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Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program, Tuesday December 6.

3 Stocks That Will Pay You To Wait: Eli Lilly (LLY), General Electric (GE), 3M (MMM). Other stocks mentioned: ITC Holdings (ITC), Fusion-io (FIO)

When the market is volatile, it is a good idea to find stocks that will pay you to wait; 3M (MMM), General Electric (GE) and Eli Lilly (LLY) have done just that, as the stocks rose nicely on Tuesday. 3M, which yields 3% and has raised the dividend for 54 consecutive years, had a bullish analyst meeting in which it discussed new projects including special glass, bioplastics and safer water systems. The company raised sales projections on accelerating earnings from these developments.

Eli Lilly (LLY) jumped 4% on Tuesday on news of its potentially revolutionary Alzheimers drug, which is the only treatment to deal with the root cause of the disease. It is estimated that, if successful, the drug could raise LLY's share price by 50-100% and could bring in $9 billion in sales by 2020. While it may seem like a lottery ticket, the 5% dividend pays investors to wait before the drug is approved.

General Electric (GE) may finally get the chance to raise its dividend, although now it yields a healthy 4%, and is seeing increasing energy orders from utilities that want more exposure to natural gas. "You can wait for the world to change," Cramer said. "But these stocks pay you to wait."

Cramer took some calls:

ITC Holdings (ITC) has run and has come back down, but Cramer thinks the stock needs to dip under $70 before buying.

Fusion-io (FIO) dropped while other stocks levered to flash energy have been performing well. Cramer said he needs to do research on the company before opining on the stock.

CEO Interview: John Feraci, International Paper (IP). Other stock mentioned: Temple Inland (TIN)

International Paper (IP) is a best-of-breed company that is becoming even better. IP produces one-third of the containerboard in North America and one-fourth of the free sheet paper. With the pending acquisition of Temple Inland (TIN), the company will be able to cut costs and grab even more market share. The company has a 3.7% yield which it may be able to raise after its merger with TIN. While paper is a business in secular decline, Feraci reports a slow but steady recovery for the company since the recession. IP is very aggressive in cutting costs by investing in only longer term facilities and investing in projects that will save money on wood, energy, chemicals and water. IP is expanding internationally, particularly in Brazil and Russia, and recently acquired an Indian company. When asked about how the retail shopping season looks based on the numbers of boxes ordered, Feraci said it is too early to declare victory, but the season has gotten off to a good start. Cramer is bullish on International Paper.

Carrizo Oil and Gas (CRZO), Chesapeake Energy (CHK), EOG Resources (EOG), Pengrowth Energy (PGH), Continental Resources (CLR)

On Twitter, Cramer has been asked about Carrizo Oil and Gas (CRZO), a small, $1 billion company that is making the transition from natural gas to oil. The stock has gotten punished since the summer and was hit harder than many other small caps or oil plays; it fell 51%, but has recovered somewhat to sit at 27% below where it began the summer. Cramer likes the stock at this price, with a multiple of 19, a 23% growth rate and a 50% increase in production. He considers it like a smaller version of Chesapeake Energy (CHK) or EGO Resources (EGO), however, he notes the company has faced some problems. There were production issues with some new wells in the Eagle Ford shale and setbacks in North Sea drilling, but these problems are in the process of being solved. CRZO tends to overspend, and investors are concerned about the company's budget. However, with a dramatic increase in production and joint venture deals in the Utica shale, CRZO may soon be able to pay off its debts. CRZO could be an attractive takeover target as well. The bottom line: CRZO has had its bumps in the road, but for investors willing to take a chance on a small oil and gas producer, Carrizo may be the one. However, for investors who want a safer bet, EOG Resources is the stock to buy.

Cramer took some calls:

Pengrowth Energy (PGH) is committed to its dividend, is cheap and was upgraded recently; "One of my favorite stocks," said Cramer.

Continental Resources (CLR) has been a winner, but it is time to take profits.

Novellus (NVLS), AutoZone (AZO)

Cramer dislikes buybacks that function only to prop up a stock price temporarily, and would stay away from companies which rely on this cosmetic method to make their stocks look more attractive. However, when management significantly shrinks the float and buys at the best time, buybacks can be bullish. AutoZone (AZO) has reduced its stock count from 63 million to 42 million shares and has been one of the best-performing companies of the year. Novellus (NVLS) shrank its share count from 93 million to 68 million, and orders are increasing. These companies know how to execute effective buybacks, but sadly, many do not.

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Source: Cramer's Mad Money - 3 Stocks That Will Pay You To Wait (12/6/11)