Jim Cramer's Mad Money In-Depth Stock Picks, 8/3/07

by: Miriam Metzinger

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

Cramer's Index: MGIC Investment (NYSE:MTG), Countrywide Financial (CFC), Bear Stearns (NYSE:BSC), KB Home (NYSE:KBH), Centex (CTX), MBIA (NYSE:MBI), Blackstone (NYSE:BX), Thornburg Mortgage (TMA), Beazer Homes (NYSE:BZH), Washington Mutual (NYSE:WM), Goldman Sachs (NYSE:GS), Citigroup (NYSE:C)

While Cramer says he doesn't want to be a "buzz kill," he admits it is not possible to be really bullish as long as the housing crisis persists. Cramer formed his own "index" of the above-mentioned stocks, and said when the 12 companies stablilize and the Fed cuts interest rates, it will be time to let the bulls run once again. He made a personal appeal to Fed chairman Ben Bernanke; "Cut the rates. Take the pressure off. Many, many people could be about to lose their homes, because you're not listening..."

New Age Under Armour: Lululemon Athletica (NASDAQ:LULU)

Cramer has discovered a new Under Armour, which like its predecessor, has experienced a massive initial bounce and is expected to keep growing. Yoga apparel company, LULU came public at $18 and jumped to $31 "in one of the worst tapes I've ever seen," said Cramer. However, he doesn't think this stock is a "one trick pony" but will keep going up as UA did, because LULU has been doubling stores year over year. Since the stock is speculative and has risen, Cramer recommends waiting at least 3 days or until the price drops before buying.

Related: Smart Guy Stocks says LULU's IPO is too expensive.

Beer is Near: Boston Beer (NYSE:SAM)

While in the current climate, investors are dubious of even some soft goods stocks, "People drink beer no matter what." Cramer likes SAM's 13% long-term growth rate and its smart move of acquiring a brewery from Diageo for $55 million rather than building a new one, which would have cost $200 million. Although he's a self-proclaimed "Bud man" Cramer gives SAM a triple buy, even near its 52-week high.

CFO Interview: Stephen Chazen, Occidental Petroleum (NYSE:OXY)

Chazen discussed production increases in Argentina and Peru; "California continues to be good for us." he added. Chazen dismissed worries about political risks, noting there are always political risks, and he remarked on the stability of OXY's chemical business. "All oil stocks are trading down in unison," Cramer said, and added now is the time to buy oil.

Related: Tickersense says crude is significantly outperforming U.S. energy stocks.

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 e-mail -- it's free and takes only a few seconds to sign up.

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