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BHP Won't Get Potash for Less Than This

The bidding war for Potash may have just begun, Cramer said during Tuesday’s Stop Trading!. He thinks a number of companies could make offers aside of BHP Billiton.

“I don’t think this is over by a long shot,” Cramer said.

Potash rejected BHP’s $38.6 billion offer, saying it didn’t represent a true valuation of the company. Cramer agreed, saying BHP is using the down market to take advantage of POT’s lower share price, much like Air Products’ attempt to buy Airgas at a similar pointing the business cycle.

But with the fertilizer business’ high barriers to entry, and the fact that the industry is at the beginning of a “a major fertilizer cycle,” Cramer thinks BHP won’t get Potash for any less than $160 a share, or $30 a share more than the present offer.

In housing-related retail, Cramer praised Home Depot for its execution in the most recent quarter. Compared to rival Lowe’s , HD “keeps delivering.” Specifically, he noted that Home Depot’s sales, while not off the charts, still deliver higher profits compared to Lowe’s.

Investors who want a play off Home Depot’s strength should consider Stanley Black & Decker , Cramer said. The company pointed to strong small-ticket sales at HD stores, and Cramer called the most recent quarter “fantastic.” He now expects SWK to return to its 52-week high.

Another stock headed back to its 12-month peak is TJX Cos. , operator of T.J. Maxx, Marshalls and HomeGoods stores, Cramer said. He called TJX a “very well-run company,” saying it should be bought by investors expecting only a slowdown, rather than a double dip. Get the results from TJX's latest quarter here.

And lastly, Cramer disagreed with UBS’s downgrade of Cree . He thinks the stock is a strong play on the transition to energy-efficient lighting.

“You have to buy Cree hand over fist here,” Cramer said.

When this story published, Cramer’s charitable trust owned Home Depot and Stanley Black & Decker.

Call Cramer: 1-800-743-CNBC

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