Jim Cramer told investors on yesterday’s Mad Money show that Intel is “just too cheap”. It is astounding that Intel trades at a lower multiple than International Paper (IP: 31.11 0.00%) or Dow Chemical (DOW: 33.86 0.00%). Cramer said that he has never seen that happen before.

Cramer believes the market has oversold the entire semiconductor sector. However, the strong results from Intel along with bullish data from Novellus (NVLS: 48.20 0.00%) and ASML Holdings (ASML: 45.13 0.00%) point to reasons to be bullish on the sector.

While not a Dow component, one of the bigger earnings surprises this week was Gannett (GCI: 14.72 0.00%). The newspaper publisher reported $.46 EPS for the second quarter, while Wall Street was only expecting $.36 EPS. The markets took notice – sending their shares up 29% on Wednesday.

On Thursday night’s Mad Money show, Jim Cramer weighed in on Gannett’s impressive results. “I thought that quarter was really something. They put it together. Maybe the cost cuts really will do it. I am not in a million years going to dump after that. I wish them the best of luck. I think that you will have a 50% move in Gannett.” 

While the stock didn’t jump 50%, it did gain another 4.8% on Friday after Cramer’s bullish recommendation.

Other Cramer bullish stock picks: 

NCR Corp (NCR: 21.19 0.00%) dropped 2.3% – “I do not like the end markets of NCR… I am not going to recommend buying it… that stock has really got hammered ever since my friend, buddy, pal and supporter of Mad Money, Mark Hurd, left that company.”

DryShips (DRYS: 2.76 0.00%) fell 1.9% – “The thing does trade like a banshee…I am a seller of DryShips.”