ITT Industries ( ITT - Get Report) is the "last viable post-Katrina recovery play," James Cramer said on his "RealMoney" radio show Monday.

The average municipal water treatment plant in the U.S. is more than 30 years old, said Cramer. Water safety problems exposed by Hurricane Katrina will compel municipalities to upgrade their water infrastructure, he said, adding that he believes ITT Industries is the best way to play the theme.

The company makes pumps, tubes, valves and treatment systems, and although the stock is not cheap -- it's trading near its 52-week high -- it is "too good to miss," said Cramer. The company is the "best positioned" water treatment company, with two to three times the market share of its nearest competitor, Cramer said. "They'll get the contracts," he said.

Baseball great and TheStreet.com contributor Len Dykstra joined Cramer by telephone to discuss his favorite stock picks. Dykstra highlighted Benchmark Electronics ( BHE - Get Report), Plum Creek Timber ( PCL), Mine Safety Appliances ( MSA - Get Report) and VeriSign ( VRSN - Get Report). Cramer said he is not a fan of VeriSign, but Plum Creek Timber is an "eye opener," Cramer said.

A caller asked about Corning ( GLW - Get Report). Cramer said he would take some profits and let the rest run. He would wait for a pullback to $19 before buying. Corning traded at $21.13 Monday afternoon.

Another caller asked about New York Community Bancorp Cramer said the yield curve is problematic for banks right now, and he believes NYB could fall to $15 to $16. NYB traded at $17.32 late Monday.

In response to a question about Montpelier Re ( MRH), a stock that Cramer has been bullish on and that was down more than 16% Monday, Cramer said he has looked into the situation and can find "no reason it should be down $5." He is sticking with his recommendation and thinks the stock "should be bought and bought aggressively." MRH traded at $26.09 Monday afternoon.

Another caller asked about Seagate Technology ( STX - Get Report). Cramer said Seagate was suffering because it lost a key part of its business with Apple Computer ( AAPL - Get Report). However, Cramer said he believes the stock has become "too cheap." If you buy the stock with a long-term view, you will do well, he said.

Another caller asked for a good price to buy Motorola . Cramer said he would wait for a pullback to $21 to $22. It traded Monday at $22.91.

Cramer said he "would look at Powerwave Technologies ( PWAV)," and would "be buying Valero ( VLO - Get Report) down $3." Valero traded at $111.65 Monday.

Finally, Cramer said he is a "huge fan" of Celgene ( CELG - Get Report) and would not sell the stock even though it was up nearly 10% Monday on word of positive clinical trial data. Celgene traded at $55.26 Monday.

At the time of publication, Cramer was long Motorola.

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 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."