Jim Cramer's Mad Money In-Depth, 3/17/08: No Recession for Airgas

Stocks discussed in the in-depth session of Jim Cramer’s Mad Money TV program, Monday March 17. Click on a stock ticker for more analysis.

Bear Stearns (BSC), JP Morgan (JPM) Cramer would not trust any financial stocks right now, perhaps with the exception of JP Morgan, “You can’t count on takeovers anymore,” he said, “There will only be take-unders from here on out.” He suggested skepticism concerning banks’ book values. The one financial stock he is bullish on is the Visa IPO, which he believes will be offered at a bargain and doesn’t have credit risk.

Related: Mick Weinstein discusses Cramer's Bear Stearns call last week.

Apple (AAPL), Procter & Gamble (PG), Colgate (CL), Pepsi (PEP) Caterpillar (CAT), 3M (MMM), Honeywell (HON), ExxonMobil (XOM) Cramer would invest in the “real banks” which are recession-resistant stocks with strong balance sheets and are flush with cash: AAPL, PG, CL, PEP, CAT, MMM, HON, XOM

CEO Interview: Michael Ward, CSX Corp (CSX)

There has been talk among shareholders of ousting CEO Michael Ward, but it is hard to figure out why, since the company beat estimates, raised guidance for 2008, and transports bull-market products such as coal, grain, metals and ethanol. Ward expects the company to meet its 5% to 6% same-store sales target and is confident that even the most skeptical shareholders are going to be rewarded. Cramer noted the stock’s $2.4 billion buyback program and commented, “I have 499 CEOs in the S&P 500 that I would get rid of before this guy.”

CEO Interview: Airgas (ARG)

Cramer said ARG is a “real economy stock” which is doing well in real estate even in the housing crisis. ARG is seeing non-residential construction levels close to those of 2006 and doesn’t see signs of the recession, since ARG is non-cyclical and thrives on the weak dollar. Cramer also observed ARG is buying back stock, has raised its dividend, and he would buy.

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