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Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program, Wednesday October 23.

Caterpillar (NYSE:CAT), Google (NASDAQ:GOOG), iShares 20+ Year Treasury Bond ETF (NYSEARCA:TLT), Boeing (NYSE:BA), Apple (NASDAQ:AAPL), Valero (NYSE:VLO), Abaxis (NASDAQ:ABAX), American Electric Power (NYSE:AEP), ConEd (NYSE:ED), Duke (NYSE:DUK)

Everything that was loved is now hated, and everything that was hated is now loved. With the Dow down 54 points, cyclicals and oil got punished, but consumer products roared. Why the sector rotation? There is compromised confidence in the U.S. because of political wrangling, and the central banks of China and Europe are telegraphing at least a slight slowdown. Caterpillar (CAT) was the "disaster of the day" reporting poor numbers, and Cramer thinks this is mainly due to weakness in commodities, which is actually good news for consumer packaged goods companies that buy commodities. Oil is not done going lower, at least indicated by the chart, and it seems that "Gentlemen prefer bonds," with the iShares 20+ Year Treasury Bond ETF (TLT) rallying. Bonds don't rise unless something is awry, and while Cramer doesn't foresee a major downturn, there are now some bumps in the road. He would stick to consumer packaged goods, but also some growth stocks that tend to do well regardless of the economic environment, like Google (GOOG), Apple (AAPL) and Boeing (BA), all of which are levered to trends that transcend the economic roadbumps. He would also consider buying utilities like American Electric Power (AEP), ConEd (ED) and Duke (DUK).

Cramer took some calls:

Valero (VLO) has had a big move up. It is best to wait for a pullback.

Abaxis (ABAX) is worth looking into, but many did not like the quarter because of slow revenues and it is in a vulnerable sector.

CEO Interview: Mark McLaughlin, Palo Alto Networks (NYSE:PANW). Other stock mentioned: Juniper (NYSE:JNPR)

Palo Alto Networks (PANW) develops customized security software and rose 26% on its IPO. The September earnings report was decent, and the stock rose 48% yoy, but has recently pulled back. CEO Mark McLaughlin explained that PANW has next generation software, while its competitors are using older platforms. PANW has ongoing litigation with competitor Juniper (JNPR), but this is not too much of a distraction for PANW, which designs security software that can cover the entire enterprise, from mobile devices to databases. McLaughlin doesn't think the government will cut security spending, and in any case, PANW has a diversified base of private clients along with the public sector. Cramer agreed that cyber security will continue to be a growing trend.

CEO Interview: Howard Schultz, Starbucks (NASDAQ:SBUX)

Starbucks (SBUX) is opening its first Teavana location in New York, on the upper East Side. CEO and founder Howard Schultz explained that Starbucks has always been selling tea, but until now, coffee has dwarfed the tea concept. The reason Teavana is different from tea sold at Starbucks locations is that Teavana is meant to provide a unique experience that includes blending flavors, sampling and allowing customers to create their own teas. Schultz says he is less concerned with the number of transactions and is focusing more on optimizing the experience provided at Teavana; to compensate for this, the prices at Teavana may be a bit higher. Schultz intends to "leapfrog" this concept overseas quickly; "We want to bring the innovation that has never been seen in the tea category." There was controversy recently about the fact that Starbucks prices in China are slightly higher than in other areas, but Schultz explained that the cost of doing business in China is higher. Starbucks is benefiting hugely from social media and mobile transactions.

The Best Buy And Hold Stock: Johnson & Johnson (NYSE:JNJ)

While Cramer doesn't usually recommend the "buy and hold" strategy, those who practice it, and anyone who likes a solid long-term investment, should consider Johnson & Johnson (JNJ). Poor management was responsible for JNJ's many recalls, but since Alex Gorsky has become CEO, JNJ has seen incredible improvement with a 31% run so for this year. the company has organic growth, accelerated revenue growth and a strong enough balance sheet that it can buy treatments and make acquisitions. JNJ could split itself into three parts: consumer products, which contain many well-loved brands, medical devices and a pharma company that has much more growth than its competitors. Whenever this stock sells off, it is almost always a buy, said Cramer, so he would buy the stock on any dip.

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Source: Cramer's Mad Money - Gentlemen Prefer Bonds (10/23/13)