Jim Cramer's 'Mad Money' Recap: Hunting for Bargains

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NEW YORK (TheStreet) -- What's the secret to successful bargain hunting? Jim Cramer told his Mad Money viewers Wednesday that all they need to do is look at last quarter's winners.

Cramer said Williams Companies (WMB) was the top performer last quarter, and this oil and natural gas pipeline powerhouse is still a buy. Cramer was also bullish on the number two performer, Newfield Exploration (NFX), which is growing production at 28% a year.

Other standouts from last quarter include Micron Technology (MU) and Sandisk (SNDK). Cramer said both these stocks are buys on weakness. He was also bullish on Anadarko Petroleum (APC), a stock he owns for his charitable trust, Action Alerts PLUS.

Cramer told viewers to sell Iron Mountain (IRM) because that story has played out, but he still likes Vertex Pharmaceuticals (VTRX) and Molson Coors (TAP) as beer sales continue to rebound.

Reinventing Alcoa

Companies really can reinvent themselves, Cramer told viewers, sometimes even without a push from activist investors. That has certainly been the case with Alcoa (AA), a stock that popped 5.7% today on another strong quarter, offering investors a 40% gain for the year.

Cramer said Alcoa continues to reinvent itself: First by lowering costs, thanks to closing high cost plants and boosting earnings per share, but also by innovating, creating new metals and new uses for aluminum in everything from cars and aircraft to contraction and consumer products.

Alcoa's transformation is only just beginning, Cramer concluded, which is why he continues to be a fan of the company and its CEO.

Off the Charts

In the "Off The Charts" segment, Cramer went head to head with colleague Bob Lang over the direction of the biotechs, namely Biogen Idec (BIIB), Regeneron (REGN), Celgene (CELG) and Gilead Sciences (GILD).

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