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Recap of Jim Cramer's radio show on Wednesday June 21. Click on a stock ticker for more analysis:

Looking on the Bright Side: FedEx (NYSE:FDX), Morgan Stanley (NYSE:MS), and Darden Restaurants (NYSE:DRI) -Wednesday's market experienced a 130 point surge, and Cramer believes that the cause of the current rally is the excessive pessimism over the past few weeks and chronic overselling which is causing the market to bounce back like a spring. Cramer recommends FedEx, which is up five points, and is a “smoking company.” Its success also means good news for the retail and the financial sector, according to Cramer, including Morgan Stanley (MS), which has gained 2.5 points. The optimistic comments of Darden CEO, Clarence Otis, on Tuesday's show lead Cramer to conclude that people are still eating out in spite of gas prices.

Cheap Picks: Johnson & Johnson (NYSE:JNJ), Microsoft (NASDAQ:MSFT), Bear Stearns (NYSE:BSC), Goldman Sachs (NYSE:GS) and Lehman Brothers (LEH) - Cramer recommends companies that are doing well but are inexplicably cheap, and praises JNJ’s earnings and management. Although Cramer sold half of his MSFT holdings when the company was at $26, Cramer suggests buying MSFT now and waiting a while, since he expects a great cycle. The investment banks, BSC, GS, LEH are at half their usual rate, since many investors confuse investment banks, which deal with commodities selling and mortgage selling, with online brokerages.

Bullish calls:

Motorola (MOT): Cramer would buy this stock, which is growing at 12%, in spite of rumors that its low-end products are not moving.
MasterCard (NYSE:MA): The current lawsuits, says Cramer, should not threaten this stock, which is low and should be selling at $50 or $55.
EarthLink (NASDAQ:ELNK): Cramer would buy this inexpensive stock at $8, and he comments that it is using cash to fund a new business.
Hewlett-Packard (NYSE:HPQ): This stock is cheap, says Cramer, and sells both PCs and printers.
Occidental Petroleum (NYSE:OXY): Cramer recommends OXY instead of Exxon (NYSE:XOM).
Bed Bath & Beyond (NYSE:BBY): Cramer predicts an excellent quarter from BBY.

Neutral/Bearish calls:

Xerox (NYSE:XRX): This company will not benefit from the rally, because of CEO, Anne Mulcahy, who is not effective, according to Cramer
Garmin (NASDAQ:GRMN): Although Cramer gives Garmin, the largest global positioning company, two thumbs up, he would not pick it up now at 4 points from its high.
Joy Global (JOYG): In spite of Cramer’s belief that mining is a hot sector, he would not buy Joy Global, a mining equipment company, because it failed to deliver this quarter.
Dell (NASDAQ:DELL): This stock is costly, says Cramer, and is limited, since it only sells PCs.
Exxon (XOM): Cramer is very bearish on Exxon.
IBM (NYSE:IBM): Cramer does not see growth potential in IBM.

More: Cramer's latest stock picks, including: Mad Money Recap, Lightening Round, Stop Trading and his Radio Show.

Source: Jim Cramer's Real Money Radio Recap 6/21