“I know I have let down my viewers,” Jim Cramer told viewers of his fans on “Mad Money” TV show Monday. Cramer said he was sorry to investors for sticking with Schering-Plough (SGP), a stock he holds in his charitable trust. Shares of SGP fell 26% Monday after the company received some negative reactions for their anti-cholesterol drug Vytorin, at a cardiology conference. Cramer welcomed Chairman and CEO Fred Hassan, to the show to respond to the critics. Hassan stood behind his company and the product and he mentioned he wasn’t happy that the drugs study results weren’t discussed in a open scientific forum. “Had there been such a process and had there been convergence and consensus after that, we’d be fine with that. But that never happened,” said Hassan. Hassan said his company’s still looking for the chance to openly discuss the study’s results. Cramer feels the SGP is very cheap, but he stopped short of recommending the shares – advising investors to do their own homework and decide if the stock is a good investment.
READ MORE ABOUT THE DRUG RESULTS HERE

Cramer was out with bullish comments on Atlas Energy (ATN), which he called one of the most undervalued energy stocks in the market. “Atlas is not just undervalued, it’s “criminally undervalued,” Cramer said. He thinks that ATN has reserves of natural gas in the Appalachian Mountains, primarily in Pennsylvania that aren’t being valued correctly by Wall Street. Cramer said that as much as 6 trillion cubic feet of reserves aren’t reflected in the value of the stock and that could mean an additional $19 to the shares. The company recently announced that there’s potentially a 4 trillion to 6 trillion cubic feet of natural gas in the Marcellus Shale region of Appalachia – which is five times the firm’s total proven reserves. Cramer said that the value of ATN’s real estate could alone take the stock to $37. Cramer advised investors to buy shares of ATN and collect the 7.5% dividend yield until the stock trades higher.

Cramer scoured the the globe to find investors the next big international stock play and he landed on the country of Peru. Cramer said the Peruvian economy is hot because skyrocketing commodity prices have helped the abundant natural resource country grow. He told investors to take a look at Peruvian banking giant, Credicorp (BAP) which had 40% loan growth in 2007. “Credicorp is the polar opposite of U.S. banks. They don’t have sub-prime loans down there,” Cramer said. Cramer said the stock is cheap at 11.4 times 2008 earnings and he thinks now is the time to buy the stock with shares off 8 points from the 52-week high.

John writes, “You recommended Enterprise Products Partners (EPD) because of a 6.9% dividend. EPS in 2007 was $0.96. Total dividends were $1.95. But how can the dividends be greater than the EPS?” Cramer reminded the viewer that EPD has no debut and the cash flow covers the dividends. Helene writes, “You said last week that it was time to buy NuStar Energy (NS). However, has fallen about 10% since then. Is it time to put a post-it note on your forehead?” Cramer corrected this viewer and said that he said he actually liked EPD more than NuStar for the best oil and gas pipeline play.

Bullish

First Solar (FSLR), Kinder Morgan (KMP), Kansas City Southern (KSU), CSX Corp (CSX), Union Pacific (UNP), Frontline (FRO), AFLAC (AFL), Arch Coal (ACI) and Peabody Energy (BTU).

Bearish
Suntech Power (STP), ITT Educational (ESI), Wachovia (WB), Motorola (MOT), Genco Shipping (GNK), Transocean (RIG) and Google (GOOG).
Sudden Death
Cramer was bullish on ITT Industries (ITT) and bearish on AT&T (T) and Sterlite Industries (SLT).

Cramer told investors to buy McDonald’s (MCD) on CNBC’s “Stop Trading!” segment Monday. Cramer said the food space should see strong performance and he likes MCD, Kellogg (K), Coca-Cola (KO), Heinz (HNZ) and Philip Morris. Cramer also mentioned he isn’t giving up on Schering Plough (SGP), which was hammered Monday after the company reported poor results for their cholesterol drug Vytorin. “They’ve done a lot of things right here. They’ve done a lot of things wrong. I think the earnings are going to be between $1.20 and $1.40,” said Cramer. Cramer thinks the stock is cheap, but he cautioned investors about listening to him on SGP since he was been dead wrong on the shares.