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Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program, Tuesday June 19.

J.C. Penney (NYSE:JCP), Walgreen (NYSE:WAG), Express Scripts (NASDAQ:ESRX), Sears (NASDAQ:SHLD), Wal-Mart (NYSE:WMT), Target (NYSE:TGT), CVS Caremark (NYSE:CVS)

J.C. Penney (JCP) is the gift that keeps on giving ... not to its customers and shareholders, but to its competitors. New CEO Ron Johnson has been unable to turn the company around, because he removed what JCP customers liked most about the store; its deals and coupons. As a result, JCP's loss is a gain for Sears (SHLD), Wal-Mart (WMT) and Target (TGT). Walgreen (WAG) is also helping its rival CVS Caremark (CVS), since WAG has been down since the beginning of its disagreement with Express Scripts (ESRX). Instead of trying to turn around business at home, WAG is buying a stake in British drugstore chain, Boots. While these two companies might manage to turn things around, Cramer would buy their competitors instead.

Fed-Ex (NYSE:FDX), Oracle (NYSE:ORCL), JPMorgan (NYSE:JPM), Cummins (NYSE:CMI), Mastercard (NYSE:MA), Visa (NYSE:V), Discover (NYSE:DFS), Arena Pharmaceutical (NASDAQ:ARNA), American Express (NYSE:AXP)

With Greece accepting austerity measures, and companies like Fed-Ex (FDX) and Oracle (ORCL) indicating the situation in Europe is not so dire for their businesses, the Dow rallied on Tuesday. FDX reported a decent number, but cutting its forecast would ordinarily be "a kiss of death" to the stock. Instead, FDX rallied. Cummins (CMI) rose 2.4% in spite of weakness in industrials. Oracle signed new contracts with European companies, and saw a gain in its stock price. JPMorgan (JPM) rose 2.2%, in spite of worries over financials. The rally in rails might seem a bit fanciful, according to Cramer, given issues with coal. Tuesday's action demonstrates what a bit of good news from Europe will do to U.S. stocks.

Cramer took some calls:

Discover (DFS) reported a strong quarter and rallied. While American Express (AXP) is a solid company, it has significant European exposure. "I like Visa (V) a ton," said Cramer. Mastercard (MA) is also good.

Arena Pharmaceuticals (ARNA) is a stock Cramer is often asked about on Twitter. The FDA is finally realizing how serious a problem obesity is, and Cramer thinks approval of ARNA's anti-obesity drug is likely. ARNA is a buy as a speculative stock, even though it has already risen.

CEO Interview: Jean-Jacques Bienaime, BioMarin (NASDAQ:BMRN)

BioMarin (BMRN) is in the sweet spot of the orphan drug business. The company specializes in enzyme replacement for rare genetic diseases, and in many cases, it provides the only treatment available for life-threatening illnesses. This gives BMRN a pricing advantage. BMRN has Phase 2 and Phase 3 trials for 3 upcoming drugs, and already has 3 treatments approved in the U.S. and one approved in Europe. The company gave a secondary offering of 6.5 million shares in May, and has seen a 70% gain since Cramer got behind it in 2010. Cramer said BMRN is "one of the most exciting biotech companies I've had on the show." While the company doesn't need a takeover to perform well, Cramer added that it is hard to believe no company will want to buy BMRN.

Nike (NYSE:NKE), Skechers (NYSE:SKX), Wolverine (NYSE:WWW), Lululemon (NASDAQ:LULU)

Nike has rallied 160% since 2009, and seemed to be on a long-term uptrend, but the stock has fallen 10% in the last 6 weeks. Looking at the charts, Cramer pointed out some classic bearish red flags, including a series of lower lows and lower highs. However, he discussed technician Dan Fitzpatrick's analysis that shows Nike holding above critical levels of support. The stock is holding steady above $100 and has not dipped below its 200 day moving average. On the stock's two major down days, when it declined from $107 to $100, there was very high volume. Fitzpatrick takes this as a sign that those who wanted to sell have sold already; since then, volume has been steady. Fitzpatrick concluded that if Nike holds above $100, it is worth buying, but if it drops below $100, all bets are off. Cramer would buy Nike even if it goes below $100, because of the upcoming summer Olympics and one of Nike's key metrics, advance futures orders, rose 15%. Cramer is bullish on Nike.

Cramer took some calls:

Skechers (SKX) could get it together after having missed some quarters. Cramer thinks it could go to $25, but then he would sell.

Wolverine (WWW) has come down 10%. Cramer thinks the shoe business has cooled off, but he would not get rid of the stock, since he believes it is going to have a multi-year run.

Lululemon (LULU) will meet its targets and "will be fine."

CEO Interview: Dr. Ron Cohen, Acorda (NASDAQ:ACOR)

Acorda (ACOR) has developed a drug that helps multiple sclerosis patients to walk again, and is the first treatment of this kind to deal specifically with this issue. Acorda is testing the drug for other uses, including spinal cord injuries and cerebral palsy. CEO Dr. Ron Cohen estimates that the drug will generate up to $275 million in sales this year. While some studies came out from Germany positing that physical therapy can work as well as Acorda, Dr. Cohen questions this study, and believes this might be part of the general desire in Europe to find ways to reduce costs. When asked about the company's downgrade by Goldman Sachs, Dr. Cohen said that while the company missed earnings in a previous quarter, prescription sales have been rising every month since.

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Source: Cramer's Mad Money - J.C. Penney Is The Gift That Keeps On Giving (6/19/12)