Tonight he focused on corrugated cardboard maker Temple-Inland (TIN), a stock which is down 27% since he first recommended it back on March 20, 2007. According to Cramer, Temple-Inland doesn't deserve to be lagging behind competitor Louisiana-Pacific (LPX), which is up a quick 25% since March 20 of this year, while Temple-Inland is up a paltry 11% in the same period. With its 3.1% dividend yield, Cramer called Temple-Inland the "picture of stability," saying that weakness in both the economy and housing sectors will not hurt the company as much as anticipated.

Cramer recommended tobacco-maker UST (UST) as the second in his "Catch Up" series of stocks that are under-performing against their peers. UST is attractive, Cramer says, because it has done well in the smokeless tobacco space while several of its largest competitors have tried, and failed, to gain marketshare. Cramer also likes UST for its huge stock repurchase program. The company has the authorization to buy up to 14.6% of the total shares outstanding, with 21.9 million shares still left to go in the program.

Cramer went out on a limb and recommended Merck (MRK), as the next stock in his series of "catch-up" stocks that lag against their peers. Merck estimates it will take in $4.6 billion in sales this year and has several blockbuster drugs in its pipeline. The company now trades at just 11 times forward earnings. He is impressed with the company's stock buyback program, which still has $5.1 billion left with which to purchase its shares. "Just two months ago, they were buying back shares at $59." Cramer's called Merck his No. 1 pick in the Dow Jones Industrial Average and a quality company that trades at a huge discount.

Continuing with his series on "catch-up" stocks, Cramer recommended Baker Hughes (BHI) as another company that has fallen behind its peers and is due for a rally.Cramer said that Baker Hughes is a classic under-promise, over-deliver situation. The company underwhelmed analysts with its last quarterly earnings, but is now forecasting an impressive 21% increase in earnings for 2008. The company also does 58% of its business overseas, including in Russia and Brazil, two markets Cramer has been behind for quite some time. Bottom line: even the worst house in the best neighborhood is worth taking a look at, he says.

Cramer said he thinks CNQ could become the next Apache (APA) or Anadarko (APC). He noted the stock trades at just 13.1 times expected earnings while the industry average multiple is 13.9. Cramer said CNQ deserves a premium multiple once the Horizon project comes online in the third quarter of this year.