Sears Holdings (SHLD: 48.80 0.00%) gained 5.5% and Lowes (LOW: 26.88 0.00%) jumped 2.4% after Cramer recommend buying both stocks as a way to play the “gasoline rallies”. With consumers spending less money at the pump they have more discretionary income to spend in retailers such as Sears and Lowes. Unfortunately, the same logic didn’t’ seem to carry through to restaurants stocks as YUM Brands fell 6.0% and Darden Restaurants dropped 1.1% after also being recommended. 

No stock was effected more by the “Cramer effect” than Viacom. The stock gained 5.2% after Cramer donned a SpongeBob costume in honor of the cartoon’s 10 year anniversary. While Viacom has had its struggles, Cramer believes that the fact that Viacom is undervalued is a good enough reason to buy. The stock trades at a discount to peers Time Warner (TWX: 38.11 0.00%) and Disney (DIS: 41.27 0.00%). Cramer recommended buying Viacom before SpongeBob rings the opening Bell at the New York Stock Exchange on Thursday morning. 

The “Cramer Effect” also helped lift CSX (CSX: 21.95 0.00%). The stock gained 6.2% after Cramer noted that the railroad operator had recently beaten earnings estimates despite falling revenues. 

Other Cramer bullish stock picks: 

BHP Billiton (BHP: 80.73 0.00%) gained 5.3% – Cramer noted that mineral companies were showing signs of strength.

Goldman Sachs (GS: 116.15 0.00%) jumped 3.7% – Cramer believes Goldman Sachs is likely to earn $30 per share next year, while Wall Street is only expecting earnings of $16 per share.

Chevron (CVX: 106.76 0.00%) increased 2.5% – Cramer considers Chevron to be best-of-breed and prefers investing in CVX over the oil index. With a strong 4.1% dividend yield and 5% production growth for the year, Cramer thinks Chevron’s revised guidance may have lowered the Streets expectations enough to deliver an upside surprise in its next report.

Cramer also recommended Hudson City Bancorp (HCBK: 7.01 0.00%) which has remained virtually unscathed by the credit crisis so far and has not received TARP money. The bank holding company gained 3.8% after Cramer rated Hudson City a buy with a clean balance sheet and a recently raised dividend. 

The “Cramer Effect” also lifted YUM Brands (YUM: 64.44 0.00%) shares 3.3% today. Cramer believes that this quarter’s earnings are going to be great. “I think it’s a great long-term situation. I think it’s cheap.” 

Bucking the trend today was Fortune Brands (FO: 0.00 N/A) which gained 3.6% despite being one of Cramer’s bearish stock picks. Cramer stated, “I think this one’s three to four points overvalued. Their mix of businesses isn’t working right now. All this bodes poorly for Fortune Brands.”