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Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program, Wednesday May 23.

Hormel (HRL), JPMorgan (JPM), Facebook (FB), Morgan Stanley (MS), Ford (F)

Spam represents what is working in this market. On a day the averages dropped before an exuberant rebound, Cramer advised investors to look for stocks of companies that are steady and secure. Hormel (HRL), creator of Spam, the first canned ham, reported a great quarter, and is just shy of its 52 week high. While the word "spam" and "Spain" look similar, HRL does not suffer from European exposure, and is a stock that can withstand a financial assault. Spam is something everyone can understand, and it is worth owning something comprehensible, rather than trying to figure out JPMorgan's (JPM) synthetic securities. Hormel is an innovative company, and its sales of Jennie-O turkey products were at 70.2 million last quarter, compared to predictions of 47 million sales. The company sells Chi Chi's products, which are popular, given the increasing trend toward Mexican cuisine. Hormel doesn't have many enemies or shorts shooting down its stock. There is no hype about it, unlike Facebook (FB). "No one cares about Hormel, and that is why I like it," said Cramer. "...the worst thing you can say about Spam is that it is inedible."

Cramer took some calls:

Morgan Stanley (MS) led the market back, and Cramer thinks the negativity about the stock is overdone. However, that does not mean the stock will rise significantly in the near future.

Ford (F) is now a hold, given that the company has now earned Investment Grade Status from Moody's. However, the company is still hampered by weakness in Europe and Latin America.

Apple (AAPL) is Winning the Zero Sum Tech Game. Other stocks mentioned: Dell (DELL), Microsoft (MSFT), Hewlett-Packard (HPQ)

The laptop may be in secular decline after a terrible quarter from Dell (DELL), which lost 17% of its value in one day. The problem for Dell wasn't, as many claimed, enterprise, but the consumer. Small computer sales declined 15%, which is staggering, and Apple's (AAPL) iPad might make the desktop and the laptop obsolete. Intel (INTC) and Microsoft (MSFT) may also be hurt by this trend, and while Hewlett-Packard (HPQ) reported a better than expected quarter, which might lead some to suggest that Dell's problems are Dell-specific, the trend toward mobile is hard to ignore. This trend could take significant edge off Facebook's growth, since it can't charge as much for mobile ads as it does for regular ads. Apple is still the leader of tech, and the winner of the zero sum game; when one company loses, another company wins.

CEO Interview: Emmanuel Chirico, PVH (PVH)

There has been negativity about PVH (PVH), since 27% of its sales are in Europe, but this purveyor of the Calvin Klein, Tommy Hilfiger and Izod brands is performing well. While the stock is down 12 points since the end of March, it is still up 15% since December, and has gained 103% since Cramer got behind it in 2008. PVH reported a 4 cent earnings beat on revenue that rose 4% year over year, and it raised its full year guidance. CEO Emmanuel Chirico says business has been very strong in Europe, with comps increasing into the double digits both in the U.S. and on the Continent. He added the decline in stock price, "Is just based on the noise going on in the market." Falling cotton prices will be a boost for the company in the second half of the year, and Chirico says the company will be "aggressive" about seeing a new acquisition. Cramer thinks it is "time to have faith" in PVH.

CEO Interview: Abhi Talwalkar, LSI (LSI)

For investors looking for out-of-favor stocks with great long-term trends, LSI (LSI) has an interesting story. The company makes chips for storage and network, as well as servers, storage systems, routers and switches that enable mobile networks and cloud computing. LSI is up 16% for the year, but has fallen 25% since March, even though it reported a decent quarter and had a bullish analyst day. CEO Abhi Talwalkar said there were "soft spots" with consumers and governments cutting back on spending, but the company can offset this, given the sheer number of products coming out. LSI is making smart acquisitions, most recently in the flash space, is buying back shares and looks forward to operating margin expansion. "It is a compelling story," said Cramer "....LSI has a low dollar amount considering all the things they are doing right."

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Source: Cramer's Mad Money - Spam Represents Everything That Is Working In This Market (5/23/12)