Cramer played "Am I Diversified" with callers to see if their portfolios have what it takes. The first caller's portfolio included: Salesforce.com ( CRM), Cellcom ( CEL), Frontier Communications ( FTR), NovaGold ( NG) and Potash ( POT). Cramer said Cellcom and Frontier are two of a kind and he recommended selling Cellcom and picking up B&G Foods. The second caller's top holdings included Abbott Labs ( ABT), Kinder Morgan Energy Partners ( KMP), McDonalds ( MCD), Raytheon ( RTN) and AT&T ( T). Cramer said this portfolio was properly diversified. The third caller had Alcoa ( AA), Amazon.com ( AMZN), Bank of America ( BAC), Chesapeake Energy ( CHK) and Schlumberger ( SLB) as their top five stocks. Cramer said this portfolio also had two of a kind with Chesapeake and Schlumberger. He once again recommended adding B&G Foods to diversify this portfolio.
In the Lightning Round, Cramer was bullish on Accuride ( ACW), Sourcefire ( FIRE), Caterpillar ( CAT), North American Palladium ( PAL), McDermott International ( MDR), Cummins ( CMI), Oclaro ( OCLR), JDS Uniphase ( JDSU) and Standard Pacific ( SPF). He was bearish on Kubota ( KUB) and Charter Communications ( CHTR).
In his "No Huddle Offense" segment, Cramer told viewers not to forget a company's balance sheet when considering a stock's value. He said when a caller asked about Dryships ( DRYS), it was assumed that since the company sold 20% of its business for $500 million, the entire company must be worth $2.5 billion, or $20 a share. But in reality, Dryships has $1.8 billion in net debt, and $3.2 billion in adjusted net debt. That means the enterprise value, which looks at market cap minus debt, is far lower than $20 a share. Cramer said he'd stay away from Dryships, and any other company that has a balance sheet that is difficult to understand. --Written by Scott Rutt in Washington, D.C. To contact the writer of this article, click here: Scott Rutt. To follow the writer on Twitter, go to http://twitter.com/scottrutt. To submit a news tip, send an email to: firstname.lastname@example.org. 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 .