Jim Cramer's Mad Money In-Depth Stock Picks, Aug. 23

Stocks discussed in the in-depth session of Jim Cramer’s Mad Money TV program, Wednesday August 23. Click on a stock ticker for more analysis:

"Time Goner": Time Warner (TWX)

Cramer did not take kindly to the Time Warner (TWX) stock, christening the company "Time Goner". He perceives Richard Parsons' management lackluster and considers AOL to be "worthless". "At $16.54, the stock is not going anywhere unless the company's CEO Richard Parsons starts playing the right game".

"The right game" according to Cramer is pouring everything into cable and getting rid of AOL, HBO and Time-Warner Filmed Entertainment. Selling the latter two to Viacom (VIA) would add $7 to the stock, Cramer conjectured. He also thinks that the company should sell off its basic cable channels to CBS and turn the magazine business into a charitable trust.

Back in the Saddle: Cisco (CSCO)

Cramer has taken a second look at Cisco and likes what he sees. "Cisco Systems (CSCO) is "about to break out and go to $25 before it takes a real breather," Cramer told his viewers. The stock was recently at $21.05. Not long ago, Cramer considered CSCO to be a "do-nothing relic from the tech bubble that couldn't get its act together."

What caused the turnaround? The company is now much more diversified, acting as a broadband "arms dealer" to both the telecom and cable industries. Cisco recently reported the first outstanding quarter in two years.

Cramer believes that the stock will climb to $25 from its current price of $21.05 "as more cable companies buy its equipment to ramp up the rollout of the triple play," he said.

"Am I Diversified?" segment

Merrill Lynch (MER), Allegheny Technologies (ATI), Microsoft (MSFT), Tenaris (TS) and Ultra Petroleum (UPL)

Cramer said that this portfolio is not diversified because Tenaris and Ultra Petroleum are both oil stocks. He recommended dropping one and picking up a healthcare.

Goldman Sachs (GS), UnitedHealth (UNH), Bristol-Myers Squibb (BMY), Starbucks (SBUX) and Exxon Mobil (XOM)

Cramer said he liked the portfolio and blessed it.

Altria (MO), MasterCard (MA), J. Crew (JCG), Anheuser-Busch (BUD) and Schlumberger (SLB)

"Gorgeous portfolio", Cramer said.

CEO Interview: Thomas Baldwin, CEO and Chairman of Morton's Restaurant (MRT)

Cramer asked Mr. Baldwin why the stock hasn't been moving. Baldwin responded that "We reported record revenues, strong earnings and we're managing our business well, and we believe the stock price will follow the results," Baldwin said.

Cramer asked Baldwin if gas prices have affected his business, Baldwin said that because he serves high-end customers, pump prices are not realy a consideration.

Despite the fact that this stock "mystifies" him, Cramer said he wants to own Morton's because under $16, "it makes too much sense" to do so. The stock closed at $15.22 Wednesday.

Seeking Alpha publishes a summary of Jim Cramer's stock picks every day including: Mad Money Recap, Lightening Round, Stop Trading and his Radio Show.

Get Cramer's Picks by email -- it's free and takes only a few seconds to sign up.