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Recap of Jim Cramer's radio show on July 12. Click on a stock ticker for more analysis:

Playing it Safe: Pepsi (NYSE:PEP), Eli Lilly (NYSE:LLY) and Altria (NYSE:MO) - Cramer commented on the roller coaster ride that began with a short rally on Tuesday and ended with big fall on Wednesday. He recommended picking up defensive stocks in this unpredictable market, such as food and drug companies. He also mentioned the importance of a diversified portfolio and staying long in good stocks; "know your time frame and your pain tolerance and work around it," Cramer said.

Boom Town: Dynamic Materials (NASDAQ:BOOM) - Cramer sees a potential success story in BOOM, a company that makes cladding which strengthens weak metal. As more refineries are being built, demand for these products will increase. Cramer believes this stock is an underdog, and has received little positive attention. "It is one of those stocks that you can buy and put away," he said. "I like the company and I like its business."

Bullish calls:

Las Vegas Sands (NYSE:LVS): Cramer says he can understand why people might ring the register on LVS because it is high, but if it comes down a few points, he would buy some.
MasterCard (NYSE:MA): In spite of pressure on the company and a negative report from Deutsche Bank, Cramer is not giving up on this stock.
Quest Diagnostics (NYSE:DGX): Cramer would hold onto this stock in the current economy.
Hershey (NYSE:HSY): Cramer likes this solid, defensive stock.
Schering-Plough (SGP): This is a good long-term pick, according to Cramer, and is preparing for a turnaround.
Bristol-Myers (NYSE:BMY): Cramer believes this company has a strong upside.
Allstate (NYSE:ALL): Cramer says this company made the right move in limiting its coverage in hurricane-prone areas.

Neutral/Bearish calls:

RadioShack (NYSE:RSH): Cramer suggests waiting until this stock falls to $15 before buying half, and then purchasing the other half after the company reports what he believes will be a flat quarter.
Crystallex (KRY): Cramer would wait until this stock falls to $2.50 before buying and to ring the register at around $5.
H&E Equipment Services (NASDAQ:HEES): With a probability of 3 up and 3 down, Cramer would wait before pulling the trigger on HEES.
Automatic Data Processing (NASDAQ:ADP): Cramer says this stock isn't profitable enough, and would switch to a defensive stock.
American International Group (NYSE:AIG): Cramer would swap out of this stock and get into MetLife (NYSE:MET), Prudential (NYSE:PRU) or Allstate (ALL).
Carpenter Technology (NYSE:CRS): Cramer says he doesn't know why this stock is falling, and would get rid of some.

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

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Source: Jim Cramer's Real Money Radio Recap 7/12