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Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program, Thursday October 18.

Look to the Real Tech. Stocks discussed: Google (GOOG), Facebook (FB)

After Google's (GOOG) brutal shortfall after it announced that earnings were not going to be as strong as expected, and with Facebook (FB) apparently unable to keep up the online advertising transition to mobile, Cramer thinks it is time to look to the other tech, namely, industrial technology. Cramer went on location to Ohio to show that the "Rust Belt" is not so rusty anymore, and dedicated Thursday's Mad Money program to industrial stocks.

CEO Interview: James Griffith, Timken (TKR)

One myth that many Americans seem to believe is that many of the good domestic jobs are going to China. Timken (TKR) CEO James Griffith dispelled that myth. Domestic industrials are reinventing themselves and moving into diversified markets. Timken benefits from the aerospace boom by producing parts for airplane wheels and transmissions for helicopters. The company is also a part of the oil and gas boom in the U.S. by producing parts for oil rigs and pipelines.

"China is not the enemy; it is an opportunity," says Griffith. The company is exporting steel goods to China, which is showing strong demand for U.S. technology. In the meantime, Timkins is creating high-quality jobs for U.S. workers. "We have a globally competitive footprint," Griffith said.

CEO Interview: Aubrey McClendon, Chesapeake Energy (CHK)

Chesapeake Energy (CHK) CEO Aubrey McClendon has had the vision for many years of the mass adoption of natural gas as a main fuel in the U.S. Such a move would create cleaner energy alternatives, stimulate economic growth, reduce dependence on foreign oil and create jobs. While McClendon said that progress in this area is much slower than he had wished, he sees the potential that the U.S. Military might want to switch to natural gas, given the cash savings. In the meantime, CHK has been selling off many natural gas assets and has made the transition to having more exposure to oil. When asked about the large number of shares sold short, 14%, McClendon thinks investors are shorting the company because of concerns about the future of natural gas, and the "agenda" of many in the U.S. to block natural gas drilling. McClendon thinks that many of the environmental concerns about fracking are "100% wrong," and pointed out that fracking has been going on in the U.S. since 1949 in 16,000 wells.

Cramer confessed that, while he was once an avid bull on CHK, he has lately commented that the company is a "wildcat," and would like to see its corporate governance more in line with its conservative peers. McClendon said that CHK is not such a "wildcat," that it is tightening its corporate governance and has new Board members from more traditional corporate backgrounds. He added that none of these Board members would be at CHK if it was such a wildcat operation. When asked why CHK needs to sell so many of its assets, McClendon replied that such a move is necessary for the transition from a company heavily exposed to natural gas to one that is more evenly divided between oil and natural gas. McClendon noted that he envisions 20% growth for the company in the coming years.

CEO Interview: Greg Ebel, Spectra Energy (SE)

Spectra Energy (SE) has made revolutionary moves in the pipeline buildout and yields a solid 3.7%. The company is constructing a pipeline from Toledo, Ohio to Canada, and plans another venture to Greenwich Village, New York, so the Big Apple can benefit from fuel savings. While the EPA has raised questions about radon gas, CEO Greg Ebel insists the risks are minimal. The company has 20% exposure to commodity prices, but generates a lot of cash to make up for fluctuations in commodities. In terms of jobs, Ebel pointed out that Spectra didn't lay off a single worker during the recession, and every 15 miles of pipeline produces 4,000 jobs. The average pay for these workers is $65,000 a year, much higher than the average American wage of $40,000 per annum. Ebel is optimistic about the eventual adoption of natural gas as a main fuel, especially since the consumer saves around $1,000 a year using natural gas instead of oil-based fuel. Cramer points out that Spectra has been a consistent performer and dividend raiser.

CEO Nick Akins, American Electric Power (AEP)

American Electric Power (AEP) is the largest electrical transmission company in the U.S., and delivers electricity to 5 million people. While the industry is heavily regulated to keep rates down, CEO Nick Akins sees more growth ahead for the company, especially since it is able to harness power from Ohio's Utica shale. The company has increased its use of cheap natural gas by 150% since last year. When asked about the state of industrial America in general, Akins admitted that the situation is "tenuous." Under the next Administration, no matter who is in the White House, there should be a moderate regulatory and tax policy that will support business, said Akins.

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Source: Cramer's Mad Money - Take A Look At The Real Tech Sector (10/18/12)