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Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program, Wednesday January 25.

Johnson & Johnson (NYSE:JNJ)

Continuing his week-long series on Big Pharma, Cramer featured Johnson & Johnson (JNJ) on Wednesday. The company has been plagued by drug recalls in the last two years and has had serious problems with its medical device division, including recalls for faulty hip replacements. The Street is concerned about the strength of the company's pipeline, and recently JNJ gave disappointing outlook for 2012.

Why buy JNJ, if it has so many problems? The fact the stock didn't move down on its weak quarter is a sign that expectations are too low for the stock, and in spite of management foibles, it has some things going for it. Most of its patent expirations are already behind it, and JNJ has many newly launched products, along with drugs in late stage development that could mean $6 billion in annual revenues for the company; its Alzheimer's drug is in Phase 3 and may be released this year, its diabetes drug might be released the first half of 2012. JNJ has in its pipeline an anti-coagulant, a prostate cancer drug, and a Heptitis C treatment. JNJ plans to re-introduce over-the-counter products that were recalled in the past 2 years, and its medical device segment could be rejuvenated by new acquisitions. In addition, JNJ has a 3.5% yield and has been a consistent raiser of its dividend. "Bottom feeding with JNJ makes sense," said Cramer.

Cramer took a call:

Dendreon (NASDAQ:DNDN) has had a big run. Cramer would hold it "but I'm not going to tell you to buy it right here."

6 More Ways to Win With Stocks: Roche (OTCQX:RHHBY), Illumina (NASDAQ:ILMN), Boeing (NYSE:BA), Apple (NASDAQ:AAPL), USBancorp (NYSE:USB), Wells Fargo (NYSE:WFC)

Stock are in bull market mode. Cramer talked about trends that are working recently and will continue to bring stocks up:

1. Hostile takeovers: Roche's (OTCQX:RHHBY) bid for Illumina (ILMN) is a game-changer, and while ILMN has been a laggard, it is now trading at a price above where Roche made the bid.

2. Reversal trade: For too long, if the market opened down, it stayed down, or if it opened up, it stayed up. On Wednesday, stocks opened down and rose throughout the day; this gave investors a chance to buy good stocks on the cheap in the morning and watch them rise in price.

3. Downgrades were shrugged off.

4. Fake earnings disappointments: Boeing (BA) allegedly announced a disappointing quarter because of pension problems, but investors weren't bothered by this, since Boeing sprang back 3 points and will continue to rise.

5. An End to "Risk-On" and "Risk-Off" for commodities: "Risk-On" and "Risk-Off" were familiar phrases spouted at the end of 2011, particularly with regard to commodities. Cramer doesn't think these expressions will have meaning in 2012, as commodities may be trading more consistently.

6. Apple (AAPL) went up after the quarter, but doesn't seem too high to buy, since it has wiped out the competition in the tablets market, and doubled its sales of tablets in 2011. Apple is receiving "staggering" orders from China for its iPhone, and its iPhone 4S is expected to take the world by storm.

Bottom Line: There are more ways to win in stocks than ever. Stocks are making more money for investors in January than they have in years.

Cramer took a call:

If the European crisis is indeed contained, it may be time to buy some banks, especially USBancorp (USB) and Wells Fargo (WFC). The tech sector should continue to spring back on the moderation of Europe's woes.

CEO Interview: Harold Hamm, Continental Resources (NYSE:CLR)

One big theme that is going to continue to move stocks higher is the surge in domestic drilling. Continental Resources (CLR) has been a pioneer driller in North Dakota, and with the discovery of oil in the Bakken, it is now the top driller in the region. CLR announced incredible production numbers, an increase of 57% over last year, 13% since last quarter. The stock soared 11.1% on Wednesday to a new all-time high, and has increased 58% since Cramer first got behind it in August. While the stock has moved significantly, Cramer thinks CLR deserves to trade at a premium.

CEO Harold Hamm discussed the boom in drilling in the Bakken, up 26% since August. CLR is expected to become the second largest oil driller in the U.S. by 2013. Bakken produces a light, sweet oil which is "what America needs," according to Hamm. Transportation has been an issue for the company, but the milder winter is helping with both drilling and transport. Hamm thinks the U.S. has the potential to become energy independent in a decade, and notes that it produces 58% of its own fuel, up from 50% last year. Concerning the issue over the blocking of the Keystone Pipeline, Hamm said, "We need a pipeline. It would be good for America."

Cramer called CLR "the real deal" and thinks it is a buy on any decline.

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Source: Cramer's Mad Money - The Worst May Be Over For Johnson & Johnson (1/25/12)