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Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program, Friday May 22.

Ignore the Pessimism: JP Morgan Chase (NYSE:JPM), Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS), Fifth Third (NASDAQ:FITB), Key Corp (NYSE:KEY), General Motors (NYSE:GM)
The press is more interested in grabbing mindshare than helping the markets recover, concluded Cramer discussing the ignored good news that was not reported. JP Morgan Chase, Goldman Sachs and Morgan Stanley are ready to pay back TARP funds, Fifth Third and KeyCorp have successfully raised capital and the market didn't tank on news of Chrysler's bankruptcy and GM's steps toward filing Chapter 11. Cramer called the negativity in the media "deadly," and cautioned viewers; “Always recognize that goals of the press and the goals of investors are not the same thing.”

Mad Mail: Campanhia Vale (NYSE:VALE), DigitalGlobe (NYSE:DGI)
Cramer told one viewer who bought Vale at $13 to take profits now that it is at $19, but to hold on to the rest. He reminded another viewer that he intended investors to buy the DigitalGlobe IPO at $19 with a cap at $22. Most IPOs should not be bought after the initial offering, he said.
CKE Restaurants (CKR)
Sometimes it is actually a good idea to invest in the worst stock in a certain sector; if fundamentals are actually improving, even an otherwise unattractive name might have some upside. CKE Restaurants, better known for its Carl Jrs, Hardees and Green Burrito, Red Burrito franchises is underperforming other restaurant stocks, but that might not matter; the company's operating margins are steadily increasing and Hardees unit volumes increased 26% in the past five years.
CKE had a lot of exposure to troubled California markets and a turnaround in this state will also be a lift for CKE. Since many other restaurants have gone bankrupt, market share is now ripe for CKE to grab. While the company's same-store sales have been poor, an improvement this year will lead to a better-than-expected number. Low gas prices, a lack of saturation and a 3% dividend are other good reasons to buy CKE, according to Cramer.
CEO Interview: Keith Jackson, On Semiconductor (ONNN)
Cramer talked with Keith Jackson, CEO of On Semiconductor, which produces power components for game systems, cell phones, autos and other electronic devices. Jackson emphasized the company's diversity, and while it is levered somewhat to trouble autos, ON has seen the number of components on automobiles growing yearly. While attention is focused on China, ON could be a big beneficiary of the trend; 40% of its sales come from China and the company's stimulus plan is good news. While ON pays only 3% interest for its debt, it plans to clear its balance sheet, and 80% of the company's expected revenues for next quarter are already covered by its backlog. Cramer is bullish on ON.

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Source: Cramer's Mad Money - The Deadly Press (5/22/09)