Cheap Pick: Devon (NYSE:DVN) - Cramer comments that this company is the cheapest fuel company and compares it to Kerr-McGee (NYSE:KMG), because its oil is in secure places. He believes that this stock could go up 30 to 40 points from $61 if it receives a takeover bid. DVN is too cheap, according to Cramer, since oil is $75 a barrel, and if the price should fall to $65 a barrel, he predicts that the stock will not lose more than 5 points.
Great Expectations: J.C. Penney (NYSE:JCP) vs. Abercrombie & Fitch (NYSE:ANF) - JCP reported "beautiful" numbers, whereas ANF's numbers were not good. However, JCP is down and ANF is up. Cramer says this is because of expectations, which benefited JCP and were on the downside for ANF.
Splitting Up: Altria (NYSE:MO) - In spite of impending lawsuits, which Cramer dismisses as "a joke," he believes that this company is a buy, and that it is going to split into three compnies: domestic tobacco, international tobacco and Kraft, and will be worth $100.
Toyota (NYSE:TM): Cramer notes that this stock is very low because Japan has been raising its interest rates. He would hold onto the stock and would buy it "hand over fist" if it falls below $100.
Southwestern Energy (NYSE:SWN): This is a good stock for the hurricane season, according to Cramer, and it has dropped to $30. SWN has a strong position in Texas' Barnett Shale, which is the largest natural gas field in the U.S.
Apple (NASDAQ:AAPL): Cramer points out several advantages to buying this stock: it is down 30 points and is releasing new products for back-to-school and the holidays, while Microsoft has yet to release Vista. However, Cramer would wait to buy AAPL until after its earnings report.
Sirius Satellite Radio (NASDAQ:SIRI): Cramer thinks that the best move for SIRI would be to merge with XM Satellite Radio (XMSR). Until then, he would hold onto and not buy SIRI until it goes under $4.
Dow Chemical (NYSE:DOW): Cramer believed that this stock would go up, but it hasn't moved. He predicts that this stock is stuck until the housing market improves.
TD Ameritrade (NYSE:AMTD): Although this stock doesn't have much downside, Cramer is still wary, because it has not been peforming well.
eBay (NASDAQ:EBAY): Cramer believes this company makes too many promises and does not deliver. He does not like it's risk/reward ratio.
Applebee's (APPB): This restaurant has reported bad numbers and Cramer says that it is not as good as it used to be. He believes that effective management could turn the company around.
More: Cramer's latest stock picks, including: Mad Money Recap, Lightening Round, Stop Trading and his Radio Show.