On Friday's

"RealMoney" radio show, the first listener to call in asked Jim Cramer about

Procter & Gamble

(PG) - Get Report

, a stock that Cramer owns for his

ActionAlerts PLUS charitable trust.

The company posted a decent quarter, Cramer said, but the stock is closer to its 52-week low than its 52-week high. Moreover, there's not a lot of momentum in the stock.

Procter is a defensive stock, Cramer said, which means that it tends to do well when the economy is doing poorly.

But right now big industrial companies are moving higher, including


(CAT) - Get Report



(DE) - Get Report



(TEX) - Get Report


He said that money to buy these big industrials is coming from people who are leaving defensive plays. He likes P&G, but said that it's too boring to own when stocks are flying.

The action in the stock isn't good, but the company is doing fine, he said, adding that if we get any sort of economic slowdown, it will go higher again.

For those running a diversified portfolio, there's no need to panic, said Cramer. But if it's your only stock, he said he would trim back and buy an industrial company.

He told a caller that investors don't understand

Grey Wolf

( GW). The company is not flying because it's an onshore driller, while the big drilling is going on offshore, he said.

This company is also more levered to natural gas than to oil, even as natural gas prices have slipped to $6 from $15. He said that he would rather be in


(NBR) - Get Report

, which he owns for

ActionAlerts PLUS.

Cramer said to sell

Southwest Airlines

(LUV) - Get Report

. It was once a great stock, but the competition "has figured out its game," he said.

The only airline he believes is worth owning is

GOL Linhas Aéreas Inteligentes

(GOL) - Get Report

. He said it could go to $50 from $39.

A caller wanted to know if he should hold on to

Pan American Silver

(PAAS) - Get Report

, a company with a big silver mine in Peru.

Some people are worried that Peru could go the way of Bolivia and Ecuador, Cramer said. If this happens, that could explain the weakness in the stock, which he added is one of the cheapest, if not the best, silver mining company.

These countries are getting serious about "anti-capitalism," he said. So he would be inclined to take a look at Canada's

Silver Wheaton



Cramer said that


( OPWV) had a good quarter and should be doing as well as


(AKAM) - Get Report


It's OK to own Openwave and even buy more as it comes in, he said. "When you're in the house of pain, it's hard to pull the trigger and buy more ... but there is money to be made." He added that business is going in its direction, the company has good management and he would stick with it.

If you want a slow-growing company with OK management that has a decent yield, that buys back stock and is doing a decent job, go for



, Cramer said.

The company is getting rid of its low-profit-margin businesses, and he likes it more than

General Mills

(GIS) - Get Report



(K) - Get Report


Campbell Soup

(CPB) - Get Report

. But he said that the food group is not a great business to be in.

"It's better to be the worst house in a good neighborhood than the best house in bad neighborhood," he said. Heinz is the best house on a bad block, and he wouldn't want to own it.

Cramer said that

UnitedHealth Group

(UNH) - Get Report

shares are extending losses because the Street believes that the man investigating the company's chief executive is tenacious, brilliant and tough as nails. He owns the stock for

ActionAlerts PLUS.

The board is investigating the company's CEO, Dr. William McGuire, who built the company, and if he did anything wrong, this man will find it and force a resignation, Cramer said.

The stock will not do anything but dip until McGuire is vindicated or found guilty of backdating options, he said, counseling caution on the stock. It's not done going down, he said.

A caller wanted Cramer to say something good about


(F) - Get Report

, but Cramer declined.

He said that with the stock at $7, it's bound to go higher should the company do anything right at all. But he believes that

General Motors

(GM) - Get Report

is about a year ahead of Ford in terms of a turnaround, making it the better speculative play.

However, he said that


(TM) - Get Report

is better than all the rest and is the best auto company to buy.

To see the most recent edition of The RealMoney Radio Recap in its entirety, please click here. This recap is published every day around 3 p.m. ET.

At the time of publication, Cramer was long Nabors, Procter & Gamble and UnitedHealth.

James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for

Action Alerts PLUS. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by

clicking here. Listen to Cramer's RealMoney Radio show on your computer; just click

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