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Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program, Thursday May 27.

Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT)

Although Thursday was an up day for stocks, Cramer urged investors to remember that the fundamentals are risky right now and not "to get lost in the euphoria." He would use any gain in the near future as an opportunity to take profits, but one stock he would hold onto is Apple (AAPL), the "greatest manufacturer on Earth" with huge end markets for PCs, phones and other devices. Apple's market share for phones is still in the single digits and its devices continue to fly off the shelves.

Microsoft (MSFT), on the other hand, sits in a saturated market for PC operating systems. Apple, with $50 per share in cash, could earn an additional $17-$20 per share in 2011. Even with its $250 price tag, it still has a multiple of just 12.5. Even if the stock meets Cramer's target of $300, its multiple will be a mere 15.

UIL Holdings (NYSE:UIL)

While some investors are sitting on the sidelines because of their worries about Europe, Cramer has found a way to profit from the European contagion. UIL Holdings (UIL) has made a deal to purchase natural gas customers from a cash-starved Spanish utility. The deal is worth $1.3 billion and will double UIL's customer base to 700,000. After the deal, UIL will be diversified into natural gas and will have greater organic growth, something not often found in the utilities sector. In addition, the company offers a generous dividend of 7.1%. Cramer urged viewers not to buy the stock in the open market but would contact their brokers about obtaining UIL's secondary offering. "If you can't get in on the secondary, take a pass," Cramer said. "We'll find another high-yielding opportunity for you at another time."

Annaly Capital (NYSE:NLY)

Annaly (NLY) was a losing stock in 2008, when it slid from $20 to $11, but Cramer thinks this REIT is a buy in 2010. Annaly borrows money at very low interest and invests in high-yielding mortgage bonds. The REIT returns 90% of its profits to shareholders with a dividend of 15.5%. Some are worried that the Federal Reserve might dump its holdings in Annaly all at once and others are worried about the risk of mortgage defaults. Cramer dismissed worries that the government will unload all of its paper at once and believes default concerns are priced into the stock. Cramer feels the dividend is safe and notes that those who reinvested their dividends saw a 469% return on Annaly in ten years.

“I would put a quarter of your position on here,” Cramer said, “and then wait for the company to declare its next dividend in June before buying more.”

CEO interview: Ray Milchovich, Foster Wheeler (NASDAQ:FWLT)

Despite the fact Foster Wheeler (FWLT) has dropped 24% over concerns that environmental legislation will cut into profits, outgoing CEO Ray Milchovich insists that his company is a "powerful play on energy infrastructure." Although there is bearish sentiment right now, Milchovich predicts a new cycle beginning soon. The Asian Pacific region regards liquefied natural gas as a crucial new fuel, and natural gas could become a major player in the U.S. if the government lends its support.

When Cramer asked Milchovich what made him so proud in all of his years at Foster Wheeler, the CEO said he felt gratified seeing his company emerge from near bankruptcy to once again be competitive worldwide.

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Jim Cramer was up 31% in 2009. Click here now to sign up for Jim's Action Alerts PLUS and trade alongside him. Special discount for Seeking Alpha users.

Source: Cramer's Mad Money - Apple Is the Greatest Manufacturing Stock in the World (5/27/10)