As an energy infrastructure company, Cramer said Williams Companies has become a powerhouse, in part, due to its purchase of Access Midstream Partners. "Sure, Williams paid a 50% premium to pick it up, but this acquisition was incredibly additive to earnings, which means the stock's rally in the wake of what looked like an overpayment turned out to be totally justified," Cramer said.
Going forward, Cramer thinks the path of least resistance should remain higher. "It's hard to imagine this stock getting hammered unless oil breaks down hard and natural gas plummets back to $3 from over $4 right now. I don't see that happening. Williams is a buy."
Although Newfield Exploration had been shunned by Wall Street, Cramer said the stock came back into favor because, as an independent energy company benefiting from the renaissance underway in North America, it's now growing at a rate that outstrips all but the fastest growing tech firms.
"It also has assets in the just now being rediscovered Woodfield and the South Central Oklahoma Oil Province or SCOOP shales in Oklahoma. I think the stock has more room to run," Cramer said.
Often times Cramer has said the fortunes of Micron lie with DRAM capacity; as long as capacity remains constant he believe the stock will rally.
"I think Micron can earn $5 next year and while it's never going to get a premium multiple, it definitely deserves to trade at more than 6.5 times next year's numbers," Cramer said.
In the case Allergan, Cramer said gains were largely due to a hostile takeover bid from Valeant. "This story is a powerful reminder that the consolidation underway in the drug space is hot and heavy. I recommend owning something in this industry if you want to beat the market."
Pepco is a utility and Cramer said gains in this stock were largely due to a takeover bid from Exelon. "I believe in M&A, so nothing can be ruled out entirely, but I wouldn't count on a wave of them in this space," Cramer said.
Cramer said Vertex Pharma is a reminder that when biopharma firms develop a breakthrough drug, their stocks can surge, almost overnight. "Vertex shot from $66 to $93 less than three weeks ago, due to a new drug."
This stock had been held back by a pollution lawsuit. "However, in late May Anadarko settled for only a little more than $5 billion, much less than expected. The stock jumped from $86 to $99 in a single session and it hasn't looked back. Even after the run, I think this company is ripe for a takeover," Cramer said.
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Cramer said the fortunes of SanDisk are tethered to the flash market. "I don't see any new flash foundries on the horizon that would impact supply, so this stock, selling at 16 times next year's earnings, while no bargain, will most likely exceed expectations. SanDisk may even vastly exceed them if the pickup in device hardware proves to be a reality."
"Iron Mountain is a record keeping company that shot up when it was able to convert itself into a real estate investment trust or REIT, allowing the company to pass on its profits to shareholders tax-free," Cramer explained. "To me, this story is played out."
Cramer called Molson Coors, "a stock I like very much." He said the company is in a growth industry, and he believes if Anheuser-Busch InBev acquires SAB Miller, the US Justice Department would likely make the combined company spin off Miller to Molson Coors for less than it's worth.
"I think Molson Coors is a buy on its own, but if they can pick up Miller in a forced sale situation, this $73 stock could quickly rally to $100."