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Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program, Wednesday October 26.

CFO Jim Flaws, Corning (NYSE:GLW)

Corning (GLW) seems to have bottomed; Cramer concluded this because he has been watching Corning since he was a hedge fund manager in the 80s, and the stock has hardly looked more compelling than it does now. Corning is down 40% from its 52 week high, but it reported a 6-cent earnings beat, a 29.5% increase in revenues and issued guidance that was far above what The Street expected. This producer of high tech glass for LCD televisions recently announced a 50% increase in its dividend and a $1.5 billion buyback that seems to say, "Our stock is too cheap and we are not going to take it anymore."

CFO Jim Flaws says demand worldwide has picked up dramatically, with a 10% increase for televisions in the U.S. Inventories are the lowest since 2009, and the company is seeing great success with sales of its glass for touch devices. Flaws expects volume to increase in the fourth quarter.

"This was a monster quarter," Cramer said. "I'm surprised the stock isn't up more."

CEO Interview: David Pyott, Allergan (NYSE:AGN)

Allergan (AGN) reported a decent quarter, but apparently, it wasn't good enough for The Street; the stock declined after the company's 2-cent earnings beat, in-line revenues and raised guidance. Since Allergan is one of the highest growth stocks in its sector, analysts were expecting a flawless quarter with dramatically raised guidance. The stock was down because of the issue of rebate increases and slowness in its U.S. eyecare business, but CEO David Pyott said the rebate issue will not continue, and a number of key products will help the eyecare business bounce back.

Allergan is seeing increasing demand for use of Botox as a migraine treatment in the year since the FDA approved the medical use for the cosmetic drug. Pyott reported "good patient traffic" for the treatment, and now Allergan is seeking FDA approval for the use of Botox to treat overactive bladders. Pyott discussed the 10% growth in sales for all of Allergan's products and the 17.9% increase in earnings per share. While Juviderm, the company's dermal filler, is facing competition, AGN is innovating new ways to administer the treatment without pain, and the new pain-free Juviderm will have a competitive edge. Sales for the product have increased 35% worldwide, and Allergan has a new volumizing filler filed with the FDA. Cramer is bullish on Allergan.

CEO David Wenner, B&G Foods (NYSE:BGS)

B&G Foods (BGS) is the perfect example of a slow and steady grower with a strong dividend. This "house of brands" reinvigorates household names such as Ortega, Cream of Wheat and B&G Pickles. The company has developed a smaller version of Cream of Wheat in individual servings, and the item is popular in dollar stores. The company reported an in-line quarter and raised its full year earnings forecast. The dividend is at 5% and was raised 9% last week.

CEO David Wenner discussed price increases implemented to deal with commodity costs. While there are questions whether the consumer will accept these price increases, strong sales have been an indication of continued demand for B&G products. Wenner admitted that fluctuating gas prices may cause some uncertainty about the food service business, but low gas prices will be good for the company. Packaging costs are expected to be flat for the year. When asked about a possible future acquisition, Wenner replied, "We are in the sweet spot where we can do that," but added the price structure has to be right.

"What a great stock!" Cramer said.

Ron Shaich, Chairman and Founder of Panera Bread (NASDAQ:PNRA)

Panera Bread (PNRA) reported a "knockout" quarter, and the stock zoomed 15.5% higher. PNRA beat earnings by 3 cents, revenues rose 21.8%, and the company reported a 6% rise in same store sales when The Street was expecting 4.6%. Guidance was higher than analysts expected, and while the stock has risen, Cramer thinks it has further to run, even though it is up 178% since Cramer got behind it in 2008. Panera is reaping the success of customer loyalty, which transcends price increases because of food inflation. The company managed to cut labor costs dramatically, and Founder and Chairman Ron Shaich pointed out that Panera has reported consistently successful quarters. "It's all about sales," he said. "Sales drive the whole thing. If you have sales, you have leverage. If you don't have sales, no amount of cost control can save you." Panera is dramatically building out its stores and is taking advantage of low construction costs to expand its reach. Shaich mentioned that the stores that have opened in the last two years have had the greatest success.

"You've done a remarkable job," Cramer told Shaich.

6 Market Themes: VFCorp (NYSE:VFC), Ralph Lauren (NYSE:RL), Chipotle Mexican Grill (NYSE:CMG), 3M (NYSE:MMM), Ingersoll-Rand (NYSE:IR), Caterpillar (NYSE:CAT), Eaton (NYSE:ETN), Parker-Hannifin (NYSE:PH), Google (NASDAQ:GOOG), Intel (NASDAQ:INTC), Netflix (NASDAQ:NFLX), Apple (NASDAQ:AAPL), Kinder Morgan Partners (NYSE:KMP), Energy Transfer Partners (NYSE:ETP), Atlantic Power (NYSE:AT), Illinois Tool Works (NYSE:ITW), Honeywell (NYSE:HON), Visa (NYSE:V)

Cramer outlined 6 market themes:

1. Collapse in commodities. Companies that suffered from high commodities prices and implemented price increases will see their margins rise with the fall of commodities. Cramer would take a look at VFCorp (VFC), Ralph Lauren (RL), Chipotle Mexican Grill (CMG) and Panera.

2. Stocks that are not hostages to Europe. Camer would avoid 3M (MMM) and Ingersoll-Rand (IR) and would look instead to industrials that have transcended world GDP woes: Caterpillar (CAT), Eaton (ETN) and Parker-Hannifin (PH).

3. Innovation Wins. Google (GOOG) is now the master of cloud, mobile and social networking. Intel (INTC) is creating cutting edge chips. Corning is innovating with glass.

4. Know your customer. Netflix (NFLX) didn't. Apple (AAPL) and Chipotle do.

5. "If you don't make anything, I don't want to own you." This is true of financials. No one wants to occupy a street where jobs are being created.

6. Fossil fuels are trumping renewables. Not many people are talking about wind and solar power anymore, but transportation of natural gas and oil has been a major theme. Cramer would buy Kinder Morgan Partners (KMP) and Energy Transfer Partners (ETP).

Cramer took some calls:

Atlantic Power (AT) is making an acquisition, and while Cramer has been critical of the stock's long-term growth, the acquisition might remedy the situation. The stock is worth taking another look at, especially since it yields 7%.

Illinois Tool Works (ITW) used to "hit it out of the park," but not anymore. Cramer would buy Honeywell (HON) instead.

Visa (V) just reported, and while Cramer said he needs to look over the conference call before opining, he suspects that sellers are shooting first and not doing research. Those sellers "might know something, but they probably don't."

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Source: Cramer's Mad Money - Corning Is Bottoming (10/26/11)