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

The Most Important Game Changer For 2013: Eaton (NYSE:ETN), PPG Industries (NYSE:PPG), Avnet (NYSE:AVT), Royal Bank of Scotland (NYSE:RBS), Oil States International (NYSE:OIS), General Motors (NYSE:GM), Ford (NYSE:F)

The Dow rose 131 points on news that the European Central Bank plans to cut interest rates. Cramer feels that the economy in Europe will improve, and noted CEOs of Eaton (ETN), PPG Industries (PPG) and Avnet (AVT) have made positive statements about prospects in Europe for the remainder of 2013. General Motors (GM) and Ford (F) might be worth buying on this trend. Earnings from the Royal Bank of Scotland (RBS) might be better than expected. The interest rate cut in Europe could be "the most important game changer for 2013."

Cramer took a call:

Oil States International (OIS) is a stock Cramer likes because it has more exposure to oil than to natural gas.

CEO Interview: David Pyott, Allergan (NYSE:AGN)

Allergan (AGN) received a double-barreled disappointment as 2 of its drugs received downbeat data. Its treatments for macular degeneration and baldness were in Phase II, and it may be 2 years before they will appear on the market, pending FDA approval. There were high hopes for these drugs, and AGN's stock ran 24% from the beginning of the year, only to fall 13% in one day. However, the company reported a solid quarter with a one cent earnings beat on higher than expected revenues. CEO David Pyott noted that its volumizing Juvederm filler succeeded in securing approval, and it has a new product for lengthening and thickening eyelashes. Its Botox product continues to see healthy sales. When asked about the 2 drugs that are now delayed, Pyott said, "We are taking a small pause ... We are still very positive about the pharmacology of this drug calls ... we want to get this right."

Ways to Play the Gulf of Mexico: BP (NYSE:BP), Anadarko Petroleum (NYSE:APC), Chevron (NYSE:CVX), Schlumberger (NYSE:SLB), Halliburton (NYSE:HAL), Cameron (NYSE:CAM), TransCanada (NYSE:TRP), Penn West (NYSE:PWE)

After the disastrous oil spill in 2010 in the Gulf of Mexico, BP (BP) was hit hard. However, Cramer thinks BP might be a buy now, even though it is still facing litigation. The company has set aside $41 billion for damages, and if the amount turns out to be less than this figure, it could spell an upside for BP. While regulations in the area tightened after the oil spill, they have become more lax of late, and BP has 8 new rigs in the Gulf of Mexico, with a target to increase the number to 10. Since BP has vast experience drilling in the region, it is able to retrieve a large amount of oil more effectively than a wildcat company. However, Cramer warned that BP's performance is likely to be volatile during the litigation, although the company pays a bountiful 4.95% dividend and has a strong buyback.

Anadarko Petroleum (APC) has fewer legal headaches than BP, and since it is a smaller company, its assets in the Gulf should move the needle for the company. Chevron (CVX) has had a significant move, but it has substantial Gulf assets. Schlumberger (SLB), and Halliburton (HAL) are diversified global companies that have exposure to the Gulf of Mexico, but are unlikely to be dramatically affected by business there. Cameron International (CAM) is a better choice, since it makes components for drilling equipment and was dismissed from any claims over the oil spill. CAM is seeing rising bookings and has a healthy backlog.

Cramer took some calls:

TransCanada (TRP) is a big pipeline growth company; "You have a total winner."

Penn West (PWE) is a Canadian trust, and therefore, has different accounting rules than a U.S. company. Cramer thinks, for that reason, PWE is too complicated.

CEO Interview: James Foster, Charles River Laboratories (NYSE:CRL)

Charles River Laboratories (CRL) is the "arms dealer" to the drug business, since it supplies equipment to aid the discovery of new drugs. The company missed earnings by 2 cents on light revenues and soft sales. However, its pre-clinical services segment is expected to generate sales growth for the first time since 2008. The stock fell 2.8% following earnings.

CEO James Foster said that companies are starting to cut back on research services, but he sees this balancing out. CRL, which has some government clients saw "negligible impact from sequestration in the first quarter." He said the company is now working more on the development than the discovery phase. Cramer added, "This is the company that is the best. If drug companies want strong pipelines, they are going to have to do business with Charles River Lab."

Oh, For A Company That Sells Insurance: AIG (NYSE:AIG), Prudential (NYSE:PRU), Cigna (NYSE:CI), Hartford (NYSE:HIG), Travelers (NYSE:TRV), Radian (NYSE:RDN), Genworth (NYSE:GNW)

Insurance stocks are rallying, and the upside is not over, especially for AIG. Prudential (PRU) has seen growth in Japan, in life insurance and in fixed income. Cigna (CI) is a comeback story that is "minting money" and is succeeding in managed care. Hartford (HIG) has seen excellent returns. Travelers (TRV) is able to raise rates and buy back stock. Mortgage insurance is a hot area now, especially Radian (RDN), which is one of Cramer's top speculative stocks. Genworth (GNW) might spin off its mortgage insurance business (management implied this during the conference call), and such a spinoff could be worth a "fortune." AIG delivered a blowout quarter with an astonishing 46 cent earnings beat. Its property, casualty and mortgage insurance segments are all strong.

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Source: Cramer's Mad Money - The Most Important Game Changer For 2013 (5/2/13)