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Stocks discussed in the in-depth session of Jim Cramer’s Mad Money TV program, Monday March 12. Click on a stock ticker for more analysis:

Oil is Well: BP (BP), Exxon Mobil (XOM), ConocoPhillips (COP), Chevron (CVX), Schlumberger (SLB), National Oilwell Varco (NOV), GlobalSantaFe (GSF), Halliburton (HAL), KBR (KBR) and Transocean (RIG)

Cramer sees buying opportunity in the oil sector because market players are "not looking at the right things" but are instead paying attention to weather and inventory numbers. "Base your decisions on how its customers are doing," urged Cramer, saying earnings are not a good indicator right now, and the only major integrated oil he is recommending is BP, based on its yield rather than its earnings. "The only safe and profitable place to be" is drilling, commented Cramer, and he cited a XOM statement that it had been too conservative with oil production and said he expects to hear the same thing from COP and CVX. Cramer would buy deepwater drillers ahead of analyst meetings, picked only five worth owning in 2007 and ranked them in descending order.

    5. Schlumberger: an undervalued stock
    4. National Oilwell Varco: The only company that develops rigs that dig deeply enough. NOV has "years of backlog" which should keep estimates up.
    3. Global Santa Fe: has an aggressive buyback
    2. Halliburton: Although many do not like the company's move to Dubai, Cramer feels it is a necessary strategy to gain back market share from SLB. He predicts HAL will "jump up fast" on a tender offer because of its KBR spinoff. He would hold HAL after the spinoff.
    1. Transocean: "How can you not own a rig stock that's called RIG?" Cramer said of his number one oil-drilling pick, and added that day rates are "skyrocketing," RIG is a good takeover or merger target, and since options expiration is coming up, "this stock is going to end at $75 at the end of the week," which Cramer feels is a good entry point. On Monday, RIG was sitting at $76.62.

Related: Paul Kedrosky evaluates XOM CEO's statement about increasing oil volumes.

Hansen Medical (HNSN), Intuitive Surgical (ISRG) and Stereotaxis (STXS)

Hansen Medical could be "the next Intuitive Surgical," a stock which has risen 1, 124% since its IPO in 2000, says Cramer, and he says subpharma is the place to be since it is immune from subprime problems. HNSN makes robotic catheters that are easy to maneuver, has a "big target market," and although its machine hasn't been approved yet, Cramer believes it will be approved first in Europe and then in America by the end of the year. Although the company is losing money "hand over fist" and does not yet have any revenues, Cramer would buy the stock, albeit with tight limit orders and only after doing homework. Although HNSN does not quite have a monopoly, its machine is cheaper than that of its sole rival STXS.

Related: On his February 28th Lightning Round segment, Cramer called ISRG a "high-growth" stock for the momentum crowd.

Mad Mail: Altria (MO) and Celgene (CELG)

Cramer suggested owning the regular Altria stock instead of the new MO-issued shares, but told investors to wait until he did a segment on the stock. He urged an investor who sold CELG to buy it back.

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Source: Jim Cramer's Mad Money In-Depth Stock Picks, Monday March 12