Jim Cramer's Mad Money In-Depth Stock Picks, May 11

Stocks discussed in the in-depth session of Jim Cramer’s Mad Money TV program, Friday May 11. Click on a stock ticker for more analysis:

Time Heals all Wounds: Kinetic Concepts (KCI) and Smith & Nephew (SNN)

Although Cramer usually prefers medical stocks which are a "pastiche," he likes KCI as a speculative stock even though it is levered only to wound-care and therapeutic service products. He is not concerned about the "nasty beating" KCI has taken, since the bulls and bears tend to fight it out over companies like KCI, and Cramer thinks the bulls will win. Another concern is KCI has reached 90% saturation in wound care and now has to compete for market share with SNN which recently acquired Blue Sky Medical. Cramer believes KCI has many competitive advantages, its 3% drop was "overdone," and only 10% of its revenue comes from bandages. He is confident KCI will bounce back.

On the Mend: Micrus Endovascular (MEND), Boston Scientific (BSX) and Johnson & Johnson (JNJ)

While those holding the stock may be in the "House of Pain" after MEND failed to get approval in China for its cerebral aneurysm treatment, Cramer thinks its $2 fall is a good opportunity to buy. He believes approval has been postponed and not cancelled, and would sell into strength once the treatment is approved. Cramer is not worried about large competitors BSX and JNJ. He also notes MEND could be a takeover target; "It either makes you money or it will get bought out." Cramer would buy the stock in increments andwould use limit orders.

Game Plan for the Coming Week: Thermo Fisher Scientific (TMO), J.C. Penney (JCP), Kohl's (KSS), Home Depot (HD), TJX Companies (TJX), Jack in the Box (JBX), Deere (DE)

Cramer would look into buying scientific-instruments producer TMO before its analyst meeting on Tuesday. He also likes retailers JCP, KSS which report Thursday, and he thinks the downside has been priced into the stocks. Cramer is currently bullish on retail, and would buy half a position in HD before its Tuesday report, since he believes its management is developing "retail-savvy." Tuesday is also the day Cramer believes investors will see a "terrific" report from TJX and a "gigantic beat" from JBX, and he would buy ahead. However, Cramer would wait until after DE's report on Wednesday before buying, because the stock has increased, and he would wait for a selloff and a price drop.

CEO Interview: Mark Shapiro, Six Flags (SIX)

Mark Shapiro is looking forward to an "extremely good summer season" given the number of group sales and season passes SIX has already sold. Meanwhile, the company has been investing in more aggressive marketing, employee training and recruiting. Although the weather is an unknown variable, Shapiro's aim is to "increase value proposition for our guests." Cramer remarks Shapiro is "good to go" and is sticking with Six Flags.

Related: Early in the year, Six Flags divested seven parks to cover its debt.

Seeking Alpha publishes a summary of Jim Cramer's stock picks every day including: Mad Money Recap, Lightning Round, Stop Trading and his Wall Street Confidential Picks.

Get Cramer's Picks by email -- it's free and takes only a few seconds to sign up.

Seeking Alpha is not affiliated with Jim Cramer, CNBC or TheStreet.com