The expectations game has gotten out of control, said James Cramer Tuesday on his "RealMoney" radio show .

Texas Instruments ( TXN), Halliburton ( HAL) and Legg Mason ( LM) all reported quarterly results and issued guidance that was "pretty much what we were looking for," said Cramer, but investors sold the stocks anyway.

Cramer blames momentum investors who wanted to see dramatically increased guidance. When that didn't happen, they sold.

It may take until Texas Instruments' midquarter update for its stock to "heal," said Cramer. For Halliburton and Legg Mason, it may take until their next quarterly earnings reports, he said. But, if one has patience, the declines today are an opportunity to buy, he said.

Late Tuesday, Texas Instruments was down 7.8% to $28.50. Halliburton was down 3.2% to $59.15, and Legg Mason was down 7% to $101.99.

On the flip side of the expectations game, said Cramer, expectations for IntraLase ( ILSE), which reported a great quarter, and Du Pont ( DD), which reported a quarter that was nothing special, had gotten too negative. Their stocks are up today. St. Joe ( JOE) guided down, but its stock was roughly unchanged, he said.

Cramer added he would rather buy Halliburton, Legg Mason and Texas Instruments before Du Pont or IntraLase, though.

Cramer's Danger Zone stock of the day was Autobytel ( ABTL). The company has had a "parade of horribles" this year, including delays in filing its financials, restatements, guidance cuts and a new CFO, he said. Tuesday's announcement that the company has put itself up for sale is the good news, said Cramer. He would sell the stock as he doesn't believe anybody will pay these prices for it, he said. Autobytel traded at $4.59 late Tuesday.

Cramer said HMO stocks are down today after Coventry Health Care ( CVH), Centene ( CNC) and Sierra Health Services ( SIE) all reported subpar quarters. Investors are worried about WellPoint ( WLP) and Aetna ( AET), he said, and are selling the stocks to lock in gains.

It doesn't make sense, though, to sell off everything in the HMO sector as if they are exactly the same, said Cramer. He would use the weakness to buy UnitedHealth Group ( UNH).

In response to a question about Cendant ( CD), Cramer said the stock and the CEO are "hated." But Cramer is "fairly confident" the stock will be up six months from now as people begin to understand the value of Cendant's breakup plan. Cramer would like to buy more shares.

Cramer's favorite way to play Japan is Mitsubishi UFJ Financial Group ( MTU), the largest bank in Japan. He also likes Honda Motor ( HMC), Toyota Motor ( TM) and the iShare MSCI Japan Index ( EWJ). Of Toyota, Cramer said the company is terrific because it has the capacity to make more hybrid vehicles.

Cramer is not a fan of Guangshen Railway ( GSH). Growth in freight traffic was slower in the most recent quarter and passenger traffic growth was sluggish, he said. He is also wary of Chinese stocks in general as Chinese companies often tend not to be as meticulous with their financials by dotting every "i" and crossing every "t," he said.

Cramer said although Sony ( SNE) seems undervalued with its stock near a 52-week low, the company is "getting its butt kicked" in both hard goods and soft goods. Cramer believes Sony's new PlayStation is going to be crushed by the new Xbox, and Apple ( AAPL) is taking it to Sony in the online music business, he said.

Cramer said Unilever ( UN) is terrific. The company's new CEO has done a great job. Cramer said if he didn't already own Procter & Gamble ( PG), he would like to buy Unilever.

Cramer is bullish on Broadcom ( BRCM) despite the negativity toward chip stocks. Broadcom is in all the hot areas of tech right now, he said, as is Texas Instruments.

Cramer advises steeling one's self to the profit-taking in the market today. Historically, the best place to be in November and December is in tech. As with the oil stocks' steep declines and relative recovery this week, Cramer believes we are in a similar situation with tech.
At the time of publication, Cramer was long Cendant, Halliburton, St. Joe, Microsoft, Procter & Gamble and UnitedHealth Group.

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."