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Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program, Thursday April 2.

The End of the Depression

Cramer declared the Depression is over and the bull market is beginning after the Dow's 200 point move up on Thursday. He said the definition of a bull market is a 20% rally off the bottom, and the Dow and the S&P 500 were up 23% and 25% respectively. The Street responded to bullish remarks from President Obama. Cramer also gave credit to Fed Chairman Ben Bernanke for lowering interest rates and the Treasury Secretary for offering hedge funds incentives for buying up toxic assets. These incentives have solved the problem of collateralized debt obligations and have allayed fears of nationalization of banks. While Cramer says the country may still face a recession and a terrible unemployment number on Friday, he thinks the worst is over, and would wait for a pullback before buying most stocks.

Celgene (NASDAQ:CELG)

Cramer says Celgene is a broken stock, but not a broken company. The stock has declined 47% from its 52 week high and was taken down an additional 10% when it reported it expected only 20% growth and 25-30% long-term growth (yes, this was considered disappointing) and declines in sales for its blood cancer drug Revlimid as fewer people will be able to afford health insurance and the cost of the treatment. However, Cramer noted sales of the drug were up every month since the beginning of the year and the Revilimid is taking market share. Celgene trades at 19 times earnings, has $3 billion in cash and is expected to raise an additional $900 million in cash in 2009. Cramer is bullish on Celgene.

Sell Block: United States Oil Fund (NYSEARCA:USO), MGM Mirage (NYSE:MGM), Las Vegas Sands (NYSE:LVS), Wynn (NYSE:WYN), International Gaming Technology (NYSE:IGT)

Cramer would sell United States Oil Fund, which has been dramatically underperforming in spite of the increase in oil prices. The data speaks volumes: USO underperformed spot prices by 73-111% between April 2006 and July 2008. Crude is down 30% since the beginning of the fund, but USO has declined 58%. Oil has risen 8.5% since the beginning of the year, but USO has dropped 14%. Why is USO doing so badly ? The fund buys listed crude oil futures contracts and replaces them once a month.The disparity in prices caused by contango make the fund less profitable.

Cramer is releasing stocks he once condemned: MGM, Las Vegas Sands, International Gaming Technology and Wynn, from his Sell Block because there finally is some potential upside for these companies as the credit crisis is improving. Stocks in the gaming sector have been down from $76 to $96 and have nowhere to go but up, especially since MGM is expected to get funding for its CityCenter project in Las Vegas and Las Vegas Sands is resuming construction of its new casino in Macau. While he doesn't think the stocks are a buy right now, he is at least reducing their sentences.

Cramer's Outrage: General Growth Properties (NYSE:GGP)

Cramer said one Barclay's analyst needs to "spend more time with this family" because his brain is already on vacation. While he readily admits his own errors, Cramer is outraged when analysts refuse to acknowledge their own bad calls. A certain Barclay's analyst was bullish on the REIT General Growth Properties from $32 all the way down to 65 cents, where he finally declared that he wasn't going to cover the stock anymore. Cramer thinks the analyst should at least have apologized for losing people money.

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Source: Cramer's Mad Money - So Long Great Depression II (3/2/09)