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Stocks discussed in the in-depth session of Jim Cramer’s Mad Money TV program, Tuesday May 30. Click on a stock ticker for more analysis:

Riding High: J.C. Penney (NYSE:JCP), First Marblehead (NYSE:FMD) Garmin (NASDAQ:GRMN), Palm (PALM) and Research In Motion (RIMM) :

Cramer recommends buying companies that are reaching their 52-week high and are about to report their numbers. However, he suggests buying half of the stocks now and half after the Fed meets on Thursday. JCP is a good pick, says Cramer, because of its 11% increase in same-store sales for May. First Marblehead, a private-education lending company, has a short-position of over 30% “When you have a short position that high, it's almost inevitable that you'll see a squeeze that pushes the stock higher, especially when the stock has great momentum," Cramer said. The company recently signed a three-year contract with General Electric (NYSE:GE) for marketing private student loans. The global positioning system manufacturer, Garmin (GRMN), has reported the best quarter of any company Cramer follows. He expects great numbers from Palm and RIMM, but suggests trading rather than buying, because their earning reports are due on Thursday and might be overshadowed by the Fed meeting.

Panera (NASDAQ:PNRA), General Mills (NYSE:GIS), Walter Industries (NYSE:WLT) and Mueller (NYSE:MWA)

Cramer identifies three types of companies worth owning: consistent-growth stocks, high-growth stocks and value stocks. He chooses Panera as an example of a high-growth stock because of innovative strategies, such as fighting the anti-carbo-craze by introducing salads. Merrill Lynch upgraded General Mills because of its consistent growth potential, and Cramer predicts that it will buy back stock and increase its dividends. The construction company, Walter Industries, has all of Cramer’s ingredients for a value stock: big discrepancies between its assets and valuations and its growth and valuations. Walter has a subsidiary, Mueller, which is already almost as valuable as its parent company.

Potential Acquisition: Devon Energy (NYSE:DVN)

Following the $21 billion acquisition of Kerr-McGee (NYSE:KMG) and Western Gas by Anadarko Petroleum (NYSE:APC), Cramer believes that the next target in this sector will be Devon Energy (DVN), adding that it has great management, 7% growth, and is selling at seven times earnings. The stock is down 14 points and is close to its low. Cramer believes that Devon is getting hit hard because it is natural gas, which people buy for the short-term. However, some bad weather could bring the stock up. Cramer points to BP (NYSE:BP) and Royal Dutch (RDS) as potential buyers because their oil fields are maturing.

CEO Interview: Thomas Joyce, Knight Capital Group (NITE)

Joyce emphasized the success of Knight’s hedge fund business, saying that its numbers are reported every few weeks, and that it is outperforming. When asked about the global equity market business, Joyce responded that Knight is a cyclical company and is volume-sensitive, but he remains optimistic. Joyce adds that the current culture is more client-centered than when he first joined the company.

Seeking Alpha publishes a summary of Jim Cramer's stock picks every day including: Mad Money Recap, Lightening Round, Stop Trading and his Radio Show.

Source: Jim Cramer's Mad Money In-Depth Stock Picks 6/23