“We can’t be too optimistic about this earnings season,” Jim Cramer told fans of his “Mad Money” TV show Friday. “The odds just simply don’t favor investors during the few short weeks that most companies report their earnings,” said Cramer. Cramer thinks technology stocks will see earnings missing and estimates cuts, except for Apple (AAPL). He told investors to sell Research In Motion (RIMM) if the stock spikes higher. Cramer said he still likes Costco (COST) and would look at Wal-Mart (WMT) on a pullback, but he finds nothing else interesting in retail. Cramer also issued caution on mining and mineral stocks and oil and gas stocks. On a positive note, Cramer likes food and drug stocks like Schering-Plough (SGP), Kellogg (K), Pepsi (PEP) and Coca-Cola (KO). Cramer said buy US Steel (X), Potash (POT) and Textron (TXT). He thinks all three firms will post great earnings.

Cramer thinks investors should take a look at beaten up high-yielding energy firm, Enterprise Products (EPD). Cramer originally recommended the stock on May 8, 2007, but the stock traded down. Considering the fall, Cramer feels the 6.9% dividend yield has kept losses at bay and investors should average down on the stock to lower their cost basis. Cramer blamed hedge funds and mutual funds for causing the decline in EPD, due to redemptions at those funds. “This artificial selling pressure will not last for long,” said Cramer. “The selling in EPD has nothing to do with the fundamentals.” Cramer told investors not to worry about the selling – EPD is in the sweet spot and is too cheap.

Cramer offered up a risky stock during the “Speculation Friday” segment. Cramer told investors to take a look at AMAG Pharma (AMAG), a biotech firm that is working to develop a drug called Fermoxytol, which helps deliver iron to diabetic patients. Cramer thinks Fermoxytol could be a blockbuster because the drug is safer and more convenient and easier to administer. He feels the drug should easily be approved by the FDA. Cramer said investors should look to buy the stock now because negative sentiment about the firm is too high. The stock fell hard last fall after the company did two secondary offerings and a analyst from Merrill Lynch recently downgraded the shares. Cramer advised investors to get in this cheap biotech.

Cramer welcome Randy Harl, President and CEO of the Willbros Group (WG) to the “Mad Money” TV show Friday. Recently, Willbros reported a disappointing quarter, but Harl said the company is concentrating on the North American market and currently has a backlog of $1.3 million. Harl explained that fluctuating commodity prices don’t effect his company because they do deals and contracts far out into the future. Cramer thinks the market has WG wrong and the stock is a buy.
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Bullish

Cal-Maine Foods (CALM), Family Dollar Stores (FDO), Procter & Gamble (PG), Quicksilver Resources (KWK) and Microsoft (MSFT).

Bearish
Clearwire (CLWR), Sprint Nextel (S), Ford Motor (F), MEMC Electronics (WFR), Citigroup (C) and JC Penney (JCP).

The banks behind funding the Clear Channel (CCU) deal are in trouble and are now backing away from the deal. There is no reason why they are doing so either with CCU outperforming other radio companies like Cumulus (CMLS) and CBS Radio. When talking about short pressure Cramer pointed to poor stock performance by Washington Mutual (WM) and Wachovia (WB).

“Tomorrow we say goodbye to the Marlboro Man,” Jim Cramer told fans of his “Mad Money” TV show Thursday. Altria (MO), a stock he owns for his trust, will spin off their Phillip Morris division, creating two separate companies. Cramer explained that the Altria will have 85% domestic tobacco sales along with the company’s stake in SABmiler Brewing and other investments. The new Philip Morris (PM) will have the international tobacco sales divisions. Cramer said that is where the growth is and he thinks PM will grow at 10% to 12% annually and have a 3.6% dividend yield. Cramer told investors that if they’re looking for a value stock then the old Altria is the place to be. For growth investors he favors Philip Morris.

Cramer was out with bullish comments on Alliant Techsystems (ATK) on Thursday’s “Mad Money” TV show. Cramer explained that ATK operates in hot markets like ammunition, missiles and launch systems and space technologies. Right now the stock trades at 13.8 times 2008 expectations, but the company is growing at 20% a year. Cramer feels ATK is too cheap and should sell at much higher prices.

Cramer compared Liz Claiborne (LIZ) and Urban Outfitters (URBN) to see which is the better stock. Cramer declared URBN the winner because the firm is doing good in all three of their divisions. He also likes that URBN’s direct-to-consumer business is growing 30% annually and increased same-stores sales by 11%. Cramer called LIZ a disaster. He went on to say that LIZ missed earnings by 43 cents and the firm’s same-store sales were down 3%. Cramer advised investors to swap out of LIZ and into URBN.