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Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program, Wednesday April 2.

Is Apple (NASDAQ:AAPL) a Value Stock? Other stocks discussed: Hewlett-Packard (NYSE:HPQ), Microsoft (NASDAQ:MSFT), IBM (NYSE:IBM), Oracle (NYSE:ORCL), Disney (NYSE:DIS)

Is Apple (AAPL) a value stock? Analysts like Gene Munster at Piper Jaffray talk about Apple as if it is. He points out the stock is undervalued with a multiple of 12 compared to the market's average of 17, and that its upcoming release of the iPhone 6 is currently underestimated. However, it doesn't seem too long ago that Apple was leading the turbo-charged momentum stock category with must-have products. Now it seems that Apple is "old tech," a space that has seen some gains of late; Hewlett-Packard (HPQ) has risen 18%, Microsoft (MSFT) and Oracle (ORCL) have had some positive moves, and IBM (IBM) is up 20 points, even though it has missed on revenues. In fact, "Mr. Value Himself," Warren Buffett owns a sizeable stake in IBM. If Apple is in the same category, one bright spot is that it may be cushioned from a rapid sell-off if it misses the quarter. Cramer isn't so sure if Apple can be "repackaged" as a value stock. Until it improves earnings or releases a new product that amazes people, "Apple is in limbo."

Cramer took a call:

Disney (DIS) can go to $90 and has earnings momentum with a great management that is executing a successful buyback.

High Frequency Traders Are Mosquitos. Stocks discussed: Caterpillar (NYSE:CAT), General Motors (NYSE:GM), Yelp (NYSE:YELP), Foot Locker (NYSE:FL), Finish Line (NASDAQ:FINL), Macy's (NYSE:M)

Stocks that do well in a strong economy are roaring back. Caterpillar (CAT), which Cramer thinks is a leader so far in 2014, cut through the $100 level, and rising auto sales brought some upside to General Motors (GM). However, the expectation of a strong economy might not matter if, as Michael Lewis implies in his book Flash Boys, stocks are "rigged" by high frequency traders. Cramer called such traders "mosquitos," which may make what seems to be a few harmless bites, but can actually take blood out of investments. The SEC hasn't done much to stop high frequency traders, perhaps because it feels they fulfill a function, that high frequency traders been around for a bit, and therefore, might not matter or are not any less fair than many other things that are allowed on Wall Street. Cramer thinks something should be done to regulate high frequency trading, although like mosquitos, they won't be eradicated; "Don't tell me to like it," said Cramer, "and don't tell me it's good for me."

Cramer took some calls:

Yelp (YELP) is going to suffer from the contraction happening to other high-multiple stocks.

Foot Locker (FL) has strong management, and Cramer likes FL along with Finish Line (FINL), which has a great deal with Macy's (M).

Mad Money's Final Four: Tyson (NYSE:TSN) Versus Nabors (NYSE:NBR). Other stocks mentioned: MannKind (NASDAQ:MNKD), Intuitive Surgical (NASDAQ:ISRG)

For the remainder of the week, Cramer is having a "Final Four" on Mad Money. On Wednesday, the top two performers of the S&P 500 have a "playoff," followed by the best two stocks in the Nasdaq, with a final playoff on Friday.

Cramer pitted Nabors (NBR) against Tyson (TSN). While there were other stocks that gave greater gains than Nabors and TSN at 44% and 31.5% respectively, these were either companies being taken over or that rallied on news of a deal with another company; Cramer wanted to look at stocks that had rallied on their own merits.

Not only are Nabors and Tyson in dramatically different sectors, the relationship they have to their respective industries is different. Nabors was a laggard player in a booming domestic drilling industry. Tyson is best-of-breed in a space that is fraught with volatility over commodity prices, and might be seeing a decline for the rest of 2014. While Nabors was once mainly an onshore domestic driller, it has since expanded overseas and has some offshore drilling. However, domestic drilling still provides 55% of its revenue, and the upsurge in this space isn't likely to slow down anytime soon. There is strong demand for Nabors' rigs, and it has less exposure to oil prices than Tyson has to commodity price. Tyson is hit with the double whammy of higher prices for corn and lower prices for chicken. With more competitors in an already troubled industry, Cramer thinks TSN will be facing headwinds, and prefers Nabors as the potential winner for the remainder of 2014.

Cramer took some calls:

MannKind (MNKD) has had a double gain. Cramer would sell half and let the rest run.

Intuitive Surgical (ISRG) has been a heavily shorted stock because of concerns with the Affordable Care Act. Cramer thinks the stock will come back in favor and may see a 10% gain, but if it does, Cramer would take some profits off the top.

Revisiting The Hospitality Index: Chipotle Mexican Grill (NYSE:CMG), Whole Foods (NASDAQ:WFM), Men's Wearhouse (NYSE:MW), Apple (AAPL), Amazon (NASDAQ:AMZN), American Express (NYSE:AXP), Nordstrom (NYSE:JWN), eBay (NASDAQ:EBAY), Southwest Airlines (NYSE:LUV), Mattel (NASDAQ:MAT), Google (NASDAQ:GOOG), Bed, Bath & Beyond (NASDAQ:BBBY), Costco (NASDAQ:COST), Brown-Forman (NYSE:BF.A), (NYSE:BF.B), Goldman Sachs (NYSE:GS), Salesforce.com (NYSE:CRM)

In 2009, Cramer, together with famed restaurateur, Danny Meyer, author of Setting the Table, came up with the Hospitality Index. The index is a diversified list of companies that are known for making customer-driven decisions and enhancing the customer experience. Meyer emphasized in an interview the fact that a successful company puts a high premium on how the employee feels as well as the customer. Included in the index are: Chipotle Mexican Grill (CMG), Whole Foods (WFM), Men's Wearhouse (MW), Apple (AAPL), Amazon (AMZN), American Express (AXP), Nordstrom (JWN), eBay (EBAY), Southwest Airlines (LUV), Mattel (MAT), Google (GOOG), Bed, Bath and Beyond (BBBY), Costco (COST), Brown-Forman (BF.A), (BF.B), Goldman Sachs (GS), Salesforce.com (CRM).

The index has returned 375% since 2009, trouncing the S&P 500, which saw a mere 129% gain.

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Source: Cramer's Mad Money - Is Apple A Value Stock? (4/2/14)