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Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program, Thursday February 4.

Interview with Chief Operating Officer Larry O'Donnell, Waste Management (WM)

Cramer likes Waste Management (WM), not only because it is the largest garbage collection and disposal company in the United States, but it is actually a play on natural gas. Waste Management has the country's largest natural gas fueled fleet of vehicles, a total of 425. If more companies follow Waste Management's lead and adopt natural gas, 2.3 million jobs could be created.

Waste Management is also a play on alternative fuels through its development of power from decomposing garbage. Its landfill-to-fuel technology can produce energy for 400,000 homes a day and reduce coal demand by 2 million tons annually. The company also has a solid 4% dividend yield. Cramer praised Waste Management for its efficiency in saving cash as well as energy, and is bullish on the stock.

CEO Interview: Richard Hill, Novellus Systems (NVLS)

Novellus Systems (NVLS) reported an upside surprise, beat estimates by 6 cents per share, delivered better than expected revenue and raised guidance. In spite of all of these pluses, investors still sold the stock, which dropped 4.4% on Thursday. Cramer would buy the stock on weakness, because its backlog is growing, IT spending is increasing and demand for electronics in emerging countries is revving up. Richard Hill predicts capital spending for semiconductors should increase 60-75% in the next year.

Richard Hill says every chip company needs Novellus's technology and the demand seems as intense as it was during the personal computer boom in the 90s. The drivers of today's demand are counter-terrorism, gadgets and emerging markets. Hill said he isn't worried about China, and thinks consumers in the Middle Kingdom will keep buying gadgets even as the country is solving its economic problems. Cramer is bullish on Novellus.

CEO Interview: David Pyott, Allergan (AGN)

Cramer has said in the past that the wheels of capitalism are greased by the demand for wrinkle-free skin. On a down day like Thursday when the Dow shed 268 points, Allergan (AGN) was one of the few stocks left standing. Cramer is particularly interested in the eye-care business which generates 47% of the company's sales; Cramer thinks it is grossly undervalued. If this eye business were valued at $9.3 billion (a price paid by companies for eye-care businesses of similar size), the rest of Allergan is currently valued at only $7.7 billion "which is too darn cheap," remarked Cramer.

David Pyott discussed an eyelash product, LATISSE, which has generated $47 million in sales and is expected to be a "category builder" for Allergan. A tax on Botox treatments was defeated at the last minute, and Pyott said he is not worried about competitors, which have only a very small market share. Cramer thinks Allergan is a great play on the economic recovery.

Cisco (CSCO), Visa (V), Kimberly Clark (KMB), Altria (MO)

Cramer summed up the reason for the 268 point drop in the Dow on Thursday; “What you saw today isn’t a referendum on the fundamentals of different companies,” Cramer said, “but the culmination of a series of mistakes made by big hedge funds gone wild, selling everything to preserve themselves.”

He compared the action to fund managers pumping up commodities before exiting in droves and leaving many investors in the dust of a failed trade. If fundamentals mean so little these days, what stocks should investors look for? Cramer would keep his eyes open for "accidental high yielders," stocks whose dividends rise as their prices fall. He gave Kimberly-Clark (KMB) and Altria (MO) as two examples and is also bullish on the unfairly punished Cisco (CSCO) and Visa (V).

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Source: Cramer's Mad Money - Waste Management: Get Some Cash for Your Trash (2/4/10)