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

Diamond (NASDAQ:DMND) in the Rough. Other stock mentioned: Procter & Gamble (NYSE:PG)

Cramer has been a backer of Diamond Foods (DMND) for expanding beyond the nut business, buying tired brands and breathing new life into them. The deal to buy Pringles from Procter & Gamble (PG) inspired Cramer to reiterate his recommendation of the company, but recently, certain accounting problems have surfaced surrounding Diamond, and the Pringles purchase might not go through. One rule of thumb on Mad Money has been, if there is a whiff of accounting problems, sell the stock. While it is painful to turn away from what has been a strong company, Cramer urged viewers to stay away from Diamond until the matter clears up.

A Reason to Wait It Out: Qualcomm (NASDAQ:QCOM), Jacobs Engineering (NYSE:JEC), Foster Wheeler (NASDAQ:FWLT), Potash (NYSE:POT)

What used to be called a "crescendo market" could be a reason to be cautious. On a few days of hard selling, sellers start to say "goodbye," setting the stage for a rally. With the Dow rising 107 points on Wednesday after two days of aggressive sell-offs, there might be a reason to be bullish. However, Cramer noted the same trend in September, two dramatically down days followed by some upside, but noted that another sell-off soon followed. The European problems that plagued stocks have not been solved. In fact, in some sense, they are getting worse, with the fiasco over Italian bonds and poor employment data coming out of Europe. In spite of good news from Qualcomm (QCOM), the seasonal turnaround in tech and strength in autos and retails, "I don't have that much conviction," confessed Cramer. "There is a good reason to wait it out."

Cramer took some calls:

Jacobs Engineering (JEC) has been doing a lot of the right things, but Foster Wheeler (FWLT) was also doing the right things and reported a miserable quarter. FWLT is now a bad performer, down 40%. Cramer feels JEC could go the same way; "It's too dangerous."

Potash (POT) is a good long-term play, but might be weak in the short-term, since agriculture subsidies could get cut and there are problems with crop prices.

CEO Chuck Bunch, PPG Industries (NYSE:PPG). Other stocks mentioned: Lowe's (NYSE:LOW), Boeing (NYSE:BA)

PPG Industries (PPG) reported another stellar quarter with a strong run-up from $70 to $86 in a month. The stock was playing catch-up, since it has increased only 4% since August, but has reported two strong quarters in that time. PPG is now 11 points off its 52 week high, and reported a 4 cent earnings beat. The company was able to raise prices to offset high commodity costs, but with the fall of these costs, the cash will go right into PPG's bottom line. PPG yields 2.6% and its stock price has risen 91% since Cramer got behind it in 2009.

Chuck Bunch reported that the company is having an excellent year and has been performing well since the end of the recession when it created a leaner, more productive supply system. PPG is seeing strength in Asia, as well as domestically, with a new paint that is popular at Lowe's (LOW) and with Boeing's (BA) introduction of the Dreamliner. "There is reason for optimism...the U.S. manufacturing base is solid." Low natural gas prices are helping the company, as well as other declining raw costs. PPG instituted a buyback program to repurchase 7% of the company's market cap.

"PPG is buying its own stock and you should be there too," said Cramer.

CEO Interview: Dr. Mark Bristow, Randgold (NASDAQ:GOLD). Other stock mentioned: SPDR Gold Trust ETF (NYSEARCA:GLD)

Gold acts like insurance for every portfolio, but lately, Cramer has cautioned investors to stay away from gold mining stocks and to opt for physical gold or SPDR Gold Trust ETF (GLD). However, when things are going right, gold mining stocks can make money; investors need to be aware of the risks and to buy best-of-breed. Randgold (GOLD) shot up to a new 52 week high after it reported a strong quarter, when it predicted 70% production growth for 2012 and its plans to open two additional mines. The stock price has increased 42% since May and is up 3,400% for the decade.

CEO Dr. Mark Bristow discussed how the company is mining higher grade gold, which brings more profits. Growth might be important, he explained, but the main goal should be to grow profits per share. Bristow added that while gold prices might go up and down, ultimately demand will keep increasing.

"I've had my problems with gold miners," said Cramer, "but you've got the fastest growing one."

CEO Interview: Mark Papa, EOG Resources (NYSE:EOG)

The best-performing stock in the S&P 500 on Wednesday was EOG Resources (EOG), which soared up 11.8% after performing a blowout quarter. EOG is the top producer in the Bakken and Eagle Ford shales and is "like an ETF of the hottest oil properties." The company delivered a 7 cent earnings beat and better than expected revenues. Crude oil production increased 54%, and the company continues to have an astonishing 100% success rate drilling in the Eagle Ford.

CEO Mark Papa said the company is going to continue the shift away from natural gas and onto oil assets, with special emphasis on the Eagle Ford; "The Eagle Ford is the best way to return oil and gas assets bar none, onshore or offshore." EOG produces 3,000 barrels a day in the Eagle Ford, where the average production in other shales for other companies is 1,000 barrels a day. "After more than 40 years in the industry, I haven't seen any wells that pack this much punch." While the Bakken is still an important part of the business, EOG is shifting its focus and putting up more rigs in the Permian Basin. Cramer praised EOG as having reported the best quarter of any oil company; "It is a wild trader, but I want you in if the stock gets hit."

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Jim Cramer was up 31% in 2009. Click here now to trade alongside him.

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Source: Cramer's Mad Money - Diamond In The Rough (11/2/11)