Under the Radar

In this segment, Cramer highlighted a speculative semiconductor maker that he said is ready to rebound after declaring bankruptcy in 2009 and re-emerging earlier this year. He told investors to consider MagnaChip ( MX), a Korean semiconductor maker whose business includes a chip foundry, which accounts for 41% of sales; a display products business, which accounts for 46% of sales; and a power solutions business that offers power management solutions for smartphones and tablets.

So what's the catalyst for MagnaChip? Cramer said it's strong sales of the Samsung Galaxy series of tablets, something that was noted on the conference calls of both Skyworks Solutions ( SWKS) and Broadcom ( BRCM). He said that Galaxy sales are too small to move the needle at Samsung itself, or even at the larger chipmakers, but for MagnaChip, it could be substantial.

After emerging from bankruptcy earlier this year at $14 a share, this stock has been hammered down to just $7, said Cramer, making it incredibly cheap at just five times earnings. MagnaChip also only has three analysts covering the stock, leaving lots of room for upgrades.

Cramer warned that MagnaChip is a very small stock and all of his usual precautions apply. Do not buy in after hours, use limit orders and be patient, he said. There is no immediate need to buy this stock, said Cramer, "do not pay up for up."

Lightning Round

Cramer was bullish on Juniper Networks ( JNPR), Nordic American Tanker ( NAT), FedEx ( FDX), United Parcel Service ( UPS), Union Pacific ( UNP) and Eaton ( ETN).

Cramer was bearish on Barnes & Noble ( BKS) and Overseas Shipholding Group ( OSG).

Closing Comments

In his "No Huddle Offense" segment, Cramer tipped his hat to both Warren Buffet and Mark Cuban, two celebrity investors who spoke out against credit default swaps and high-frequency trading on CNBC earlier today.

Cramer said that too often, the creators of these exotic trading instruments rebut that they're simply smarter than their critics and that these instruments pose no threat to individual traders or the markets. But Cramer said that Buffett and Cuban are not simple critics, they're sophisticated traders and investors, and if they say these instruments are bad, people should listen.

Buffett called credit default swaps "anti-social" and said they simply should not be allowed, while Cuban said that high-frequency traders act like "hackers" attacking the markets.

Cramer said he's been on record for ages saying that these instruments are wrecking the playing field for the little investor and he's glad to see Cuban and Buffett agree.

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

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

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At the time of publication, Cramer was long IBM, Coca-Cola. long

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."

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