For "Speculation Friday," Cramer highlighted Ulta Salon ( ULTA) a discount beauty retailer that's made the transition to a high-end experiential beauty destination. Cramer said that Ulta stores are full-service salons, offering hair, nails, perfume, cosmetics and more. The company have been delivering spectacular earnings with growth nearing 90%. The beauty market is $96 billion in the U.S. Ulta operated 415 stores, but estimates the U.S. market could support up to 1,000 locations. Ulta last reported a six-cent-a-share earnings beat on a 22% jump in revenues. The company also saw same-store sale growth of 11.3% and a 1% decline in inventory. The stock has a history of popping on its earnings releases, which will come again in early Dec. So why is Ulta speculative? Cramer said its because of its valuation. Ulta trades at 30 times earnings, but only has a 24% growth rate. The company does that $3 per share in cash however and will have no debt by year's end.
Closing out his "Paid To Wait" series of high-yielding dividend stocks, Cramer dove into the stock of ConocoPhillips ( COP), a 4.1% yielder that's taking control of its own destiny with massive restructuring efforts. Cramer said Conoco has a lot of parts in motion, the first of which is a commitment to sell billions of non-core assets and focus on its exploration and production efforts. The company also has a sizable stock buyback program in place. Cramer said that normally he's not a fan of buyback programs, but in this case, the program is reducing the shares outstanding by 24%, a meaningful amount. Taking its restructuring one step further, Conoco is also splitting itself into two companies, spinning off it's downstream refining and marketing business and keeping its exploration and production completely separate. Cramer said this is one case where the sum is worth less than its parts, and he expects Conoco to unlock a lot of value with the split, which follows in the footsteps of Marathon Oil ( MRO). Cramer said he's also confident that Conoco will remain committed to its dividend, raising it even further as the company's coffers fill with cash from its asset sales and streamlined operations. Add that to the prospects of a growing global economy and ConocoPhillips is a winner, said Cramer.