Rolling with the Punches: HCA (HCA), Motorola (MOT), and Coke (KO) - Cramer praised HCA's $21 billion buyout after getting downgraded unfairly by analysts. He gave MOT and KO as other examples of companies which reported good quarters, but are getting slammed by investors.
Tech Comeback: Microsoft (MSFT), Sony (SNE) and Nintendo - Once upon a time, every dot.com stock was magic, according to Cramer, but lately, the tech sector has been taken down. However, Cramer predicts a tech turnaround this fall, as MSFT will release Vista, its new operating system, and Sony and Nintendo will launch new games. Cramer gave a better reason to buy these stocks; because of tech pessimism, projected earnings will be low and easy to meet.
Traditional vs. Digital: New York Times (NYT), Scripps (SSP), Disney (DIS), Google (GOOG) - Cramer points out that while newspaper and media companies are trying to go digital and interactive, the lessons he has learned from TheStreet.com (TSCM) convince him that traditional media should stick with what it does best. For example, an ad on the New York Times' sophisticated website does not bring in nearly as much cash as its print equivalent, and SSP and DIS sites had little effect on the companies' earnings. On a side note, Cramer says that, although Google is making a lot of money, it is still a good time to pick it up.
Fluor (FLR): Cramer sees a major turnaround for FLR, because there will be a need for power, clean coal, and nuclear plants and more refineries. He would buy som FLR before and some after its earnings report.
Foster Wheeler (FWLT) ABB (ABB), and URS (URS): Cramer likes infrastructure, even though it is down, and says that any of these stocks are good buys, although he warns investors to expect some temporary pain.
Allstate (ALL): Cramer likes the fact that ALL has limited coverage in high-risk areas and has a 2.5% yield.
Textron (TXT): This company had a "beautiful" quarter, Cramer said, and he expects organic growth.
Montpelier Re (MRH): Cramer would avoid this company, because it has not yet recovered from the hurricanes.
BHP Billiton (BHP): Commodities have run their course, says Cramer and he would unload this stock, even though he believes that it will eventually make a comeback.
More: Cramer's latest stock picks, including: Mad Money Recap, Lightening Round, Stop Trading and his Radio Show.
Get Cramer's Picks by email -- it's free and takes only a few seconds to sign up.