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Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program, Monday September 21.

Dell (NASDAQ:DELL), Hewlett Packard (NYSE:HPQ)

Cramer used Dell and Hewlett Packard as examples of how to make an acquisition and how not to make an acquisition. Hewlett Packard got the better end of its deal when it purchased Electronic Data Systems for a mere $13 billion. This large consulting business allows Hewlett Packard to diversify beyond the problematic hardware sector into the more stable business of electronic services. The recurring sales are making up 40-45% of the company's sales, 62% of Hewlett's business is now international.

Dell is another story. It paid a 68% premium for Perot Systems; “a crummy little information-technology company." Perot was purchased at $30 a share, a level not even reached during the tech bubble in 1999. Hardware will still comprise 85% of Dell's business and Perot has been seeing declining revenues in all of its segments. Cramer wondered why Dell didn't show better judgment; it could have bought a better company like Palm, which has exposure to wireless internet; “There used to be a time when Dell was indeed a great company,” Cramer said. “It dominated the PC industry for years, but I think it got fat and lazy.”

Cramer would buy Hewlett Packard ahead of its analyst meeting on Thursday, but as for Dell, he would sell, sell sell.

Wynn Resorts (NASDAQ:WYNN)

Wynn Resorts is selling off 24% of its "piping hot" Macau business on October 9th, but Cramer would buy Wynn instead of its IPO, even though Wynn has seen a gain of more than 70%. He expects to see some profit taking when the IPO is launched, which is a cue to buy Wynn at a good price. The IPO makes valuation of Wynn's Macau business easier; now it is at $7.4 billion compared to Wynn's enterprise value of $11.6 billion. This means Wynn's sizeable Las Vegas business is valued at a mere $4 billion, which makes the parent company a buy. Although the IPO's price may rise higher than Wynn's, Cramer would buy the latter on a decline to $65 with a target of $90.

Mad Mail: Apache (NYSE:APA), CVS Caremark (NYSE:CVS), Wal-Mart (NYSE:WMT)

Although Cramer has been aggressively recommending natural gas stocks, he applauded one viewer's decision to sell some gains in APA. Cramer also agreed with another viewer's strategy to sell Wal-Mart, which is "stuck in the mud" and buy CVS as a swine flu play.

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Source: Cramer's Mad Money - Dell's Gotten Fat and Lazy (9/21/09)