The first

"RealMoney" radio show caller asked about

Qualcomm

(QCOM) - Get Report

, which Jim Cramer owns for his charitable trust

Action Alerts PLUS.

Cramer advised the caller to respect what the market was trying to say. Here, it's saying that Qualcomm is not finished going down. Wait until it goes two points lower to buy, Cramer said.

Cramer told his next caller to wait before buying railcar company

Westinghouse Air Brake Technologies

(WAB) - Get Report

. It is in the midst of transitioning from a momentum stock to a value stock, he said. Right now, Cramer said, it did not have a risk/reward ratio he cared for.

Instead, he recommended

Norfolk Southern

(NSC) - Get Report

to the caller. It has a better and clearer path to go higher, he said.

Cramer told a caller to be careful about

Oregon Steel Mills

( OS), saying that although it was one of the hottest stocks at the beginning of the year, right now it does not have a good risk/reward.

When the next caller asked about

Coca-Cola

(KO) - Get Report

, Cramer said that although Bear Stearns upgraded the company, he believes

Pepsi

(PEP) - Get Report

is a better stock.

Even though Pepsi is more expensive than Coca-Cola, Pepsi has performed better, and it has better growth, Cramer said. He recommended the caller swap out of Coca-Cola and into Pepsi.

Cramer advised a caller to pick at

Schlumberger

(SLB) - Get Report

, since right now the stock is in virtual freefall.

"I would buy 50 out of 200 shares right now and wait to buy 50 more shares as it drifts down, and then I would buy 100 shares," Cramer said.

Cramer preferred

Consolidated Edison

(ED) - Get Report

to

Public Service Enterprise Group

(PEG) - Get Report

.

And he recommended

Qwest Communications

(Q)

to a caller over

Level 3 Communications

(LVLT)

. Level 3 needs to stop making acquisitions, they are killing their shareholders, he said.

Cramer said

Starbucks

(SBUX) - Get Report

and

Whole Foods Market

( WFMI) are his two favorite growth stocks.

And he told a caller to wait on purchasing

Peabody Energy

(BTU) - Get Report

.

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 Qualcomm.

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

here. Watch Cramer on "Mad Money" at 6 p.m. ET weeknights on CNBC. Click

here to order Cramer's latest book, "Real Money: Sane Investing in an Insane World," click

here to get his second book, "You Got Screwed!" and click

here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by

clicking here.

TheStreet.com has a revenue-sharing relationship with Traders' Library under which it receives a portion of the revenue from Traders' Library purchases by customers directed there from TheStreet.com.