Jim Cramer's Mad Money In-Depth Stock Picks, May 9

Stocks discussed in the in-depth session of Jim Cramer’s Mad Money TV program, Thursday May 9. Click on a stock ticker for more analysis:

BRICME with Caterpillar (CAT), Cummins (CMI), McDermott International (MDR), Foster Wheeler (FWLT), Chicago Bridge & Iron (CBI)

Cramer told investors to broaden their horizons when considering overseas plays and coined the term BRICME, which includes "ME" for the Middle East along with the emerging economies moniker BRIC (Brazil, Russia, India and China.) Companies which have done well in the Middle East include CMI and CAT, and Cramer reiterated last week's recommendation of FWLT and MDR, since infrastructure is "hot" in the region. However, FWLT just has a few points to go before it reaches $100, and Cramer identifies CBI as "the next Foster Wheeler." In spite of its name, Chicago Bridge & Iron is now based in the Netherlands and is benefitting from the weak dollar. It reported a great quarter, but did not experience a lift like FWLT, and Cramer predicts it will play "catch up" on the Middle East's "engineering and construction petro dollar."

I Stand Corrected, Rogers Communications (RG)

Cramer introduced a new segment which he hopes will be infrequent and will be devoted to correcting faulty recommendations to viewers. When a caller mentioned Canada-based RG, Cramer initially was not enthusiastic, until he did some research and discovered; "This stock is the Comcast of the north! They're the Mounties of cable!" Cramer even thinks RG may be a better company than CMCSA. While similar companies have a "triple play," RG has a quadruple play of TV, telephone, internet and wireless. Since only 56% of Canadians have cell phones, there is potential for a terrific upside for Canada's #1 wireless provider. Cramer also thinks RG is a takeover target since its competitor recently received a bid. Although it has risen 90%, Cramer notes RG has a 39% growth rate, which is higher than Google. . At $39, the stock is cheap, because of its growth and its 30x multiple.

Related: S & P raised RG's long-term corporate credit rating.

Mad Mail: Massey Energy Co. (MEE), Peabody Energy (BTU), Arch Coal (ACI), L-3 Communications (LLL)

When asked about MEE, Cramer says he doesn't recommend stocks for speculation if their fundamentals aren't strong and said he prefers BTU and ACI. When a viewer commented on insider selling at LLL, Cramer replied management may sell stock for a variety reasons, but buybacks happen when the company is strong. He said he is still bulllish on LLL.

Related: L-3 Communications beat earnings and bought a satellite company.

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