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NEW YORK ( TheStreet) -- "Sometimes the best game plan is to do nothing," Jim Cramer told the viewers of his "Mad Money" TV show Friday. Using history as his guide, Cramer said this holiday season will be a profitable one for investors. Cramer said over the next two weeks, two time-honored traditions will be played out on Wall Street: defense and restraint. He explained that in order to post the best possible gains for the year, big money managers will be playing defense for the rest of the year, defending their positions and bolstering stocks wherever possible. Similarly, the research analysts will be showing restraint, not issuing any major downgrades, the kind of negative news that would offend the largest of brokerage clients.
Speculation FridayFor "Speculation Friday," Cramer told viewers that even the worst of companies can turn into treasures, if the price is cheap enough. He said that even a company that's loathed and despised by the markets can have some upside, once it reaches the bargain bin. Such is the case with the prepaid wireless carrier MetroPCS Communications ( PCS). Cramer said this stock is in an awful, cutthroat business, but its shares have already fallen 50% year to date, and are down around $7 a share from a high in 2007 of more than $40. >>Bull or Bear? Vote in Our Poll
Executive DecisionIn the "Executive Decision" segment, Cramer spoke with Keith Jackson, CEO of ON Semiconductor ( ONNN), a chipmaker that's delivering strong earnings in what's supposed to be a weak economy. Jackson explained that his company's strength has come from two areas, strength in Asia and increased unit sales driven by lower-priced consumer electronics. He said that at ON Semiconductor, their goal has always been to lower their costs faster than the market can lower prices, and that trend continues today, as the company posts strong gross margins as well as sales. When asked about the company's recent acquisition of the low-margin California Micro Devices ( CAMD), Jackson explained that the company fits perfectly into ON's infrastructure, which will give California Micro Devices substantial cost reductions, thus improving its margins and business overall. When asked about the company's finances, Jackson noted that each quarter the ON Semiconductor looks at its available cash and decides where best to put it to work. The company has both made acquisitions and issued stock buybacks in the past, but recently bought back its high interest bonds at sizable discounts, allowing the company to remove them from their balance sheet. Cramer said the case for ON Semiconductor is still strong, and said "this stock is not done going up."
Wall of ShameClosing out the week, Cramer did a little housekeeping on his "Wall of Shame" list of the worst CEOs. Cramer removed C. Dowd Ritter, CEO of Regions Financial ( RF), after the company announced this week that Ritter is retiring. Cramer said Regions' stock traded at $37.66 on the first day Ritter took the helm at the company, but today closed at just $5.33. He said its unimaginable that the Regions' board of directors kept Ritter on after it was discovered he used a corporate jet for a family vacation just days after receiving government bailout money for his firm. Filling in the empty slot toward the top of the list, Cramer moved up Wes Edens, co-founder of Fortress Investment Group ( FIG), after the company announced it won't pay a dividend for its sixth consecutive quarter.
Lightning RoundIn the Lightning Round, Cramer was bullish on Visa ( V), MarkWest Energy Partners ( MWE), Pfizer ( PFE), Bank of America ( BAC), Wells Fargo ( WFC), Citigroup ( C), Athenahealth ( ATHN) and Amazon.com ( AMZN). -- Written by Scott Rutt in Washington D.C. To watch replays of Cramer's video segments, visit the