Buyback Power: Coca-Cola (KO), Microsoft (MSFT), CSX (CSX), Black & Decker (BDK), PepsiCo (PEP), Citigroup (C), Bank of America (BAC) and Wells Fargo (WFC) - Cramer noted that there is some wild selling going on, and that investors should look for companies which protect themselves through stock buybacks. He observed that masters of this strategy are KO, MSFT, CSX, BDK, PEP, C, BAC and WFC.
Selling Out on Caterpillar (CAT), Schlumberger (SLB), Starbucks (SBUX), Panera Bread (PNRA) Foster Wheeler (FWLT), Ingersoll-Rand (IR), and Halliburton (HAL) - While Cramer observed that SBUX and PNRA were sold because many investors did not see growth potential in these companies, Cramer believes that oil drilling and infrastructure plays are judged as guilty by association with housing, and are being unfairly sold. SLB and CAT were both taken down in spite of having reported fantastic quarters, as well as FWLT and IR and HAL. Cramer suggested taking advantage of this irrational behavior; "Let them do their silly selling and create the bargains for us," he said. "Wait until the sellers have made fools of themselves and then walk in." He recommends looking at the railroad sector and Catepillar, which he believes has four or five years of growth ahead because of its large number of orders.
Yahoo! (YHOO): Cramer says this stock is too cheap and that it should bounce back to $28 or $30 when the market calms down.
General Motors (GM): Cramer likes this company and would buy.
Bed Bath & Beyond (BBBY):When the company announced that it would be building fewer stores than expected, BBBY fell to $32. However, Cramer would take advantage of this decline and buy BBBY.
Mellon Financial (MEL): Cramer noted MEL's fantastic quarter and its stability; "I would buy it aggressively here at $34," he said.
Foster Wheeler (FWLT): Although Cramer likes this company and expects it to turn around eventually, he notes that it has been taken down by extreme selling, and suggests picking it up when this trend is over.
Airgas (ARG): Cramer would only recommend this stock to someone who is willing to wait 6 months for it to go up.
More: Cramer's latest stock picks, including: Mad Money Recap, Lightening Round, Stop Trading and his Radio Show.
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