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: 22.05 +2.18%) or Dow Chemical (DOW: 25.69 -0.27%). 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: 23.79 +1.41%) and ASML Holdings (ASML: 26.55 +1.69%) point to reasons to be bullish on the sector.

Here is a review of the performance of Jim Cramer’s stock picks from Friday’s Mad Money show.

International Paper (IP: 22.05 +2.18%)
International Paper continues its recent rally, gaining another 2.1% after Jim Cramer called the company a “turnaround story” during his interview with CEO Jim Faraci. With the economic environment improving, Mr. Cramer feels that IP’s earnings could “explode” as shipping volumes increase once again. The company is benefitting from cost cutting initiatives and Cramer recommends the stock.

3Com (COMS: 0.00 N/A)
3Com jumped 6.5% after receiving a strong bullish endorsement from Jim Cramer on Friday. The company recently reported a strong quarter which seemed to have gone largely unnoticed. 3COM generates 40% of its sales from China and continues to take market share. Cramer likes 3COM’s pristine balance sheet and attractive valuation and recommends investors buy now.

Cramer’s Lightning Round stock picks:

Inverness Medical Innovations (IMA: 0.00 N/A) gained 2.6% – “I wish that I had not sold it… that is the highest compliment that I can pay.”
Westport Innovations (WPRT: 16.52 -2.13%) jumped 7.2% – Cramer likes the stock and likes Fuel System Solutions (FSYS: 34.59 -2.76%) even better.
Visa (V: 66.78 -2.58%) rose 0.7% – Cramer says to “buy, buy, buy” this stock.
McDonalds (MCD: 74.37 -2.25%) gained 0.4% – Cramer believes this is a stock that doesn’t get the respect it deserves and recommends that investors buy.