JC Penny’s (JCP: 42.35 +0.50%) jumped 9.7% after Cramer said he thinks the retailer will have a great back-to-school season. He also recommended Urban Outfitters (URBN: 27.14 +0.89%) which gained 6.8%. 

One financial stock that Cramer continues to recommend is Huntingdon Bancshares (HBAN: 6.05 +2.02%). The stock jumped 6.6% on Friday after Cramer said the stock is “dynamite” and he prefers it over KeyCorp (KEY: 8.17 +1.24%). Cramer recommends investors continue buying Huntingdon. 

Cramer all tried to reassure the market in the wake of the accounting scandal at Huron Consulting (HURN: 38.33 -0.80%). While Huron has seen its stock price fall nearly 70% in the last few days and probably has completely destroyed its reputation, Cramer sees opportunity in some of the other accounting firms that have fallen along with Huron. Cramer recommended Duff & Phelps (DUF: 14.87 -2.81%), but also likes FTI Consulting (FCN: 43.14 -1.12%). The stocks reacted positively to Cramer’s bullish recommendation gaining 2.7% and 2.9% respectively. 

Citigroup managed only a 1.3% gain on Friday despite Cramer spending a great deal of time on his show outlining the merits of investing in Citigroup. While Cramer believes that investing in Citigroup is like investing in America, he also laid out five reasons for investors to be buying Citi’s shares: 

1. It is very cheap. Cramer believes the book value is about $4 per share and thinks the stock should sell at 1.5x book value for a $6 price target.

2. The governments 34% stake. The government can sell its 34% stake in Citigroup on September 10. The government has already made $5 billion on its position, and could have a $20 billion windfall from the sale.

3. Geographic positioning. Citigroup is the dominant bank in 108 countries. In spite of its domestic woes, Citigroup is still the leader in emerging markets.

4. Good bank vs. bad bank. Citigroup is spinning off its toxic loans by dividing itself into two companies. This will leave the main bank with three profitable businesses; retail banking, global services and investment banking.

5. Solid management. Cramer likes the current management team at Citi and believes the government would be crazy to replace CEOs Vikram Pandit and Ned Kelly.

Huntington Bancshares (HBAN: 6.05 +2.02%) received the biggest boost from the “Cramer Effect” as its shares jumped 6.7%. In the Lightning Round of Friday’s Mad Money show, Jim Cramer had reiterated his earlier recommendation of HBAN from early June. “Why aren’t you in Huntington Bancshares?” 

Cramer’s other bullish stock pick, ArcSight (ARST: 0.00 N/A) also performed quite well with shares rising 5.7%. Cramer recommended investors look at ArcSight following on the recent cyberattacks in Korea and the United States. Cramer believes that cyber security will be the next big trend and thinks ArcSight stands out because of its clean balance sheet, decent growth rate, and $91 million in cash. Although ArcSight trades at a relatively high earnings multiple, Cramer would pay twice the company’s growth rate for the stock, and the fact that earnings estimates are so low may be an indication of an upside surprise. 

Other Cramer bullish picks: 

NetApp (NTAP: 39.775 +0.93%) gained 4.3% – “Net App is a winner! I wanted them to get Data Domain, but now I don’t know how they stay independent. I think the quarter is better-than-expected.”

Sallie Mae (SLM: 15.76 -0.38%) up 4.4% – “Now that the stock has pulled back, I want you to pull the trigger again. I think Sallie Mae is a winner.”

Apple (AAPL: 476.68 +1.67%) jumped 4.4% – Cramer predicts Apple will report quarterly earnings that will “blow your socks off.”

Honeywell (AAPL: 476.68 +1.67%) gained 3.8% – Cramer would be a buyer of Honeywell which is down 23 points, but has an impressive 4% dividend yield.