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Jim Cramer issued a mea culpa on Dick's Sporting Goods (DKS Quote) on his "Mad Money" show Tuesday evening.

Dick's shed more than 16% Tuesday, the day after Cramer named the stock a top pick on the CNBC show.

"I don't want to dwell on it too much," Cramer said. "You got hurt but you didn't get annihilated."

Another casualty Tuesday was Deere (DE Quote), whose shares shed more than 11% on a disappointing earnings report.

Tech and retail also are not performing well. What should you do?

First, Cramer said the problem at Dick's is really about guidance and that the quarter was actually OK. He believes management was hopeful, and hope shouldn't be part of the equation.

But Cramer said Dick's management deserves the benefit of the doubt because of its track record. While the company didn't deliver, this was the first time it didn't. "I'd buy Dick's, not sell," he said.

Deere is tricky. Cramer thought after listening to Deere's call that its problems were weather-related. But he said several portfolio managers have told him Deere's management was assuring people last month that weather was not an issue, which goes directly to management's credibility.

Nevertheless, Deere, like Dick's, is best of breed, and Deere's management has been very good for a long time. It's too extreme to sell, but you can't buy aggressively because Caterpillar (CAT Quote) and Terex (TEX Quote) are both down and they both have much more momentum than Deere.

Tech Tells

Tech is easier than Deere and Dick's to explain. Intel's (INTC Quote) issues stem from not being able to deliver enough product. If it could deliver more product, if it had more chipsets, the numbers would go back up.

Cramer also likes Wachovia (WB Quote), which just announced a big buyback and boost in the dividend, and it sells for 12 times earnings.