Jim Cramer's Mad Money In-Depth Stock Picks, May 3

Stocks discussed in the in-depth session of Jim Cramer’s Mad Money TV program, Thursday May 3. Click on a stock ticker for more analysis:

Tech Exception: Hewlett-Packard (HPQ)

While the rest of tech is in the doldrums and core parts of computers have been "crashing in price," Cramer expects an upside surprise for HPQ. Tech is not his favorite sector right now, but HPQ is an exception, says Cramer who notes the company will benefit from the falling costs of core parts, since it buys computer parts to make its products. The company is a "great margin story" because it is not slashing prices on computers, a fact overlooked by analysts. Cramer expects currency-exchange rates to add 5%- 6% to HPQ's bottom line, since it is has a healthy overseas business. He would buy the stock before it reports on May 16, because he expects it to blow away its numbers.

Related: Eric Savitz thinks HPQ might buy BEA Systems.

Glass, Televisions and Engines: Corning (GLW)

Corning is getting into yet another business, clean engines, just as it moved into TV screens in the 80s. Originally known for its glassware, GLW is "firing on all cylinders" and the stock is down at $24 and ready to move, according to Cramer. Its newest customers are Cummins, Detroit Diesel and Hyundai-Kia, and Cramer says its engine business has not yet been priced into the stock. While GLW is still at core a LCD company, Cramer believes this "shaky" sector is becoming viable. He suggests buying GLW before its new business starts booming.

Related: Eric Savitz says Goldman Sachs' upgrade of Corning was "better late that never."

Sell Block: Vulcan Materials (VMC), Allergan's (AGN), Medicis Pharmaceutical (MRX), Medco (MHS), Charter Communications (CHTR), Andersons (ANDE), Estee Lauder (EL)

Cramer remarked that while he could devote an entire Sell Block to proclaiming his victories, such as recommending Avon or Cummins, he instead decided to discuss some recent mistakes. Cramer regretted not making the suggestion to take profits in VMC, which reported a disappointing quarter and fell $8 to $118. His potential blue chip, PG, is now on the blacklist, and he didn't foresee MRX's approval for its answer to Botox, AGN's star product. Cramer admits he should not have been bullish on MHS after its big increase. He despaired over his inflexibility regarding CHTR and learned from ANDE's bad performance to drop a fad (ethanol) when it is "played out." Finally, Cramer says he should have taken EL's domestic business into account. "Celebrate your wins, but learn from your downside and my downside," said Cramer.

COO Interview: Robert Hugin, President and COO, Celgene (CELG)

Robert Hugin discussed the company's winning report; "It's certainly very strong results strong top-line growth, 61% revenue increase -- and even with all we've invested in the future, the bottom line is that the adjusted earnings per share increased by 122%," he said, adding the company is balancing solid execution with with forward-looking strategies. CELG is going to release its new drug Revlimid in almost 30 European countries. With $2.1 billion in cash, Cramer suggested CELG could make an acquisition or be bought, however, Hugin replied the company did not need to make that move, but would consider a solid offer. Cramer called CELG a "back up the truck" situation.

Related: Celgene's Q1 2007 Earnings Conference Call Transcript.

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