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Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program, Wednesday April 10.

Cramer's New Favorite Oil And Gas Stock: Noble Energy (NYSE:NBL). Other stocks mentioned: EOG Resources (NYSE:EOG), Transocean (NYSE:RIG), Whiting Petroleum (NYSE:WLL).

Noble Energy (NBL), an oil and gas major with a $21 billion market cap, is the cheapest high growth energy play. Cramer's favorite was EOG Resources (EOG); while he still likes this company, his new choice is Noble. The stock trades at just 14 times earnings, but it plans to double its production in 5 years and double its EPS in 2 years. Cramer thinks Noble is capable of reaching its targets because of its diverse, high-quality assets. The company bought assets in the Marcellus shale when natural gas prices were at their lows. It also owns significant acreage in the Niobrara shale in Colorado; Cramer thinks this shale could yield as much fuel as the Bakken. Noble owns significant assets in the Gulf of Mexico, off the Coast of Cyprus and Israel. It also has seen success in New Guinea and Sierra Leone. The company has proven that the oil and gas is recoverable, even though the potential fuel sources do not yet have the status of "proven reserves." Noble expects to increase the drilling of wells in the Niobrara by 25%. Even though Noble is at its 52 week high, Cramer thinks the stock can go still higher.

Cramer took some calls:

Transocean (RIG) has legal troubles, but is a good company. Cramer suggests putting in half a position instead of a full position in case the lawsuit goes badly. "RIG is here to stay."

Whiting Petroleum (WLL): Cramer confesses he doesn't know why WLL is under $50. It is an attractive takeover target.

Apple (NASDAQ:AAPL), Hyatt Hotels (NYSE:H), Starwood Hotels (NYSE:HOT), Life Technologies (NASDAQ:LIFE)

With the S&P 500 closing on Wednesday at an all-time high of 1,587 and the Nasdaq charging up ("Welcome back Apple (AAPL)," Cramer said), it seems that the bulls are in charge, and the bearish worries have been repudiated. A few months ago, bears were warning about rising taxes, disaster in Europe, sequestration and poor upcoming earnings. The reality is that taxes have not gone up dramatically, sequestration so far has been a "brilliant nothing," and has been replaced by gridlock, "the best form of government for stocks." Aside from woes in Cyprus, European banks are not collapsing, and earnings have been the strongest in 15 years. Many investors ditched dividend stocks on fears of rising taxes, only to reverse and buy dividend stocks when these worries were taken off the table. Cramer says he hasn't seen such aggressive buying of high-yielders in 36 years.

Cramer took some calls:

Hyatt Hotels (H) is not as good as Starwood (HOT): "They don't call it HOT for nothing."

Life Technologies (LIFE) is likely to go higher.

GlaxoSmithKline (NYSE:GSK)

GlaxoSmithKline (GSK) is a high-yielding pharma with a bountiful 5.8% dividend. The company has a diversified pipeline, and may release 15 new drugs within the year. While the stock is at its 52 week high, it trades at a multiple of 13.6, which is much lower than its historical average of 19. GSK suffered because of litigation concerning its anti-depressants and failure to release proper safety precautions about its diabetes drug. The company had to pay $3 billion as the result of the lawsuits, but given the company's huge market cap of $115 billion and its steady cash flow, it might not feel a significant amount of pain from this penalty.

The legal risks are now behind the company, and while approvals of individual drugs are not likely to move the needle, the amount in GSK's pipeline combined is substantial, enough to potentially give it an 8.4% growth rate. GSK is involved in a race against time with the patent expiration of its asthma drug, which is going to go off patent soon in Europe and will lose its patent protected status in the U.S. by 2017. This drug generates 20% of sales. However, GSK's expected approvals may offset this loss. The European business has been weak in general, but GSK has implemented a dramatic cost-cutting program on the Continent. The chart show that GSK has finally broken through a ceiling of resistance that has kept it range bound for a year. Cramer is bullish on GSK.

Techs Are Catching Up With the Rally. Stocks mentioned: Google (NASDAQ:GOOG), Yahoo (NASDAQ:YHOO), Facebook (NASDAQ:FB)

Technology has been a sector that had not participated in the bull market yet until Wednesday. Tech stocks was underperforming in the first quarter because of the decline in PCs, the decline in Apple, lowered enterprise spending and declining demand for semiconductors. Tech stocks that were working were Google (GOOG), Yahoo (YHOO) and Facebook (FB), because of their significant exposure to mobile. Tech is moving up, apparently on belief that Europe and China will improve and because consumer and corporate spending in the U.S. is getting stronger. Valuations for the leaders in the tech space are so low (not even in the teens for some major tech stocks) that any hint of growth is likely to send the stocks higher.

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Source: Cramer's Mad Money - Cramer's New Favorite Oil And Gas Stock (4/10/13)