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Cramer’s fav spec plays, buy, sell or hold?

(Click for video linked to a searchable transcript of this Mad Money segment)

If Cramer is an advocate of anything it's doing homework. "Everyone must regularly review their holdings," said Cramer.

That is, the Mad Money host insists that investors always look at their reasons for holding a stock and if those reasons have changed or if they've been fulfilled, he always says 'ring the register' -- take gains.

That's particularly true for so-called spec stocks or stocks that may present higher risk but also offer higher reward.

Over the past 8 months Cramer has highlighted twelve stocks in Mad Money's speculation Friday segment: They are VirnetX, Catamaran, Blackstone, JDS Uniphase, Krispy Kreme, Radian, Compuware, Facebook, TearLab, Celldex Therapeutics, Jazz Pharma and W.R. Grace.

"On average, these specs are up 19.25%," Cramer said. But chances are you're not holding all of them. And when you break them down individually, you'll find some massive winners and some not so massive winners.

Therefore the question becomes, what do you do with these speculative stocks now?

Following are Cramer's latest insights on a stock by stock basis.

Adam Jeffery | CNBC

W.R. Grace

"I got behind W.R Grace on June 14th, and while it's only up 3% since then, I think it's just getting started," said Cramer. "Remember, W.R. Grace will finally be exiting bankruptcy caused by asbestos related lawsuits sometime near the end of the year, and I think the company's going to have a very strong 2014. Stick with it," Cramer said.

Jazz Pharma

Jazz Pharma has gained 5% since Cramer first presented it on June 7th. "I don't think the story has changed. I still like Jazz for its fast-growing narcolepsy drug and think it's worth buying into weakness," Cramer said.

Celldex Therapeutics

The Mad Money host got behind Celldex in late May and it's gained 55% since that time. "When you have a speculative name like Celldex, that's rallied so quickly in such a short amount of time, the trick is to ring the register on some of your position. I'd take profits on your original investment and let the rest run," Cramer said.

Tear Lab

Cramer said TearLab is on a roll, especially since the company preannounced better than expected sales. "However, it's an incredibly tiny company that's gone up a lot in a short period of time. So I think the best move would be to ring the register on a third or half of your position; let the rest ride," he said.

Facebook

Cramer got behind Facebook in early May and since that time it slipped precipitously until it reported Wednesday. However, immediately after Facebook released second-quarter earnings shares surged with revenue beating Wall Street forecasts. Largely Cramer sees this stock as a long-term bet on mobile.

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Compuware

Since Cramer presented Compuware as a spec stock in late March shares have tumbled 11%. "I believe Compuware can rebound as it cuts costs, but it might be rebounding from a lower level, so if you want to stick with this one, you're going to need to be patient," Cramer said.

Radian

In February Cramer suggested looking at Radian which has gained 74% since that time. "I like this business going forward, even as there might be some near term turbulence from higher mortgage rates," Cramer said. "However, if you followed Cramer in, the Mad Money host suggests taking profits on your initial investment. "But let the rest run. I think Radian goes much higher."

Krispy Kreme

"Krispy Kreme has rallied 60% since I got behind it in February," Cramer said. "This rapidly expanding donut shop still has plenty of room to grow, but if you're going to speculate responsibly, you need to take some profits—not on your entire position, but on some of it. Do some trimming."

JDS Uniphase

Since Cramer recommended JDS Uniphase in January, it's climbed a meager 5%. "Telco spending is coming back so I say hold on," Cramer said.

Blackstone

Cramer talked about Blackstone in January and since that time it's rallied 55%. "I would expect the company to get hit if interest rates soar--they own a lot of real estate and that gets hurt with higher rates. But these guys are doing a lot of things right and I would let it ride," Cramer said.

Catamaran

In December, Cramer reiterated his buy on Catamaran. Since then the stock has barely budged. "They report in a week on August first, and I'm willing to bet on this quarter being positive as I expect Catamaran to raise guidance for the full year," Cramer said.

VirnetX

Cramer also blessed VirnetX for speculation in December. "That was a mistake," said the Mad Money host. "Since I recommended it in December, the stock's down 46%. If you haven't already, cut your losses," he said.

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FB
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CPWR
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RDN
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KKD
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JDSU
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BX
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CCT
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VHC
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