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Altria ( MO), one of Jim Cramer's top nine stock picks in 2007, should do very well in 2008 as the company splits into separate international and domestic companies, he told viewers on his "Mad Money" TV show on Wednesday.

On the other hand, if people decide to stick with Goldman Sachs ( GS), which Cramer owns for his charitable trust, Action Alerts PLUS , they shouldn't expect much from it, he said. Goldman is a good stock in a crummy neighborhood. Although 2008 should be the year the Fed pulls the financials out of this mess, progress will be slow, he said.

Halliburton ( HAL), he continued, should work again. However, it is more of a natural gas play, and Cramer said he'd rather viewers get into another natural gas stock -- one he will mention on Thursday's show.

Cisco ( CSCO), he expects, will be only "a marginal performer." Cramer said he prefers his four horsemen of tech -- Amazon ( AMZN), Research In Motion ( RIMM), Apple ( AAPL) and Google ( GOOG) --although he feels Amazon is a sell here.

As for NYSE Euronext ( NYX), Cramer said he believes it's going to have a great year. "Maybe people will recognize it's more of a play on Europe this year," he said. It did everything it was supposed to do, but still got beat up, Cramer said. However, under the leadership of Duncan Niederauer, the NYSE should have a good 2008.

BioMarin ( BMRN), he added, should still work as it has a good pipeline.

Before Cramer can bless Rite Aid ( RAD), he said he needs to see a couple of good quarters from it. On Level 3 Communications ( LVLT), Cramer said he likes it because video on the Web is growing. Plus, the company's CEO, James Crowe, is back after recovering from an illness.

What Worked in 2007

Even though the market was down on the first trading day of 2008, "there's always a bull market kicking around somewhere," Cramer told viewers.

The oil, infrastructure and ethanol markets, he said, are looking good, and gold is skyrocketing. Cramer said he likes Yamana ( AUY) and Barrick ( ABX) out of the gold stocks.

Last year, his 2007 stocks of the year, on average, beat the S&P, but Cramer said he learned a few lessons from these picks.

For value, Cramer said he liked Halliburton, Goldman Sachs and Altria. All of these stocks were up big.

For growth, he liked Cisco, NYSE and Apple. Here, while Apple had a stellar performance, Cisco and NYSE were down, he said.

Finally, Savient Pharmaceuticals ( SVNT), BioMarin, Rite Aid and Level 3 Communications were his speculative picks for the year, Cramer said.

The first lesson he learned from these is the importance of sticking with the winners. "As long as Apple keeps growing at 30, I'm on board," he said.

The second takeaway, Cramer said, is that the worst stocks in a strong sector can be buys. Lesson No. 3 is that slow and steady stocks can win the race. Although there was nothing exciting about Altria, this stock "beat the averages handily."

Cramer said he also wants viewers to note that high-risk stocks like biotech plays could yield a huge return.

Painful Lessons

Two of the big losers from his 2007 picks of the year were Rite Aid and Level 3, Cramer told viewers.

However, he noted that these stocks went down after rising significantly. The lesson to be drawn from this is that "when you have a gain in speculative stocks, you have to sell them," Cramer said.

Another lesson viewers can learn from his picks are that even the best stocks in difficult neighborhoods have trouble fighting the undertow. The best example here is Goldman Sachs, Cramer said. No one wanted to own the financials, even a good one like Goldman.

From NYSE, he said he learned that investors can't make money by being contrarians. Although NYSE was undervalued, Cramer said he didn't take into account how loathed it was on the Street.

The next lesson, he said, is to beware of speculative stocks with bad balance sheets like Rite Aid and Level 3.

Also, cheap tech stocks don't necessarily pay up, Cramer noted. Even though Cisco had a lower multiple compared to Apple, Apple was worth paying up for.

The market is too fickle, and predictions right now require too many people to make too many right decisions. Therefore, Cramer said he's not going to be making any broad, sweeping predictions this year. But he will continue to let people know what he's feeling could happen six to 18 months into the future.

"Learn from my mistakes in 2007 and you'll do even better in 2008," Cramer said.

Sudden Death

During the "Sudden Death" round, Cramer was bullish on Consol Energy ( CNX), Freeport McMoRan ( FCX), which he owns for his charitable trust, Yamana Gold and Barrick Gold.

Mad Mail

In his "Mad Mail" segment, Cramer told an emailer that when he mentions buying a stock on a pullback, his general preferred range is 8% to 10% of a pullback.

Lightning Round

Cramer was bullish on Raytheon ( RTN), Citigroup ( C), St. Jude Medical ( STJ), CR Bard ( BCR), Becton Dickinson ( BDX), Banco Santander ( STD), Onyx ( ONXX) and ITT ( ITT).

Cramer was bearish on Allegheny Technologies ( ATI), Thomson ( TOC), SanDisk ( SNDK), ev3 ( EVVV), Pitney Bowes ( PBI) and Wells Fargo ( WFC).

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

For more of Cramer's insights during the Lightning Round, click here .
At the time of publication, Cramer was long Altria, Goldman Sachs, NYSE Euronext, Citigroup and Freeport McMoRan.

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."

None of the information contained in "Mad Money" constitutes a recommendation by Mr. Cramer, 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, 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 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, 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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