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NEW YORK ( TheStreet) -- "Don't be scared by today's market action," Jim Cramer told the viewers of his "Mad Money" TV show Wednesday after a down day on Wall Street.

He said that it would be far more frightening to miss out on this exceptional rally.

Cramer went on the offensive against the media, and others, who have been keeping investors away from stocks. He said high-yielding dividend stocks remain a great investment, far better than U.S. Treasury bonds.

Cramer reminded viewers that earlier this year he predicted that when the International Monetary Fund stepped in to bail out Europe, a bottom would be formed. Despite the media's continued attempts to create uncertainty around Europe, the bottom was indeed formed this past July as the euro has gained steam ever since.

Cramer said while the media continues to portray Europe's economy as a drag on our own, the truth is that Europe's economy is doing better than our own, and is racking up big profits for U.S. multinationals.

Just look at the Dow Jones Copper Trust ( JJC), said Cramer, the metal that's most sensitive to the global economy. He said it's on fire.

Then there's housing. Cramer said no matter what the data says, the press is never impressed. He said housing has been ticking up slowly for months.

Cramer said that investors should set aside their fears and take advantage of bargains in great stocks.

Internet Play

In the "Executive Decision" segment, Cramer sat down with Jeff Lunsford, chairman, president and CEO of Limelight Networks ( LLNW), a company that recently stumped him in the "Lighting Round."

Lunsford explained that Limelight is a content delivery network for video and other content on the Internet. He said that a company like Netflix ( NFLX), Limelight's largest customer, secures the rights to deliver video content, then turns to Limelight to actually deliver that content to its customers. Limelight also provided video delivery for the summer Olympic games.

When asked about growth over the past few years, Lunsford explained that while revenue growth flattened in 2009, Limelight's traffic continued to grow at 129% a year, as it has for the past five years. He said during 2009, the company's customers asked for price breaks and Limelight obliged, but now revenue is once again growing.

Turning towards Limelight's competitors, mainly Akamai ( AKAM), Lunsford said publishers need choices and he doesn't foresee the market ever having one dominant player. He said that Limelight is the No. 2 player behind Akamai, but in the end, it's all about quality delivery of the content consumers want.

Cramer said he found Limelight's story to be compelling, and recommended it on any weakness.

Punished Enough

Can a stock be punished for having too much cash on its balance sheet? You bet, said Cramer. And that was exactly the case with Comtech Telecommunications ( CMTL), a maker of satellite base stations and tracking equipment for the aerospace and defense industries.

Cramer explained that Comtech had $408 million, or $14 a share, in cash on its books. Normally in this case, he said, a company has three options: buy back stock, declare a dividend or buy another company. Comtech unfortunately chose the latter, which caused it to lose a big government contract and then cancel the deal.

With its share price nearly cut in half, Cramer said Comtech made a bold statement by both declaring a $1 per share annual dividend and instituting a share repurchase program for up 13% of the company's outstanding shares.

Cramer said the easy way out would have been the buyback, as there are no rules requiring any follow-through. However Comtech also chose a 3.7% dividend, which Cramer declared as "the real deal" and a sign of confidence by the company.

Cramer said he would not be a buyer of the stock up here, but would instead wait until the stock yields 4%. He said the outlook for Comtech, which just delivered a 13 cent a share earnings beat on revenue up 110%, should be a rosy one now that the failed takeover is behind them.

Am I Diversified?

Cramer spoke with callers to see if their portfolios have what it takes. The first caller's portfolio included IBM ( IBM), Line Energy ( LINE), Microsoft ( MSFT), AT&T ( T) and Anadarko Petroleum ( APC).

Cramer said this portfolio was not diversified with two energy companies and two technology companies. He said it needed a health care company and a defense stock as soon as possible.

The second caller's top holdings included Visa ( V), Verizon ( VZ), Lockheed Martin ( LMT), Home Depot ( HD) and Teva Pharmaceuticals ( TEVA).

Cramer said this portfolio was picture perfect.

The third caller had Agnico-Eagle Mines ( AEM), General Mills ( GIS), Apple ( AAPL), DuPont ( DD) and MedcoHealth Solutions ( MHS) as their top five stocks.

Cramer said this portfolio was also picture perfect.

Lightning Round

Cramer was bullish on Vodafone Group ( VOD), Nordic American Tanker ( NAT), Teco Energy ( TE), Ameresco ( AMRC) and McDermott International ( MDR).

He was bearish on Acme Packet ( APKT), Telecom Corp of New Zealand ( NZT) and Dryships ( DRYS).

--Written by Scott Rutt in Washington, D.C.

To contact the writer of this article, click here: Scott Rutt.

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To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.

Want more Cramer? Check out Jim's rules and commandments for investing from his latest book by clicking here.

For more of Cramer's insights during the Lightning Round, click here .
At the time of publication, Cramer was not long in any equities mentioned.

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."

None of the information contained in "Mad Money" constitutes a recommendation by Mr. Cramer, TheStreet.com 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 TheStreet.com, 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 TheStreet.com. 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 TheStreet.com, 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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