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Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program, Wednesday June 13.

JPMorgan (NYSE:JPM)

Did JPMorgan (JPM) do well in front of Congress? Cramer's answer: "Who cares? I just care about how he does running JPMorgan." Cramer was critical of the fact that the bank was telling clients one thing and executing on the opposite idea. While some claim the company was hedging, the fact is, shareholders lost billions, and those who made the mistake should pay for it. Cramer applauds Dimon for saying there will likely be "clawbacks," and those who made the error will be docked and might lose bonuses. However, this does not make Jamie Dimon a winner; "You were wrong when you walked into the hearing, and you were wrong when you left."

What About Contrarian Investing? Stocks discussed: Coke (NYSE:KO), Pepsi (NYSE:PEP), Celgene (NASDAQ:CELG), Zynga (NASDAQ:ZNGA)

Some investors think that it is a good idea to consider contrarian views, which follow the logic that if a sector is hated enough, there are no more sellers, and buyers are immunized from dramatic declines. However, investors who place purely contrarian bets on sectors without doing research could be unpleasantly surprised. The financials and industrials are sectors in which many mutual and hedge funds are underweight. There were conferences for both sectors this week, and the contrarian investor might have thought it was a good idea to buy these hated sectors ahead of these conferences. Those who bought financials only saw paltry gains. Contrarians who bought industrials saw huge losses, as CEOs of these companies said growth was even slower than expected. The result was that those who held these stocks panicked and sold them straight down. The moral of the story: an investor can buy a "hated" stock, but not merely because it is hated, because there are always shareholders who can sell it.

Cramer took some calls:

Coke (KO) is not performing as well as Pepsi (PEP) of late, but that is not a reason to sell Coke; "You are fine in Coke. It is a better company than 90% of the companies I'm following right now.

Celgene (CELG) has a "great pipeline" and is "a great company."

Zynga (ZNGA) has been a "dog" but might have its day; the stock is simply too low to sell.

CEO Interview: Dinesh Paliwal, Harman International (NYSE:HAR). Other stocks mentioned: Google (NASDAQ:GOOG), Apple (NASDAQ:AAPL)

Sometimes even institutional investors, who should be expected to do their homework, overreact instead of looking at the facts. On Wednesday, Morgan Stanley laid out a negative case against Harman International (HAR) on news that Apple (AAPL) is stepping up its car capabilities, and is adapting Siri for the dashboard. Harman, which makes infotainment and security systems for cars, dropped 8% on this news at one point in the day, and closed down 4%. However, who is to say that Harman won't benefit from Apple behind the wheel, since the two companies have had joint ventures in the past? CEO Dinesh Paliwal said Apple's announcement was good news for Harman, since Apple is "a collaborator, not an adversary." A BMW with an Apple device integrated by Harman is scheduled to be released in two months. Paliwal pointed out that the same misconception occurred with Google (GOOG) 2 years ago; The Street thought the integration of GoogleMaps in cars would hurt HAR, but HAR doesn't provide the map technology, it performs the integration. As a result, sales for Harman have increased 20% in the last 2 years, thanks, in part, to Google.

When asked about Europe, Paliwal said that while 35% of Harman's business is on the Continent, 30% comes from Germany, which is strong economically. Cramer concluded that while there might be uncertainty about buying Harman as long as the world economy is volatile, at least the CEO clarified the misconception about competition from Apple.

CEO Interview: Mike Sutherland, Joy Global (NYSE:JOY)

Industrials have been hit hard lately, and the question is: how low can the sector go? Joy Global (JOY), which gets 60% of its revenues from coal, has been hit hard from increasing environmental regulations in the U.S. and the slowdown in China. The stock is down 27% so far this year, and has declined 40% from its highs. While the company reported stronger earnings and revenues, the backlog has declined and bookings fell 19%. CEO Mike Sutherland thinks the preference of natural gas over coal may be temporary, and as gas prices rise and colder weather returns, there might be a move back to coal. While orders haven't grown significantly, there has been some consistency, and Sutherland doesn't see clients cutting back. China and India will be drivers of Joy's next upside, and while many believe China is slowing, Sutherland points out stronger statistics from the Middle Kingdom. Cramer thinks that, while there will be a time when Joy Global will be a leading performer again, investors might have to wait for a comeback. Those who are willing to take the pain could buy the stock now at very low levels.

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Source: Cramer's Mad Money - Who Cares How Well Jamie Dimon Did In Front Of Congress? (6/13/12)