Jim Cramer's 'Mad Money' Recap: Let the Good Times Roll

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NEW YORK (TheStreet) -- Good things that aren't supposed to happen seem to be a daily occurrence in our stock market, Jim Cramer told his Mad Money TV show viewers Thursday. And that's making for a lot of lucky shareholders, he continued.

Case in point: OmniVision Technologies (OVTI), a company with cool camera technology but a stock that has been terribly volatile -- so much so that Cramer said he couldn't risk recommending it on Mad Money. Yet, the company received an unsolicited bid for $29 a share seemingly out of nowhere.

Read More: 4 Stocks Warren Buffett Is Selling in 2014

Then there's Trulia (TRLA), a stock Cramer admitted he thought would be crushed by rival Zillow (Z), at least until Zillow made a bid and bought the company outright for a nice premium.

Whether it's OpenTable (OPEN), Family Dollar (FDO) or most recently Kinder Morgan Energy Partners (KMP), Cramer said good things that aren't supposed to happen keep on happening.

That's why it's a great time to be invested in the stock market, Cramer concluded. You never know when the next good thing will end up being in your portfolio.

Hunting for Bargains

With earnings season in the rear-view mirror, Cramer said it's time to start circling back to the high-quality merchandise that the markets have put on sale and do a little bargain hunting.

Cramer said UPS (UPS), an Action Alerts PLUS holding, is one of those bargains. The stock is now $10 off its highs after investors didn't like the company's lowered earnings guidance.

But if you look into why UPS lowered estimates, you'd see that the company is preparing itself for stronger than expected demand. That means investing more money back into its business, which is not so good for the short term but makes a lot of sense over the long term.

Recall that last Christmas UPS got blindsided by "stronger-than-expected demand" that caused some presents not to make it under the tree in time. That's a situation UPS is determined not to repeat.

Yet, despite the company expecting strong demand, shares still sell for less than 17 times earnings, despite their historical average being around 22 times earnings. Shares also sport a solid 2.9% dividend.

Read More: 7 Stocks Jim Cramer Sees Ripe for Takeover

Cramer said he expects a great fourth quarter from UPS, and with the company having less international exposure than its rivals it should be a terrific holiday season for this now beaten-down stock.

Latin Food Is Caliente

With Noodles & Company (NDLS) and Red Robin Gourmet Burgers (RRGB) imploding today, down 16% and 18%, respectively, is it time to abandon the restaurant stocks? Not a chance because there's one segment, Latin American food, that's still on fire. Which stocks should investors buy? Cramer served up his favorites.

Cramer said the best of breed remains Chipotle Mexican Grill (CMG), with its stellar 17.3% rise in same-store sales this quarter. Chipotle is the best restaurant out there, period.

Coming in second was Jack in the Box (JACK), whose Qdoba chain of Mexican restaurants has been taking off. Jack also offers an accelerated stock buyback program and shares trade for just 21.5 times earnings with a 17% growth rate.

At number three was Fiesta Restaurant Group (FRGI), a company with not one but two restaurant concepts. Shares of Fiesta are down 6% for the year.

Finally, there's the newly minted El Pollo Loco (LOCO), a chain with 400 locations offering a healthier alternative to fast food. Shares are already up big, however, which is why Cramer recommended sitting on the sidelines for now.

Core Holdings

Money managers love to rally behind their "core holdings," Cramer told viewers, and after this week's news, the new Kinder Morgan (KMI) will quickly become one of those core holdings.

Cramer explained that Kinder's decision to swallow up its subsidiaries to become the third-largest oil company in the country behind Exxon Mobil (XOM) and Chevron (CVX) will be loved by both growth and value money managers. That's why the time to start a position is now.

The new Kinder Morgan will offer a $2 a share dividend, giving it a yield of 5%. The company has assets in all the right places, Cramer said, and give the company's new size, there are plenty more Kinder can buy.

Read More: Warren Buffett's Portfolio Proves He's a Dividend Growth Investor

Cramer said he'd be a buyer of the new Kinder Morgan below $40 a share.

Lightning Round

In the Lightning Round, Cramer was bullish on ConocoPhillips (COP), Washington Prime Group (WPG) and American International Group (AIG).

Cramer was bearish on Developers Diversified Realty (DDR), Chubb (CB), Southwestern Energy (SWN) and EMC (EMC).

No Huddle Offense

In his "No Huddle Offense" segment, Cramer said sometimes the market's sentiment on a stock just isn't enough. That was certainly the case with game maker King Digital (KING), he said. Going into the quarter, the sentiment on King was clearly negative, but when the company reported its earnings were downright awful and its outlook even worse. No wonder this stock is down 40% from its initial public offering.

Then there's John Deere (DE), a stock that's already down 7% for the year. Ahead of the quarter, the markets were wondering "how bad could it be?" Deere's answer: worse.

Cramer said that's why investors can't afford to stick around waiting for a bottom.

Read More: 10 Stocks Carl Icahn Loves in 2014

To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.

To sign up for Jim Cramer's free Booyah! newsletter with all of his latest articles and videos please click here.

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

To email Scott about this article, click here: Scott Rutt

Follow Scott on Twitter @ScottRutt or get updates on Facebook, ScottRuttDC

At the time of publication, Cramer's Action Alerts PLUS had a position in UPS.

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