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Stocks discussed in the in-depth session of Jim Cramer’s Mad Money TV program, Tuesday May 1. Click on a stock ticker for more analysis:

Beyond the Blue Verizon (VZ) with AT&T (T), Vonage (VG)

Cramer comments telecom is one of the few sectors that is working domestically, and will continue to be a low risk place amid worries about the Fed. Although Cramer likes AT & T and would hold on to it, he would rather buy VZ, adding it is "widely known among the cognizant" that Verizon's technology is superior to AT & T. Also, while AT & T yields a 3.7% dividend Verizon's dividend is 4.3%. The triple play is already driving VZ, comments Cramer, and its wireless growth has risen 14%. FiOS has been responsible for accelerated revenue growth, and Cramer adds, "Verizon could very well become the one-stop shop for all your telco needs." He is not worried about competition from the "hapless" Vonage, since people will realize that VG is superior.

Related: William Trent thinks forward estimates for VZ have not caught up with reality.

Alltel (AT) It Like It Is

The small wireless company, AT, is an attractive takeover target for Verizon, AT & T or Sprint as the "big dogs" are in a race to beef up their wireless. AT missed its last quarter by a few cents, but its fundamentals are good, comments Cramer who likes AT as a speculative play.

Related: Alltel is courting potential buyers.

Tellabs (TLAB) is Back with Ciena Corp. (CIEN), JDSU (JDSU)

When it comes to telecom equipment, Cramer sees AT &T's money going to TLAB, a stock he confesses he hasn't recommended since 1986. The fact the stock did not decline after a "stinko" quarter is a good sign, and TLAB is the leader in last-mile technology which is the most rapidly growing area of telco infrastructure spending. TLAB is levered to access products, says Cramer, while CIEN is levered to "transport products," and CIEN is a good play for VZ's FiOS. Since telecom has not been stable, Cramer views these stocks as trades. He would stay away from JDSU because it is too risky; JDSU has gone from "Just Don't Sell Us" to "Just Don't Sue Us."

Related: CrossProfit thinks TLAB should export more.

CEO Interview: Craig Martin Jacobs Engineering Group (JEC)

Cramer asked how the company's long-term projects will fare if oil goes below $58 and Craig Martin responded that since many in the industry use $40 as the benchmark for financing projects, the price change will not have any effect. When Cramer mentioned slower drilling in Canada and the possible impact of the green movement, Martin answered the Canada oil sands are "great for the long term," and the company's programs often consist of up to 10 phases which require several years to complete. In spite of costs, labor availability and the green movement, the drivers are "overwhelming." Cramer added he likes the business and thinks it could be "best in show."

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Source: Jim Cramer's Mad Money In-Depth Stock Picks, May 1