Am I Diversified?

Cramer played "Am I Diversified" with callers to see if their portfolios have what it takes. The first caller's portfolio included: ( 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), ( 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.

Lightning Round

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).

Closing Comments

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.

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At the time of publication, Cramer wasnot long on any stock mentioned.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for, Inc., and CNBC, and a director and co-founder of All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of 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, 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 is related to the specific opinions expressed by him on "Mad Money."

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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 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, 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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