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Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program, Wednesday December 16.

Best Buy (NYSE:BBY) Still a Buy

"Did we blow it? Were we wrong?" Cramer asked following Best Buy's (BBY) 8.5% drop post earnings. He decided the answer is yes and no. Cramer confesses he shouldn't have been so bullish on buying Best Buy ahead of its earnings report. However, he stands by the stock for the long term and is not revising his $50 price target. Cramer thinks the stock was unfairly taken down, because it reported good numbers, beat estimates, raised guidance and reported strong same store sales. However, The Street was not pleased with the company's conservative margin guidance, overseas sales and increased competition. Cramer says low margins were not because of discounting, but are the result of netbook computers and televisions, which are lower-margin items. Concerning overseas sales, Best Buy's Canadian business is already seeing signs of improvement.

Cramer says he should have paid more attention to Best Buy's history of selling off after earnings, but he would buy the stock on weakness.

Ben Bernanke Knows Something: Freddie Mac (FRE), Fannie Mae (FNM), AIG (NYSE:AIG)

Two years since Cramer's "They know nothing!" rant about Ben Bernanke and company, he says the Fed Chairman richly deserves Time Magazine's "Man of the Year" moniker. Bernanke didn't see the crisis coming, but kept raising interest rates up until the foreclosure explosion and the fall of Lehman Brothers, Fannie Mae (FNM), Freddie Mac (FRE) and AIG (AIG), but Bernanke immediately did an about face and cut interest rates, added liquidity, bought problematic mortgages and did what he could to prevent a deepening of the crisis. He successfully called the bottom in March 2009, and although the economic picture looks brighter, the Fed Chairman's statements show that he understands the importance of not taking away the stimulus too quickly. In fact, Cramer thinks Bernanke could teach the President a thing or two about having the right priorities on the economy.

Pin Action on Dreamliner: Boeing (NYSE:BA), Precision Castparts (NYSE:PCP), Hexcel (NYSE:HXL), Spirit Aero Systems (NYSE:SPR), Goodrich (NYSE:GR), Rockwell Collins (NYSE:COL)

Now that the Dreamliner has been released, it is too late to buy Boeing (BA), so Cramer suggested pin action plays on the energy-saving, cutting edge plane. Cramer's top Dreamliner pick is Precision Castparts (PCP) which will make $5.5 million per plane and given its growth potential, is cheap, trading at a multiple of 14.5. Hexcel will derive 22% of its revenues from the Dreamliner alone. Spirit Aero Systems (SPR) makes nose cone and wing parts, Goodrich (GR) produces tires and brakes and Rockwell Collins (COL) makes cockpit controls.

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Source: Cramer's Mad Money - Best Buy Is Still a Buy (12/16/09)