Cramer's 'Mad Money' Recap: Cheap Stocks Still Out There

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NEW YORK ( TheStreet) -- Investors who think there are no cheap stocks left to buy in this red-hot market rally need to think again, Jim Cramer told "Mad Money" viewers Wednesday.

Cramer said that yes, this rally is happening at record speed and defying all the skeptics, but that doesn't mean there's nothing left to buy.

Cramer offered up Starwood Hotels & Resorts ( HOT) as one stock worth buying. He said this hotel chain has some of the best brands in the world and could easier split itself into two and unlock a ton of value for shareholders.

KeyCorp ( KEY) is another name that caught Cramer's eye. He said this stock, which he owns for his charitable trust, Action Alerts PLUS , has a clean balance sheet and trades at a discount from where it should. Over the past five years this stock had slid 71%, he noted, despite the fact the company is in far better shape now than it was in 2008.

Also making Cramer's list of cheap stocks: AFC Enterprices ( AFCE), owner of the Popeye's restaurant chain. Can Popeye's follow the same trajectory as Domino's Pizza ( DPZ)? Cramer thinks so.

Two others on Cramer's hot list were American Realty Capital ( ARCP), a REIT with a 6.4% yield, and LinnCo ( LNCO), which is a holding company for its parent Linn Energy ( LINE).

As an honorary mention, Cramer also suggested Celgene ( CELG), a biotech all-star that continues to march higher.

Executive Decision: Moshe Gavrielov

In the "Executive Decision" segment, Cramer sat down with Moshe Gavrielov, president and CEO of Xilinx ( XLNX), a semiconductor company that's forecasting growth between 8% and 12% this year.

Gavrielov said he's very confident about his company's product portfolio as Xilinx continues to be the leader in communications chips built on the new 28 nanometer platform. He said that as more and more smartphones and tablets enter the market, there is a greater and greater need for communication chips to power them.

When asked if the federal cuts known as the sequester will affect Xilinx' sales to the U.S. government, Gavrielov noted the sequester mainly deals with personnel and not as much with equipment. He said there will still be a need to upgrade older equipment, which will keep sales strong for the company.

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