NEW YORK (TheStreet) -- TheStreet's Nicole Urken, research director for CNBC's "Mad Money," and Jim Cramer sat down to discuss where investors can still find value in the stock market.

With the market at fresh all-time highs, "we need some new blood," Urken noted. Cramer thinks the place to be is in initial public offerings. More specifically, Cramer thinks investors can find value in Quintiles Transnational ( Q), which recently went public, and William Lyon Homes ( WLH), which will be priced on Thursday.

Quintiles, which is a play on the pharmaceuticals, didn't pop very high on its first day of trading, something Cramer thinks is good. He stated, "I don't like the huge pop. It's phony." But he likes Quintiles, noting, "mutual funds are going to sink their teeth into it."

Switching gears, Cramer thinks William Lyon Homes is a great play on housing and believes it will have a strong debut. Based on how other housing names have performed year-to-date, Cramer noted that, "what this speaks to is a shortage of housing names, a shortage of ways to play the industry."

Cramer believes institutions will begin to chase housing, grabbing anything that they can. Urken concluded by saying, "Quintiles, it popped a bit, but has more room to run."

--Written by Bret Kenwell in New York.

Bret Kenwell currently writes, blogs and also contributes to Rocco Pendola's Weekly Options Newsletter. Focuses on short- to intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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