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Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program, Friday June 1.

5 Things To Watch In The Coming Week: Crude inventories, ASCO, Dollar General (DG), Ulta (ULTA), Lululemon (LULU). Other stocks mentioned: Johnson & Johnson (JNJ), Celgene (CELG), Wal-Mart (WMT), Paychex (PAYX), Costco (COST).

With the Dow plunging 275 points on Friday, Cramer thinks there may be more days like Friday if U.S. leaders don't get on the phone with European leaders and extend a credit in exchange for more aggressive action take by the Europeans. U.S. leaders should also encourage China, Japan and Brazil to get involved. If there isn't drastic action taken over the weekend, Cramer thinks stocks are going lower.

Monday

American Society of Clincial Oncology meets and will introduce breakthrough drugs. This will be good news for Johnson&Johnson (JNJ) and Celgene (CELG); the latter has gotten a beating lately.

Tuesday

Dollar General (DG) reports, and might mention increasing competition from Wal-Mart (WMT), up 20% year over year and 10% for the year. Any concern DG expresses over WMT might be a sign to buy the latter.

Ulta Salon (ULTA) reports. It is up 60% year over year and 30% year to date. Ulta reported a great quarter last time and may repeat its strong performance.

Wednesday

Crude inventories should indicate what is happening with oil, which is down 24% almost in a straight line.

Thursday

Lululemon (LULU) has come down hard, but if it rallies after a good quarter, other growth stocks might move up with it.

Cramer took some calls:

Paychex (PAYX) generates sufficient earnings to cover its 4.3% yield, but Cramer would wait for it to decline at least a dollar before buying.

Costco (COST) is a good stock to buy on the way down, since business is strong, and it is mainly domestic.

Lithia Motors (LAD)

In a tough economic environment, it is hard to find good speculative stocks. Cramer would take a look at Lithia Motors (LAD), a car dealership with 84 locations in 11 states. The company is 100% domestic and is best-of-breed, with a 21% increase in same store sales following a 40% growth in same store sales last year. Gross margins increased 8.4%, and revenue grew 30%. The company not only sells new and used cars, but services them, with the service segment making up 32% of profits. LAD beat earnings by 18 cents, and is clearly the leading car dealership, but is the cheapest in the group, with a multiple of 8 and a 23% growth rate. However, with the employment number so terrible, Cramer would not buy LAD right away but would rather keep it on a wish list to buy on a decline.

Johnson & Johnson

Johnson & Johnson is a good defensive, domestic stock in a bad economic environment. While the company has been a poor performer, the departure of its former CEO may make JNJ a turnaround story and may allow the company to live down its reputation for constant recalls. Goldman Sachs put out research stating that if JNJ were to break itself up into pharma, medical device and consumer divisions, the stock could rise to $76, 22% higher than where it is now. Goldman Sachs' opinion is that JNJ is too large a company to be appreciated or understood properly, and Cramer thinks its drugs could get more attention if the company splits itself up. Currently, the company has a prostate cancer drug in the pipeline and its patent expiration problems are behind it. With a 4% yield, JNJ pays investors to wait for a turnaround or a breakup.

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Source: Cramer's Mad Money - 5 Things To Watch This Week (6/1/12)