Range Resources is also a growth story, said Cramer. The company recently raised its production guidance from 15% to 19% for 2008 and plans to double the number of operating rigs by 2009.

The company recently did a secondary offering of stock at $66.38 a share to help fund additional land acquisitions in the Marcellus shale area, but now trades below that price. "Range Resources should have never gotten this cheap," said Cramer.

A Grim Outlook

In the "Sell Block" segment, Cramer put ConAgra Foods (CAG) in solitary confinement and told investors to steer clear.

Cramer endorsed buying ConAgra back on April 29, but with the stock now retracing its steps, he said it's time to re-evaluate. Cramer said he now feels the company's rising raw costs have worsen the situation.

Cramer took special notice of ConAgra's CEO, who was recently quoted as saying that "Inflation input costs are through the roof." "This makes it almost impossible for ConAgra to meet Wall Street's estimates," said Cramer.

With corn now 76% more expensive, wheat 39% more expensive and cattle and oil and gas all following suit, ConAgra's outlook has gone from good to grim. "They're going to be eaten alive by raw costs," said Cramer.

Cramer said he hears the train coming and wants investors to step off the tracks before its too late. He recommended considering either Pepsi (PEP) or Coca-Cola (KO). He said both have told Wall Street that their raw costs are now under control. He also recommended Altria (MO), which he owns for his charitable trust, Action Alerts PLUS, as another great recession stock with costs under control.

Rex Energy: Part II

On April 10, Cramer picked Rex Energy (REXX) during his series of wildcat drillers. In just two trading days, the stock has surged 6.2%.

Cramer welcomed Ben Hulburt, president and CEO of Rex Energy, to the show to discuss his company's recent surge.

Hulburt said that finding oil and gas is always a tough business, but Rex has been enjoying continued successes. He said that all oil shale drilling is now expanding throughout Pennsylvania, New Jersey and New York, but the infrastructure in the area may not be able to handle the quantity of gas the area is capable of producing.

According to Hulburt, increased oil and gas production will have to be part of any long-term energy strategy. Cramer stood behind his earlier call on Rex and continued to recommend the stock.

CSX to Fight On

Cramer again welcomed Michael Ward, chairman, president and CEO of CSX (CSX) to the show to discuss his continuing struggles with the hedge funds that are seeking his ouster.

Ward said he's going to continue to fight against the funds trying to seize control of CSX. He said the company will go to an appeals court tomorrow seeking remedies after a lower court judge ruled the hedge funds illegally acquired a major stake in the company but stopped short of stripping them of their voting shares.

The judge noted the hedge funds testified falsely under oath and indicated that they should not be allowed to vote their shares in the looming proxy fight.

According to Ward, "these hedge funds have been trying to deceive CSX shareholders to implement their shortsighted agenda." He said that his management team will not stop delivering value to the CSX shareholders, citing the company's track record as being amongst the top 5% of the S&P500 when it comes earnings per share.

Cramer stood behind Ward and said he's doing a great job for his shareholders.

Lightning Round

Cramer was bullish on Bristol-Myers Squibb (BMY), Colfax (CFX) and Exxon Mobil (XOM).

He was bearish on China Medical Technologies (CMED), Chicago Bridge & Iron (CBI) and International Paper (IP).

Want more Cramer? Check out Jim's rules and commandments for investing by clicking here.

For more of Cramer's insights during the Lightning Round, click here.