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Stocks discussed in the in-depth session of Jim Cramer’s Mad Money TV program, Wednesday August 5. Click on a stock ticker for more analysis:

Out of Style: Perry Ellis (NASDAQ:PERY), Ralph Lauren (NYSE:RL) If Wall Street were cat walk, some models would be out of step. Although he thinks some designers will be in fashion if the Fed cuts rates, Cramer doesn’t think PERY will be one of them, since it has had no buybacks recently and lacks a dividend. Even though PERY had an upside surprise, Cramer says he will look to “best-of-breed” plays. While he thinks RL is a safer bet, is liked by Citigroup, has had active insider buying and recently bought back stock, he is not happy that RL didn’t make its estimates, “lowered guidance, and the stock blew up.” Cramer was not impressed with RL’s blaming higher taxes. He would wait a quarter for RL which provided “too little, too late.”

Dressed to Kill: Philips-Van Heusen (NYSE:PVH)

Cramer says the fashion stock that has style is PVH, which licenses 16 popular brands, including Calvin Klein, which is enjoying double-digit growth. In addition, PVH generates half of its revenue overseas, “shouldn’t miss its numbers” trades at just 14.5 times forward earnings and has a long-term growth rate of 17%. Cramer would wait five days before buying, but called PVH a “steal, not a discount.”

CEO Interview: Michael Johnson, Herbalife (NYSE:HLF)

Cramer wondered what’s not to like about a company that has over 20% earnings growth, a 1.9% yield, aggressive buybacks and generous cash flow. He invited Michael Johnson to explain why Herbalife isn’t more popular, and Johnson replied many people assume HLF is a “pyramid scheme” but has an “amazing culture” which is “focused on retailing.” The company is based on the principles of product, business opportunity and brand name. Johnson was proud to report HLF reported its 14th quarter in a row of double-digit revenue growth and sales of $530.1 million. Cramer predicts HLF will rise from $39.

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