel that has fallen from grace.

Quest fell on news of its split with Oxford Health, he said. However, the news shouldn't have affected the stock because it was already known and should have already been built into Quest's price, he said.

Though losing Oxford wasn't great news for Quest, Cramer believes that it's time to get into the stock now.

Last week, it reported a better-than-expected quarter and has become dirt-cheap based on its own bad guidance, Cramer said. Quest is assuming it will lose all of its UnitedHealth ( UNH) business, as UNH owns Oxford. (Cramer owns UnitedHealth for his charitable trust.)

But this shouldn't happen, he said. Based on this assumption, Quest, is low-balling what its shares should earn.

Quest's guidance, estimates and bar all have been set too low, Cramer said. But the fact that it should pull off better-than-expected earnings will send the stock higher.

Cramer welcomed Jones Soda's ( JSDA) Chairman and CEO Peter van Stolk to the show. Cramer asked him if the stock's ramp should continue now that it has left Target ( TGT) and embarked on a different distribution method. (Jones' exclusive two-year canned soda contract with Target expired on Dec. 31.)

"Yes, it can," Stolk said. "Target is a great retailer, and we will continue to work with them.

Stolk said that Jones is trying to distinguish itself from other market-players by being a soda that is made with cane sugar, rather than with high-fructose corn syrup.

"Corn is for cars, and sugar is for sodas," he said.

As Jones has had a "monster move," Cramer advised people to let the stock come in before buying it.

To view Cramer's interview with Peter van Stolk, please click here.

During his "Sudden Death" round, Cramer was bullish on China Mobile and Brunswick ( BC). He was bearish on Comtech ( COGO).

Lightning Round

Cramer was bullish on Guidance Software ( GUID), Hewlett-Packard ( HPQ), Akamai Technologies ( AKAM), Allegheny Technologies ( ATI), Arris ( ARRS), Starwood Hotels & Resorts ( HOT), Hilton Hotels ( HLT), China Mobile ( CHL), PetroChina ( PTR), Penn National Gaming ( PENN) and DuPont ( DD).

Cramer was bearish on Buffalo Wild Wings ( BWLD), ATMI ( ATMI), WebEx Communications ( WEBX), Methanex ( MEOH), Harmonic ( HLIT), China Automotive Systems ( CAAS), BASF ( BF), Turkcell Iletisim ( TKC) and iRobot ( IRBT).

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 popular book by clicking here.

At the time of publication, Cramer was long Quest Diagnostics, UnitedHealth and Hewlett-Packard.

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."

None of the information contained in "Mad Money" constitutes a recommendation by Mr. Cramer, TheStreet.com or CNBC that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. You must make your own independent decisions regarding any security, portfolio of securities, transaction, or investment strategy mentioned on the program. Mr. Cramer's past results are not necessarily indicative of future performance. Neither Mr. Cramer, nor TheStreet.com, nor CNBC guarantees any specific outcome or profit, and you should be aware of the real risk of loss in following any strategy or investments discussed on the program. The strategy or investments discussed may fluctuate in price or value and you may get back less than you invested. Before acting on any information contained in the program, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.

Some of the stocks mentioned by Mr. Cramer on "Mad Money" are held in Mr. Cramer's Action Alerts PLUS Portfolio. When that is the case, appropriate disclosure is made on the program and in the "Mad Money" recap available on TheStreet.com. The Action Alerts PLUS Portfolio contains all of Mr. Cramer's personal investments in publicly-traded equity securities only, and does not include any mutual fund holdings or other institutionally managed assets, private equity investments, or his holdings in TheStreet.com, Inc. Since March 2005, the Action Alerts PLUS Portfolio has been held by a Trust, the realized profits from which have been pledged to charity. Mr. Cramer retains full investment discretion with respect to all securities contained in the Trust. Mr. Cramer is subject to certain trading restrictions, and must hold all securities in the Action Alerts PLUS Portfolio for at least one month, and is not permitted to buy or sell any security he has spoken about on television or on his radio program for five days following the broadcast.

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