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"The Cramerican Field Guide says keep buying health care," Jim Cramer told viewers of his "Mad Money" TV show Wednesday.

He urged viewers to not bottom-fish the financial stocks, but instead invest in health care, the only sector that's immune to rising oil costs, political fears and slumping consumer sentiment.

Cramer said that while the healthcare stocks may not be doing better than they were before, they offer consistent and predictable earnings, which is exactly what Wall Street is looking for. "These stocks allow money managers to sleep at night," he said.

Cramer recommended Becton Dickinson ( BDX) as another of his favorite healthcare names. The company manufactures syringes, needles and other surgical supplies and also has a diagnostic division.

Cramer last recommended Becton Dickinson on April 30, 2006, along with CR Bard ( BCR) and Baxter ( BAX).

While Becton has been the worst performer of the three, up only 3% since the recommendation, Cramer said he'd be a seller of Baxter and would move any profits in that stock into Becton.

Cramer: Wachovia's Survival Plan

Becton Dickinson derives 55% of its sales overseas, which Cramer said shields it from U.S. economic woes. The company is down from its 52-week high of $93 a share in January to just $81 today, a perfect entry to pick up the stock, he said.

Cramer said much of the stock's decline has been due to fears that higher oil prices adversely affect the cost of resins the company uses for its products. But Cramer said it's a mistake to treat a medical company like a chemical company and feels these worries have been overdone.

The 3G-iPhone Bounce

While the launch of Apple's ( APPL) new 3G iPhone just days away, Cramer said it's preposterous that shares of AT&T ( T), the iPhone's lone carrier, are in the low $30's.


"Does anyone need to explain how great this product is anymore," said Cramer. "I believe this new phone is going to sell."

He noted that AT&T has lowered its earnings expectations ahead of the launch, making the estimates that much easier to exceed next quarter. Cramer said he would trim any position in Apple ahead of the launch and roll those profits into AT&T which currently yields 6%.

Cramer said despite subsidizing the initial purchase of the iPhone, AT&T is poised to make even greater profits over the life of the contract, with higher priced data plans and additional charges for SMS messaging.

AT&T trades at 10 times its 2009 earnings, while competitor Verizon ( VZ) trades at 12.4 times its estimated 2009 earnings. Cramer said that makes AT&T cheap in his book.

Am I Diversified?

Cramer reviewed the portfolios of callers to see if their portfolios have what it takes. The first caller's portfolio included Apple ( AAPL), Goldman Sachs ( GS), Petrobras ( PBR), Visa ( V) and Valero ( VLO).

Cramer identified two pair in this portfolio and advised selling Visa for a drug company and Valero in favor of a defensive food play.

The second caller's top holdings included Deere & Co ( DE), El Paso ( EP), Quanta Services ( PWR), Freeport McMoran ( FCX) and Yamana Gold ( AUY).

Cramer said both Freeport and Yamana are two-of-a-kind and advised selling one in favor of a defense stock.

Mad Mail

In this segment, Cramer told a viewer that both Oil States ( OIS) and Gulf Island Fabrication ( GIFI) are good high-tech oil stocks, but he's not a buyer until the retreat in the market is over.

Cramer told a second viewer that with Cisco ( CSCO) forecasting slower sales, stocks like Blue Coat Systems ( BCSI) should be avoided.

Cramer told a third viewer that he's not a buyer of Tata Motors ( TTM) despite their alternative fuel vehicles.

Lightning Round

Cramer was bullish on First Solar ( FSLR)and Costco ( COST).

Cramer was bearish on Evergreen Solar ( ESLR), Johnson Controls ( JCI), Gran Tierra Energy ( GTE), Office Depot Inc ( ODP), Martin Marietta Materials ( MLM)and Exxon Mobil ( XOM).

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 Deere & Co., El Paso, Quanta Services 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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