It's Time for the Lightning Round!

JC Penney : Cramer wants to wait to see the quarter. Retail is hard to own but JCP’s internet play and management are terrific, he says. “Let’s wait.”

Posco : This stock is expensive enough that if you sell a lot of it you could raise some cash. Don’t buy, Cramer said. He thinks it could go lower.

HMS Holdings : The business of medical cost control is in bull market mode, Cramer said. Stocks like HMSY, Medco and Cardinal Health will do well when the economy does poorly.

World Wrestling Entertainment : It’s got a good yield and “nothing in the quarter makes me nervous,” Cramer said.

Old National Bancorp : Cramer "cannot recommend a bank on this show" in the present environment.

BHP Billiton : Stocks like BHP or CVRD are in the Fed’s crosshairs and won’t get helped until the Fed blinks, Cramer said.

VMware : Cramer thinks the better way to play this is EMC , the parent company. VMware is a great company, he said, but it’s coming close to his $60 price target.

Downey Financial : This stock will go up 20 points when the Fed cuts, Cramer said. He’s surprised it has been beaten down to $47 but he still doesn’t want to back away.

Freeport-McMoRan : Owning a gold & copper company like FCX in a deflationary spiral is “tough,” Cramer admits, but he’s staying bullish on Freeport.

Fuel-Tech : The better play is First Solar , Cramer said, but it went from $115 to $87 very quickly, making it tough for him to recommend FTEK until First Solar stabilizes.

Exelon : “At last!” Cramer said. “A utility company that’s well run that can do well in this slowdown.”

Hawaiian Electrical Industries : This is a utility in a growth market with a high yield, Cramer said. It “may be the right thing here.”

KBR : The infrastructure stocks are right, Cramer said, and KBR is hanging in there.

Jim’s charitable trust owns EMC and Freeport-McMoRan.

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