It's Time for the Lightning Round!

Lockheed Martin: "I think Lockheed is incredibly cheap." It's got a big buyback and Cramer would buy it "hand over fist."

Riverbed Technology: This stock went to $38 and its back to $26. Cramer says there's a sense that the stock is played out. He's in "wait and see mode." The selling of RVBD has been so aggressive that Cramer can't recommend pulling the trigger yet.

Reliant Steel: Cramer says this is one of the cheapest stocks left in the group – it's a travesty that it's in the mid-40s but Cramer sees it going back up. "Swap out of U.S. Steel and get into Reliant."

Freeport-McMoRan: There aren't too many stocks that have created value by merging but Freeport has created a "colossus of copper," Cramer says. As the Chinese continue to buy copper, FCX is going to print money for its investors. It's a definite "buy, buy, buy."

Southwest Airlines: First Cramer disses Dell– now he has to come down on Southwest. It was once a great company, but the fact of the matter is it's the airline template that everyone stole, he says. It was once great but "now everyone's got it's recipe" and Cramer can't recommend it until it comes down.

Jacobs Engineering: This company has had two great upside surprises and – even though Cramer is a Foster Wheeler fan when it comes to construction – he says JEC doesn't get the respect it deserves.

Advanced Micro Devices: Cramer is taking the extraordinary step of pushing every negative button on the soundboard. "There is no reason for AMD to live. It has no purpose. It has nothing going for it." Cramer is giving permission for everyone to leave and sell that stock.

Diamond Offshore Drilling: This stock just doesn't have the leverage that Transocean has. Cramer can't bless DO. He says go with best of breed: RIG, Haliburton or GlobalSantaFe.

GameStop: "The stock has come down, but I think we're in a bull market for gaming." GameStop is levered to new products but doesn't see it making much noise right now. Cramer wouldn't buy until it's closer to the Christmas season.