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"I know I have let down my viewers," Jim Cramer told viewers of his "Mad Money" TV show Monday.

He apologized to viewers for standing behind Schering-Plough ( SGP), a stock which he owns for his charitable trust, Action Alerts PLUS.

3 Stocks I Saw On TV

The stock lost nearly 26% of its value on Monday after the company's anti-cholesterol drug was harshly criticized at a cardiology conference.

Cramer, who got behind Schering early largely because of company Chairman and CEO Fred Hassan, welcomed Hassan to the show to ask him what the company was going to respond to the bad news.

Hassan defended the company, saying Schering's products and outlook remains the same. He was frustrated that a scientific forum was not conducted to evaluate the drug.

Hasssin said that he still stands behind Vytorin, although the company has pulled much of the advertising for the drug while it reevaluates the situation.

Regarding Schering's likely earnings hit later this year, Hassan said he is focused on shareholder value and "will take tough actions" to remain profitable.

He noted that Schering is not a one-drug company, noting the strength in the company's other drugs, Remicade and Organon.

Asked to comment on the company's reluctance to offer earnings guidance, he said that Schering's philosophy is to always use caution when all of the data is not available, and that includes earnings.

Cramer said that while he felt that Schering's stock is now "ridiculously cheap," he advised investors to do their own homework and decide for themselves whether or not to continue investing in the company.

Bank on Peru

Cramer traveled to the country of Peru for his latest international stock pick.

According to Cramer, up to 20% of investors' portfolios should be invested internationally, and he feels Peru is an attractive place to invest because of its 5.4% gross domestic product growth and 2.3% inflation rate.

The Peruvian economy is on fire, says Cramer, due largely in part to a surge in mineral prices around the globe which has helped the resource laden country prosper in recent years.

Cramer recommended Credicorp ( BAP - Get Report), a Peruvian banking and insurance powerhouse, as a proxy for Peru's growth and prosperity.

The company recently reported 10% loan growth in the past quarter and 40% loan growth throughout all of 2007. "Credicorp is the polar opposite of U.S. banks," said Cramer. "They don't have sub-prime loans down there."

Cramer also likes Credicorp for the company's cheap valuation: It trades at 11.4 times 2008 earnings estimates. He said the company deserves a premium for its excellent management and growth outlook.

A Natural Gas Bonanza

"How would you like to steal some natural gas?" Cramer asked viewers right before recommending Atlas Energy ( ATN) as one of the most undervalued energy stocks in the market.

Atlas is not just undervalued, it's "criminally undervalued," he said, adding Atlas has humongous, yet unrecognized, reserves of natural gas in the Appalachian Mountains, primarily in Pennsylvania.

The company currently has 897 billion cubic feet of published reserves, enough to last about 27 years. And the company recently announced the potential of an additional 4.6 trillion cubic feet Appalachia, which has all but gone unnoticed by Wall Street.

Cramer reiterated that this most recent announcement would constitute a five-fold increase in the company's reserves, and even if a fraction of that amount is actually realized, Atlas should profit handsomely.

He estimated the value of the company's Appalachian real estate alone to be worth $386 million, even before taking into account the gas that may be underneath it.

He called Atlas a screaming buy, noting the company's 7.4% dividend yield as a way of "getting paid" until the rest of Wall Street recognizes the potential.

Mad Mail

In this segment, Cramer said he prefers Enterprise Partners ( EPD) over NuStar Energy ( NS) as the best oil and gas pipeline play.

Sudden Death

Cramer was bullish on ITT Industries ( ITT - Get Report).

Cramer was bearish on AT&T ( T - Get Report)and Sterlite Industries ( SLT).

Lightning Round

Cramer was bullish on First Solar ( FSLR), Kinder Morgan ( KMP), Kansas City Southern ( KSU), CSX Corp ( CSX), Union Pacific ( UNP), Frontline ( FRO), AFLAC ( AFL), Arch Coal ( ACI)and Peabody Energy ( BTU).

Cramer was bearish on Suntech Power ( STP), ITT Educational ( ESI), Wachovia ( WB), Motorola ( MOT), Genco Shipping ( GNK), Transocean ( RIG)and Google ( GOOG).

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 Schering-Plough.

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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