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Stocks discussed in the in-depth session of Jim Cramer’s Mad Money TV program, Tuesday December 4. Click on a stock ticker for more analysis:

General Dynamics (NYSE:GD), Alliant Techsystems (NYSE:ATK), L-3 communications (NYSE:LLL), Raytheon (NYSE:RTN), Lockheed Martin (NYSE:LMT) Northrop Grumman (NYSE:NOC)

Faced with the prospect of an economic slowdown, investors should look to defense stocks which "are the darlings of Wall Street…regardless of how the economy is doing." Political considerations won't affect the stocks, since Republicans like to spend on defense and Democrats want to look strong. Cramer concentrated on RTN since his prior recommendations, GD, ATK, LLL, LMT and NOC have all gone up. Cramer thinks RTN can easily beat its lukewarm guidance and notes the company's "fabulous" buyback and international growth.

ConcoPhillips (NYSE:COP)

The oils have crept down on news of new taxes for oil companies and are low at least compared to rising crude costs. Cramer would use any dip as a buying opportunity for a long-term investment because "there's a simple case for oil … We're running out of it." He prefers COP because it is inexpensive, sells natural gas (which Cramer believes is consistently undervalued) and is not exposed to corrupt Third World regimes.

Related: Kurt Wulff comments on COP's low price and strong cash flow.

CEO Interview: T.J. Rodgers Cypress Semiconductor (NASDAQ:CY), Sunpower (NASDAQ:SPWR)

Cramer said Cypress is a good stock for those nervous about semiconductors, and Rodgers discussed the company's "extraordinarily flexible" chip that can be used in an e-bike, a Nordic track and an iPod. CY recently reported a "blockbuster" quarter and is seeing an upswing in demand for its products. In addition, CY owns half of Sunpower and plans to find a way to allow shareholders to benefit from this holding after tax restrictions are removed. Cramer said CY is the "cheap way" to own Sunpower.

Related: Eric Savitz asks if Cypress'core value worth is less than nothing.


Cramer would be wary of making too much money at once, an indication that an investor is not diversified enough. He suggests anyone who profited from the rise in MTG and MBI last week should sell the stocks, since they are not going higher.

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Source: Jim Cramer's Mad Money In-Depth, 12/04/07: It's a Fair COP