Bullish on Citigroup

In his "Eureka Moment" segment, Cramer said the sellers of Citigroup ( C) are in the wrong.

Cramer acknowledged that Citigroup has issues with mortgage and credit card risk, along with every other bank, and that the government's 34% stake in the company, along with FDIC chairman Sheila Bair's relentless attacks on the company, are indeed worrisome.

But Cramer believes the government will be selling its stake as quickly as possible after Sept/ 10, the first day its allowed to sell. He said once the government exits, things will be looking up for Citi, and that's why he remains bullish on the stock.

Lightning Round

Cramer was bullish on Johnson & Johnson ( JNJ), Bristol-Myers Squibb ( BMY), Bunge ( BG), Time Warner ( TWX) and Bank of America ( BAC).

He was bearish on Tenneco ( TEN), Archer-Daniels-Midland ( ADM), News Corporation ( NWS), Allegheny Technologies ( ATI) and Harman International ( HAR).

-- Written by Scott Rutt in Washington

Check out the latest edition of "Cramer's Take on Top-Searched Stocks" on Stockpickr.

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For more of Cramer's insights during the Lightning Round, click here .
At the time of publication, Cramer was long Cisco, Qualcomm, Bristol-Myers Squibb, Bank of America.

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