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

Annaly Capital Management, Inc. (NYSE:NLY)

The "tireless Cassandra" of the sub-prime crisis is now the "last man standing," said Cramer, praising Mike Farrell, CEO of NLY. Farrell commented on Mad Money that he saw the crisis on the horizon and pulled back from the residential mortgage business. As a result, NLY has survived where others have fallen. Concerning its $3 rise, Cramer said, "you ain't seen nothing yet" and predicted the stock would double. While NLY is involved in risk, it carries the more benign interest rate risk rather then the hazardous credit risk which has destroyed so many lenders. Since the media fail to make the distinction between the two kinds of risk, they have missed out on reporting on NLY's success, according to Cramer.

Related: Mike Farrell appeared on Mad Money, April 10th.

Paper Trail: Sappi (SPP)

Cramer recommends Sappi as a way to play the antisubsidy and antidumping tariffs the U.S has imposed on glossy, coated paper from China. SPP has 10% global market share, and coated paper accounts for 70% of its sales. The company was hurt by the Chinese, but the new legislation should mean a short term increase for the stock, perhaps into the $20s. However, Cramer sees SPP as a trade rather than investment, because he ultimately believes the Chinese will win the paper war.

Sell Block: Vonage (NYSE:VG), Johnson & Johnson (NYSE:JNJ), Friedman Billings Ramsey Group (NYSE:FBR)

Cramer has one more reason to hate Vonage; while at first glance it may seem to be a good thing that CEO Mike Snyder is leaving, he is being replaced by Jeffrey Citron, who in 2003 was banned from the securities industry and in Cramer's opinion, should not be a CEO of a publicly traded company. On the other hand, a company Cramer liked but has disappointed him is JNJ, over which he lamented "there are very few blue chips left." He is unhappy with the company's fundamentals, its "anemic" pipeline, the fact its big money maker, Risperdal, is going generic, and that its latest product launch has gone "pathetically." Cramer says FBR is "trying to turn lead into gold" and should be avoided; "It's got some really heinous sub-prime exposure," he adds.

Related: Larry Dignan comments that VG's new CEO might cause more problems for the embattled company.

CEO Interview: Marc Benioff, Salesforce.com (NYSE:CRM)

Marc Benioff said his company is "trying to recreate the software industry by delivering a set of Internet services that replace traditional enterprise software." He noted major contracts CRM has signed with Merrill Lynch, Dell and Cisco and commented his company was preferred over Oracle and Microsoft. When Cramer suggested other companies have achieved the same thing and failed, Marc Benioff replied that the openess to change the company's technology and business models would win CRM more high-profile clients. Cramer declared he was neutral on the stock and suggested viewers decide for themselves.

Related: Sramana Mitra discusses CRM's adventures in "bootstrapping."

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