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Stocks discussed in the in-depth session of Jim Cramer’s Mad Money TV program, Thursday, August 14.

Good Buy at the Right Price – Ralph Lauren (NYSE:RL), Jones Apparel (NYSE:JNY), Orbital Sciences (NYSE:ORB), Tyco (NYSE:TYC)

Ralph Lauren is another stock that Cramer wants investors to buy – but only at the right price. All week he’s been highlighting the companies that reported the best earnings this past quarter – Jones Apparel, Orbital Sciences and Tyco because he thinks they’re going higher. The strategy calls for a little patience until the price is right because these stocks are already up based on their quarterly results. Ralph Lauren is a high-end retailer with great execution. As gas prices fall and the Federal Reserve is free to cut interest rates as inflation fears wane, this company, as well as retailers in general, should benefit. Ralph Lauren has been playing it smart, buying back its brand licenses from distributors and selling its products directly. The move boosted revenues, just in Europe, to about $1 billion from $150 million. Now the plan is to put the strategy to work in Asia. The company’s also switching to better distributors in Europe to boost sales, and Cramer said there’s still plenty of room to grow in India, China and Russia, all places where a growing middle class has some petty cash to spend. Cramer said there’s a good chance the eight “hold” ratings on this stock will turn to buys, sending the share price higher. But he doesn’t want anyone paying up for Ralph Lauren. His entry point is in the $65-$66 range. The play on Ralph Lauren will pay off only at this level

Another Positive Biotech – Alexion Pharma (NASDAQ:ALXN), Onyx (NASDAQ:ONXX), Genzyme (GENZ), Vertex (NASDAQ:VRTX)

Cramer says biotech is the sector to own in this environment. He’s been talking about it all week. Cramer’s previous calls this week: Onyx, Genzyme and Vertex. Cramer spoke positively about Alexion Pharma which is a bit more speculative than the rest but still worthy of consideration for any portfolio. Alexion’s big drug is Soliris, an orphan-status treatment for a rare blood disease. One year’s worth of treatment for one person costs $399,000. If only 35% of patients with this blood disorder in the U.S. and Europe take Soliris, then Alexion should trade at $135 rather than the $94 plus it’s at now. And that’s not counting the growth potential in Asia and the Pacific Rim, Spain, France, Italy, the U.K. and Australia over the next couple of years. Then there’s the possibility Soliris could be found to help with any number of other conditions like Genentech’s Avastin, But don’t jump in just yet. Wait for the two-for-one stock split coming on Aug. 22, where Cramer’s expecting some profit taking. That should provide investors with the entry point they need. He recommended all interested parties wait for a good 5% or 6% pullback before they buy.

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Source: Great Execution Pick - Cramer's Mad Money (8/14/08)