Jim Cramer's Mad Money In-Depth Stock Picks, Dec. 7

Stocks discussed in the in-depth session of Jim Cramer’s Mad Money TV program, Thursday December 7. Click on a stock ticker for more analysis:

Movin' on Up: Dolby (DLB), Mastercard (MA)

Cramer says that Dolby is still a buy even though it has risen substantially in the past month, and the stock reminds him of Mastercard which has kept going up. He comments that Dolby did not raise its estimates high enough and that it should fetch $1 per share in 2007. Dolby is "a great play on the flat-panel TV upgrade cycle, "and is starting to produce gaming consoles, notes Cramer who also likes that fact that 79% of its revenue comes from licensing which has big margins which should increase as it pursues the video market.

Trading Truce: eBay (EBAY), Google (GOOG), Yahoo (YHOO), Baidu (BIDU)

Although Cramer has been picking on eBay all summer, he finally declares that at $31.30 "it has become the ultimate value stock." First of all, he says that it is cheaper than it should be, it owns PayPal which web Goliath Google has not been successful in supplanting with its own service. Cramer admits that he was too critical of CEO Margaret Whitman, who has been negotiating advertising deals with Yahoo and Google, as well as an agreement with Baidu which will help distribute PayPal in China. In addition, eBay is flush with cash and is implementing buybacks, notes Cramer, who says that while he felt eBay was overpriced in the past, now "not only is it cheap, it's good."

Related: Only eBay reports on internal reorganization, Google checkout, PC-Free Wi-Fi Skype

Sell Block: Hershey (HSY), Sirius Satellite Radio (SIRI), Panera (PNRA), XM Satellite Radio (XMSR), Ford (F), Smith & Wesson (SWHC) and Bankrate (RATE)

After hearing that Hershey lowered its earnings estimates, Cramer admits that he was wrong about the stock and suggested selling once it reaches $50 from$49.34. He also admitted a mistake in thinking that SIRI doesn't need to merge with XMSR. After SIRI lowered its sales outlook, Cramer thinks that the stock won't go anywhere "except slightly down unless it gets that merger with XM Radio." Yet another company, Panera, reduced its earnings estimates, blaming Midwestern stores. However, since only a small percentage of stores are affected, Cramer suspects that sluggish growth is the real reason for the reduction."It is running out of steam and I was wrong to recommend it. Get rid of it." Ford, which Cramer had recommended, is issuing convertible bonds with a 4% yield. "Now ... the common stock is plain wrong," Cramer said. "If you want to play Ford, then play it with the convertible bond for less-risky exposure." Finally, Cramer suggested taking some SWHC and RATE off the table.

Related: Ted Allrich discusses "sirius" problems with Satellite Radio.

CEO Interview: Sally Smith, Buffalo Wild Wings (BWLD)

Cramer asked Sally Smith if BWLD could maintain its 11.8% company-owned sales growth, and she responded confidently that providing a good dining experience would encourage customers to come back. She added that the company could "absolutely" expand from 400 to 1,000 stores and noted that a new store was opened in Brooklyn, addressing a demand to go national: "We started getting letters from all over the country," she said. "They were craving the sauces and the wings and were wondering when we were going to their towns." Cramer commented on the restaurant chains "multiyear growth plan" and says that if it ever dips "back up the stock and buy some."

Related: Chad Brand is bullish on Buffalo Wild Wings.

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