Jim Cramer was bullish on TreeHouse Foods ( THS) and Taiwan Semiconductor ( TSM)on his "Mad Money" show Wednesday night. Both stocks traded higher Thursday.

On Thursday, shares of TreeHouse Foods closed higher, up $1.49, or 5.59% to $28.19. Shares of Taiwan Semiconductor closed higher too, up $0.25, or 2.89% to $8.91.

Cramer interviewed Sam Reed, CEO of private label food maker TreeHouse, to find out if people really are choosing lesser expensive grocery products to save money.

Reed confirmed Cramer's thesis, saying in general, private label products are enjoying accelerated growth. Also, even though the company has been hit with a rise in input costs, Reed said they've been actively managing other costs and improving efficiencies.

Reed said TreeHouse will see the benefits of falling commodity prices in the second half of 2009, has a strong balance sheet and is ready to expand.

Cramer said even though TreeHouse management is delivering, it appears the stock is still stalled. "That smells like opportunity to me," he concluded.

Regarding Taiwan Semiconductor, Cramer said the company is the perfect way to play the Chinese economic recovery and stimulus package.

Tuesday, Taiwan Semiconductor, which makes chips for industry giants like Qualcomm ( QCOM) and Intel ( INTC), is seeing strong demand from China. On the heels of a big partnership deal with Intel, Cramer said Taiwan Semi may look expensive at 27 times earnings, but noted that P/E ratios are the wrong metric to use.

He said the company's price-to-book value is the ratio to use, and using that metric, Taiwan Semi still has room to run.
At the time of publication, Cramer had no positions in the stocks mentioned.

Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, 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.

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