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The main challenge for many investors is to find stocks that are good investments even though the market has had a big run, Jim Cramer told viewers of his "Mad Money" TV show Thursday.

There are not a lot of stocks he can call cheap, Cramer said, but luckily for his viewers, he's found a sale in the supermarket stocks. A few of the supermarket plays deserve to be cheap because some are falling apart and shouldn't go higher anytime soon, he said. But there's one that's cheap and good.

"My supermarket of choice is Kroger ( KR)," Cramer said, calling the stock a "serial outperformer." Kroger's earnings per share not only came in 4 cents above average, but the company also raised guidance.

This is not what the Street expected, he said. Market players thought the supermarkets were in trouble because of inflation and competition. But inflation is under control, Cramer said. And Wal-Mart's ( WMT) strategy is "failing" because no one wants to shop at a big-box retailer for food, he said.

Kroger is going head to head with Supervalu ( SVU) stores, and while Supervalu looks cheaper, it is "a value trap," Cramer said. Supervalu's future value is declining.

Meanwhile, Kroger is "firing on all cylinders" with an improved presentation and more upscale products, he said. Plus, the company bought back 3% of its shares outstanding last quarter and it has better than expected margins and they expect them to go higher, Cramer said. "That's not something you want to miss."

Starent in His Eyes

This week, Cramer's taking a first look at overlooked initial public offerings. So far in his five-part series, he's suggested people consider buying Dolan Media ( DM), comScore, ( SCOR) and Athenahealth ( ATHN).

Before recommending his overlooked IPO for the day, Cramer advised viewers to wait for a pullback when looking at these stocks because a lot of them "have gotten pricey," he said. If the stocks don't come down, don't buy them, he stressed.

Moving onto his overlooked IPO pick of the day, Cramer highlighted telco name Starent Networks ( STAR).

Starent, he said, is a great story. It has technology that is the backbone for sending photos, watching videos or playing games on your phone, Cramer explained. Some of its biggest clients include Verizon ( VZ), Sprint Nextel ( S) and Vodafone ( VOD).

The company came public on June 5 and is up about $10 a share since then, but Cramer believes it could be the next Qualcomm ( QCOM).

In a slowing economy where fewer and fewer companies are displaying good growth, Starent has a long-term growth rate of 57%, he said. It has great growth and superior technology, but "the price isn't quite right," Cramer said. Therefore, wait at least a week if not more for a pullback in this stock, he warned. "And if it doesn't come in, take a pass."

For people who are really eager to get in, Cramer suggested buying 25 out of 100 shares now and buying the rest on a pullback.

Macquarie Bank Flies Solo on 'Sell Block'

Cramer devoted his entire "Sell Block" segment to selling one stock: Macquarie Bank ( MBL).

First, Cramer clarified that while Macquarie has not done anything illegal, it has done something that makes him "uncomfortable." Therefore, he said, it's time to take the gain in the stock and sell it, especially if people bought it off Cramer's recommendation. He said he doesn't want any association with it.

Jim Chanos, the noted early critic of Enron who has done "high-quality work all his career," is now shorting Macquarie, Cramer explained, and his reasons for doing so are compelling.

Macquarie, he said, buys big infrastructure assets, and according to Chanos, the bank "dramatically overpays" for its purchases and uses debt to buy them. What's more is that Macquarie itself doesn't own the assets; it creates funds that own them. Macquarie manages the funds and makes management fees and banking fees on the deals, Cramer said.

There's no saying how much debt the bank is in because Macquarie doesn't have to record it on its books, as the debt is on its funds. "The debt is there, but not there," he said. "It's in the funds."

"We've made really good money here, but now it's time to take it off the table and forget about it," Cramer said.

Hansen Medical House Call

Cramer welcomed Dr. Frederic Moll, Hansen Medical ( HNSN) founder and CEO to the show.

Currently, Hansen is building a presence in the big, growing market of electrophysiology with robotic catheters, Dr. Moll said. The company recently entered into a development and co-marketing relationship with St. Jude, where both will sell the Sensei robotic catheter system, he said.

The chief executive said he is very excited about the platform and entering into the new market.

Wait for a pullback, but then buy this stock, Cramer told viewers.

Lightning Round

Cramer was bullish on Merrill Lynch ( MER), Barrick Gold ( ABX), ValueClick ( VCLK), National City ( NCC), Huntington ( HBAN), Corning ( GLW) and Enbridge ( ENB).

Cramer was bearish on Ruth's Chris Steak House ( RUTH), Cree ( CREE), Brunswick ( BC), Northgate Minerals ( NXG) and First Bancorp ( FBP).

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

'Sudden Death'

During the "Sudden Death" round, Cramer was bullish on Intuitive Surgical ( ISRG), Companhia Vale do Rio Doce ( RIO) and China Mobile ( CHL).

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

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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