Cramer Likes Owens Corning (OC) on Any Weakness

On Friday night's Mad Money, Jim Cramer welcomed Owens Corning's (NYSE: OC) Chairman and CEO, Michael Thaman to his CNBC show.

Although shares of Owens Corning have been slashed in half since the beginning of October, Thaman pointed out several reasons why the company is still deliver on better-than-expected earnings. First, the exec believes that Owens Corning continues to remain focused on its strengths and is seeing strong demand in its roofing and insulation units. With higher energy prices likely over next summer, Thaman believes this trend will continue.

Next, the Owens CEO noted that while the company's wind turbine business has slowed in the US recently given credit market conditions and sinking oil prices, demand still remains strong around the globe. When Cramer asked about the company's finances, Thaman said he sees the company continuing to return extra cash to shareholders through stock buybacks.

While certainly positive on the stock, Cramer didn't seem too pressed to jump on the Owens bandwagon. At $12, he called Owens Corning a Buy, but said he would wait for weakness before pulling the trigger.

After opening today's trading session about 5% higher, shares of Owens Corning are currently up more than 9% to $13.21. The stock is likely trading higher with the broader markets, however, Cramer's tout last week could be creating some upside.

Owens Corning, through its subsidiaries, produces residential and commercial building materials, and glass fiber reinforcements and other similar materials for composite systems.

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