Jim Cramer's Mad Money In-Depth Stock Picks, March 9

Stocks discussed in the in-depth session of Jim Cramer’s Mad Money TV program, Friday March 9. Click on a stock ticker for more analysis:

Bear Stearns (BSC), Lehman Brothers (LEH), Goldman Sachs (GS) and J. Crew (JCG)

Cramer counsels patience until next Friday when BSC, LEH and GS should be "painfully low" when the bears attack after earnings reports on Tuesday, Wednesday and Thursday respectively. This means investors can buy the Big Three at "incredible bargains, " says Cramer, adding: "Stocks react to whoever shoots first, not how good the numbers are. And right now the bears have to shoot first." He commented the "only company worth banking on next week" is J. Crew, which was held back by its "digestion of a big secondary," a stock offering which Cramer thought had "terrible pricing" at $37.50. However, Cramer thinks the price will be taken out by its great quarter, and while there is some risk, he feels it is immunized from the downside with its 2% decline. Cramer suggests buying ahead of its report on Tuesday.

Related: Bill Allen makes a long-term bullish case for J. Crew.

March Madness: Akamai (AKAM)

Cramer likes AKAM for two reasons: First, it is one of his so-called "rubble stocks" which was unfairly savaged during the selloff; "Personally, I'm offended that it's down here," he remarked. Secondly, since it is the "leading company for optimizing online video," Cramer believes it is a great way to play March Madness, or the NCAA College basketball championship, which should attract widespread online viewership. He commented Akamai is usually much higher this time of year, and the company gave guidance that was "way up from the forecast." Cramer says Akamai is a good way to play bandwidth shortage.

Related: Eric Savitz discusses Akamai's raised estimates based on growth.

Two IPOs to Avoid: Aruba Networks and Glu Mobile with stocks Motorola (MOT) and Cisco (CSCO) and Alcatel-Lucent (ALU)

Not all IPOs are created equal, and Cramer does not want investors to go near Aruba Networks which will trade under ARUN or Glu Mobile, which will trade under GLUU, unless their prices are cut. Aruba's main rivals are "heavy hitters" MOT and Cisco, warns Cramer and Aruba sells through vendor ALU, a company Cramer doesn't like. Mobile game producer, Glu Mobile would be a decent stock at $8, according to Cramer, but it should not be selling at the best-0f-breed $10-$12 range.

Mad Mail: Dynegy (DYN) and UAL (UAUA)

Cramer commented CEO Bruce Williamson is "one of the best in the country" and predicts a move from $8.58 to $10. Cramer told another viewer the one airline he would buy would be UAL, but only as a speculative play.

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