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Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program, Tuesday July 14.

Viacom (VIA.B), Time Warner (TWX), Disney (DIS)

Cramer donned a SpongeBob costume in honor of the cartoon's 10 year anniversary and discussed the $8 billion in revenue the animation has generated for Viacom. While SpongeBob is popular, Cramer was skeptical that Viacom's value is a mere $12 billion, and while he can't find an additional catalyst, the fact that Viacom is undervalued is a good enough reason to buy. The stock trades at nine times earnings, a discount to Time Warner and Disney. While Viacom has been a serial disappointment, its Transformer film has been a winner for Paramount, and ratings for Comedy Central and MTV have been improving. Cramer adds that Viacom's divisions are worth more separately than combined, and expects a spinoff at some point. Cramer would buy Viacom before Spongebob rings the opening Bell at the New York Stock Exchange on Thursday morning.

CSX (CSX), Novellus (NVLS), Freeport McMoRan (FXC), BHP Billiton (BHP)

While the headlines trumpet bad news about autos and airlines (the fact that these industries are struggling is hardly news), Cramer would look at earnings rather than newspapers to find out what is really going on with the economy. He noted CSX beat earnings estimates in spite of declining revenues and Novellus reported increasing orders and says 40% of its valuation is cash. These are impressive facts in a rough economic environment and are signs that things may be improving. Mineral companies Freeport and BHP Billiton are also showing signs of strength.

Off the Charts: Energy Select SPDR (XLE), Chevron (CVX)

According to technician Rick Bensignor, XLE is aproaching its 200 week moving average and should be bought. Cramer prefers best-of-breed Chevron over the oil index. Chevron is low enough to buy after it was punished for its weak refining, but the dividend is up 4.1% and the company has strong production growth at 5% for the year. Cramer thinks Chevron's revised guidance may have lowered the Street's expectations enough to deliver an upside surprise in its next report.

CEO Interview: Federal Realty Investment Trust (FRT) Don Wood

In May, Don Wood declared on Mad Money that the worst was over for the property market, only to see his company's stock price fall 5.6% since then. However, Cramer said Don Wood "Knows this game as well or better than anyone else out there,” and still believes in Federal Realty. Wood says that commercial real estate should be included in every portfolio and his company has consistently rewarded shareholders with dividend increases since 1967. Federal Realty has outperformed other commercial REITs for nine years and has a portfolio that includes Target and Lowe's stores. While Federal Realty also owns shopping malls, 75% of its properties are connected with grocery stores, which do not suffer during an economic downturn.

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Source: Cramer's Mad Money - Buy Viacom before Spongebob Rings the Bell (7/14/09)