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Market players can come back from a day like Friday when the Dow was down 366 points by buying the cheapest stocks that don't need to recover, Jim Cramer told viewers on his "Mad Money" TV show on Monday.

By cheap, Cramer means stocks that are a bargain relative to their earnings and growth.

Cramer's first cheap recovery play is Google ( GOOG). It may sound crazy but he believes Google is cheap at $650, because its share price means nothing.

Despite posting "blowout" earnings on Thursday, the stock is still not at its 52-week high and should go higher, he said.

"It had an awe-inspiring quarter," with 57.3% revenue growth, he said, noting it has what he calls "scarcity value."

The real secret behind Google is that it is a "value proposition" for its users and its advertisers, he said. In addition, it's making big bucks in, it's a "rest-of-the-world" stock and it's not exposed to the subprime mortgage crisis.

On Wednesday, when Google is holding an analyst day, Cramer said analysts should rave about the stock and, even possibly, raise estimates. It's "inexpensive and undervalued" and people should consider getting in Google before its analyst meeting, he said.

Intuitive Surgical

Intuitive Surgical ( ISRG) is another stock that reported a fabulous quarter last week and did not go as high as it should have, Cramer told viewers.

"I have liked this stock from day one," he said. Many people are turned off by Intuitive Surgical because they don't know what it does, Cramer said. These people panicked on Friday and helped keep the stock down.

Intuitive Surgical makes surgery less invasive, which means people get in and out of the hospital faster, Cramer explained. Cost containment in health care is one of the best trends around, he said, and insurers and patients are powering it.

One of the reasons the company beat its quarter "so handily" is that people don't understand its business model, he said. It may make some really high-tech gear, but at the end of the day, its business model is like Gillette's razor-blade model.

People think the company will run out of growth sooner or later because it won't have any place left to sell its machines, but this is just the beginning for Intuitive, Cramer said. However, Cramer said that when all of its machines are in place, that's when its growth will go up more and more.

Places that use the machines to perform a surgery need to buy disposable add-ons, he explained. This is where Intuitive Surgical makes its money, just like Gillette makes its money with its disposable razor blades.

The only thing not to like about Intuitive is its $285 price tag, but that's just an "illusion," Cramer said. This stock has "king growth" and should go higher. He set his new price target for Intuitive at $358.

Sticking with Schering-Plough

Cramer told viewers he's been reading through Microtrends: The Small Forces Behind Tomorrow's Big Changes by Mark Penn, and it has helped him think of Schering-Plough ( SGP) as a stock worth considering.

Skin cancer, he said, is the most common type of cancer and its mortality rate is up 50% since 1970s, but most people are not aware of this.

Cramer said he's liked Schering as a turnaround story for a while, but today the stock got pummeled. Its cholesterol division was flat and the Street was looking for more growth. However, Cramer said he's leaning toward believing it's an entry point to get into the stock because it has many phase III drugs in the works, including one for prostate cancer and one for female infertility. "These could be huge," he said.

That said, Cramer welcomed CEO Fred Hassan to the show and asked him what went wrong with the stock.

"Today is no different than yesterday, and this is what I call the no-guidance effect," Hassan said. "Having a no-guidance policy, there are some quarters where there is an undershoot and some quarters when there is an overshoot."

It's all relative to what people see in the company, he continued. However, Schering is "a long-term story," and if market players compare the company to its peers, they'll see what Schering's all about, Hassan said.

Further, he believes Schering is "going to be transformed" with its acquisition of Organon BioSciences, the human and animal health business of Dutch chemical firm Akzo Nobel.

Cramer said he's sticking with Hassan, calling the chief executive "a moneymaker."

Seaspan a Good Bet

Next, Seaspan's ( SSW) Gerry Wang joined Cramer on his show, where the chief executive said he feels "very good" about his company's growth.

Wang said he has seen demand in the container shipping industry increase by more than 10% in the last 10 years and expects continued growth. Moreover, Seaspan's fixed rates insulates the company from the volatility of market rates, he said.

Cramer said he still prefers dry bulk shipping, but believes "Wang has a good one in Seaspan."

Lightning Round

Cramer was bullish on Celgene ( CELG), eBay ( EBAY), Halliburton ( HAL) and Under Armour ( UA).

Cramer was bearish on Sangamo Biosciences ( SGMO), Virgin Mobile ( VM), Superior Energy Services ( SPN), Amtrust Financial Services ( AFSI) and Charter Communications ( CHTR).

During the "Sudden Death" round, Cramer was bullish on Cypress Semiconductor ( CY). He was bearish on Unit ( UNT).

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

For more of Cramer's insights during the Lightning Round, click here .
Jim Cramer is a director and co-founder of He contributes daily market commentary for's sites and serves as an adviser to the company's CEO. Outside contributing columnists for and, 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 Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. Click here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click here to order his 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." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here. has a revenue-sharing relationship with Traders' Library under which it receives a portion of the revenue from Traders' Library purchases by customers directed there from

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