Cramer's favorite name on the buyback list is Weight Watchers (WTW). "We're becoming increasingly obese in this country," and liking Weight Watchers validates one of the most important drivers of stock that Cramer's had on the show: "the shrinkage of waste lines." But he said he's recommending this stock "on the shrinkage of itself." Weight Watchers' buyback is one of the most "voracious" he's ever seen, Cramer said. This, coupled with the company's "huge" cash flow, tells him that Weight Watchers has confidence and believes in itself. The company will either get bought out or it will continue its buybacks and take itself private, Cramer said. But regardless, "takeover or no takeover, Weight Watchers is a buy."

Cramer's second pick was Brinks (BCO), which bought 21% of its shares outstanding in 2006 alone. Brinks and the other two companies Cramer said he's emphasizing are three companies that "don't just shrink the float -- they devour it." Brinks is a security company that has two segments, he said. One segment operates in armored cars, while the other operates in security alarms. It is a company, Cramer said, that's paying back debt even as it buys back "massive" amounts of stock. "Activist investors are swarming all over this stock," he said. "BCO works if it gets bought, and it works if it decides to split itself into two separate companies."

The first name he pulled out of the buyback pile was United Stationers (USTR), which has bought back 20% of its shares outstanding. This is a "primo" takeover target, Cramer said. USTR is the biggest wholesaler of office products, and aside from the buyback thesis, Cramer said he likes it as a "good margin expansion story." Only 5% of products come from China, and as that number goes up, its costs will go down, Cramer said. Also, USTR is "an undercovered story," he added, with only three analysts on it. The fact that it's not getting much attention means it has good upside potential, he said.