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Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program, Tuesday April 28.

Cramer's Outrage: More UltraShort ETFs? UltraShort Financial ETF (NYSEARCA:SKF)

While he has long blasted UltraShort ETFs as damaging to investors and to the economy in general, Cramer was incredulous that ProShares is asking the SEC for permission to create 94 new ETFs and wants $3 instead of a "mere" $2 short leverage. Cramer pointed to the havoc UltraShort Financial ETF has created in the financial sector and made a renewed plea that UltraShorts should be banned.

CEO of ICI Homes (NYSEARCA:ICI), Mori Hosseini

Cramer has predicted a housing bottom by June 30 and asked Mori Hosseini if he is seeing signs of a recovery. Hosseini responded that prices have stopped declining since February and he sees a pattern similar to the housing recoveries of 2001 and 2005. The company sold 80 news homes the first week of April and Hosseini attributes this to the fact that in spite of the downturn, it still makes more financial sense to buy than rent. He expects a housing recovery, but would not make a concrete prediction.

Mad Mail: Lam Research (NASDAQ:LRCX), KLA Tencor (NASDAQ:KLAC), Novellus (NASDAQ:NVLS)

A viewer asked how Lam Research could be up 7% after reporting a 7% decline and Cramer says the semiconductor is bottoming. He added KLA Tencor and Novellus are buys even though he doesn't like the companies.

Off the Charts: Yum! Brands (NYSE:YUM)

Cramer presented Rick Bensignor's technical thesis that Yum Brands is heading for a pullback because its chart is showing resistance. However, Cramer says the fundamentals win hands down in this case; Yum is geared for monster growth, especially in China,has a strong balance sheet and declining raw costs. Yum surprised the street by posting a 4.5% increase in operating income, while a 5-6% decline was expected and the company reiterated its guidance. Cramer would wait for a dip before buying.

Bristol-Myers Squibb (NYSE:BMY) and Fortune Brands (FO)

Why does Bristol-Myers' stock price fall 4.3% in spite of its strong quarter while Fortune Brands gains 3.9% after cutting its dividend? Cramer explained expectations going forward mean everything and past performance doesn't count too much, especially when the sentiment is overwhelmingly bullish and defensive stocks are getting punished. Many are expecting a recovery in six to nine months and are opting for more cyclical stocks in anticipation of the turnaround. Buyers would rather get in now than wait for Fortune Brands' stock price to tick up 20 points before it increases its dividend.

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Source: Cramer's Mad Money - More UltraShort ETFs? (4/28/09)