Jim Cramer's Mad Money In-Depth, 1/4/08: Follow the Heebner

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

Microsoft (MSFT), Pepsi (PEP), Altria (MO), Coca-Cola (KO), Medco Health Solutions (MHS)

"Everything in this market has been poisoned by the Federal Reserve," said Cramer, adding the only sectors worth investing in are oil, infrastructure, agriculture, aerospace/defense, health care cost-containment and gold. "We may have lost the tech stocks," warned Cramer adding he would only trust a company like Microsoft which makes its numbers. Out of the 4,000 or more stocks Cramer keeps his eye on, he would only pick 40 or 70, including PEP, MO, KO and MHS.

Follow the Heebner: Posco (PKX), Arcelor (MT), Vimpel (VIP), Mobile Telesystems (MBT), Research In Motion (RIMM), Canadian Natural Resources (CNQ), Suncor (SU), Petroleo Brasileiro (PBR), Cnooc (CEO), CVRD (RIO), Rio Tinto (RTP), BHP Billiton (BHP), Freeport McMoRan (FCX), McDermott (MDR), Foster Wheeler (FWLT), and Fluor (FLR)

In tough times, Cramer recommends piggybacking off successful investors like Ken Heebner of the CGM Focus fund which is ranked third and increased 79.9% in 2007. Cramer noted Heebner recently sold HANs, MA and RIG, and thinks he should have held onto RIG. Cramer noted recent buys include PKX, MT, VIP, MBT, RIMM, CNQ, SU, PBr, CEO, RIO, RTP, BHP, FCX, MDR, FWLT and FLR, and concluded these moves confirm that infrastructure, oil, mining are bull markets.

Looks Cheap, but Isn't: Darden (DRI)

Investors may be fooled into thinking Darden, which dropped from $36 to $28.60 is a buy, but Cramer urged viewers not to fall for the trap. He doesn't see any catalyst taking Darden higher, since its restaurants are all domestic, its concepts don't seem to be catching on and its recent acquisition of Longhorn Steakhouses make it vulnerable to rising corn prices.

Related: Tradermark sees Darden's miss as a sign of inflation.

CEO Interview: Cliff Hudson Sonic (SONC)

Many restaurants are just trying to stay afloat, but Sonic has been thriving, said Cramer. Cliff Hudson said the restaurant's happy hour drink special has been good for business in a "challenging environment with commodities and labor getting tougher." While Cramer has been bullish on SONC, he cautions the company lacks national exposure and a buyback strategy.

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