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Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program, Wednesday March 27.

3 Cypriot Scenarios: Pinnacle Foods (NYSE:PF), General Mills (NYSE:GIS), Radian (NYSE:RDN), Costco (NASDAQ:COST), Exxon (NYSE:XOM), Southwestern Energy (NYSE:SWN), Cabot Oil & Gas (NYSE:COG), ConocoPhillips (NYSE:COP)

The Dow dropped only 33 points, despite "hideous action" in Europe. Cramer thinks this demonstrates that the fortunes of the U.S. market are not as linked with Europe as they were 3 years ago. However, he discussed three scenarios that could happen with U.S. stocks vis a vis the Cypriot banking disaster and what actions investors should take in each scenario.

1. Negative news from Europe and U.S. stocks open higher: Cramer thinks this scenario is unlikely. If stocks open higher, it will be "a sucker's opening" and the rally will be sold immediately. In this case, investors shouldn't fight the tape and should sell, knowing that it is possible to get back in stocks at lower levels.

2. Flat opening: Cramer thinks this is also unlikely. In this case, investors should try to get in on the Pinnacle Foods (PF) IPO. The company has brands that are in 85% of American households and offers a 4% yield.

3. Stocks open down: Cramer would use the opportunity to buy General Mills (GIS), which hasn't provided an entry point since its march upward following a successful earnings report. Costco (COST) inexplicably tends to decline on bad news from Europe, even though it is a domestic company. Radian (RDN) is also a stock to buy, since it provides mortgage insurance, and the housing boom is in its early innings.

Cramer took a call:

Exxon (XOM) overpaid for its natural gas assets, and is not the way to play natural gas; Cramer prefers Southwestern (SWN), Cabot Oil & Gas (COG) and ConocoPhillips (COP) for those who believe natural gas prices are heading higher.

Biogen IDEC (NASDAQ:BIIB). Other stocks mentioned: Eli Lilly (NYSE:LLY), Luxottica (NYSE:LUX), Intuitive Surgical (NASDAQ:ISRG)

Biogen IDEC (BIIB) soared more than 3% after the FDA approved its drug for multiple sclerosis. The stock has given investors a 56% gain since Cramer got behind it in January. However, it might still be worth buying because its valuation is inexpensive; BIIB has a multiple of 19 compared to its 18.3% growth rate. BIIB has several successful drugs for MS, including Avonex, which BIIB is improving to make it longer-lasting. Tecfidera is the most recently approved MS drug produced by BIIB. Tysabri is its leading treatment. Although this drug has significant side effects, it is preferred by doctors, and the company provides sufficient warnings for most patients at risk of developing adverse effects. The company is developing two drugs for hemophilia, expected to be approved by 2014. Cramer would buy BIIB on its next pullback.

Cramer took some calls:

Eli Lilly (LLY) is not one of Cramer's favorite pharmas, but those who own the stock should hold it.

Luxottica (LUX) is at its 52 week high. Since it has significant European exposure, Cramer would take gains.

Intuitive Surgical (ISRG) is a stock Herb Greenberg is worried about, and Cramer would defer to Greenberg's opinion of the stock.

CEO Interview: Emmanuel Chirico, Phillips-Van Heusen (NYSE:PVH). Other stocks mentioned: J.C. Penney (NYSE:JCP)

Many were hopeful of an upside for Phillips-Van Heusen (PVH) after it announced it would acquire Warnaco and bring all of the Calvin Klein products under one roof. However, the acquisition has not gone as smoothly as expected, and the stock has suffered; PVH has given up most of its gains for the year. In its recent earning call, the company reported a 4 cent earnings beat on higher than expected revenues, but management was conservative with guidance, given the challenges with the Warnaco acquisition. Calvin Klein jeans, which was owned by Warnaco, has been a "soft" area for the company, but CEO Emmanuel Chirico believes that the segment will stabilize by the latter half of the year. Tommy Hilfiger is doing well in Europe, but results are mixed, with strength in Northern Europe and weakness in Southern Europe. J.C. Penney (JCP) which features PVH products, has been weak lately, but Chirico discussed strength in certain kinds of products at JCP, such as the Izod brand and sportswear. Asia is strong for PVH, with the exception of Korea, which has a "more challenged consumer." Cramer recommends viewers do research on PVH and make their own decisions; he expressed confidence in PVH for the latter half of the year.

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Source: Cramer's Mad Money - 3 Cypriot Scenarios (3/27/13)