When Jim Cramer looks at Ingersoll-Rand ( IR), which he owns for his charitable trust, Action Alerts PLUS , and compares it with its peers, the company comes off too cheap, he told a caller on his "RealMoney" radio show Monday.

Although it's possible that this cheap stock could get cheaper, Cramer said he would not miss the opportunity and would buy some now.

Responding to another caller, Cramer said he believes XM Satellite Radio ( XMSR) will one day get a takeover bid from Sirius Satellite Radio ( SIRI).

While Sirius has accelerated its earnings growth and has met every aggressive target it has laid out for itself, XM Radio has also set aggressive targets, but has gotten hammered.

Although XM Radio's fundamentals are deteriorating, Cramer said at $12, because the stock is close to being rescued by Sirius, he doesn't believe people should let go of it yet.

When a caller asked about Palm ( PALM), Cramer said the stock is down for this segment of the market and it is currently too low to sell.

However, he pointed out that there is not a worse sector than tech right, making it difficult to buy tech this summer.

But looking at more that a one-day perspective, Cramer said he believes that Palm can come back because it is a decent company with great fundamentals and has the possibility of becoming a takeover target.

In fact, Cramer said if he were Hewlett-Packard ( HPQ) or Dell ( DELL), he would buy Palm, the company.

It is too cheap, and Cramer recommended buying, not selling it now.

When a caller inquired if he should double down on Home Depot ( HD), Cramer said that while Home Depot is cheap, the company can't even find a chief operating officer right now because it is in so much turmoil.

In addition, he said that Home Depot has no room for growth, whereas Lowe's ( LOW) does.

Chico's ( CHS) has become absurdly cheap, Cramer said.

Selling it at $23 doesn't make any sense, Cramer said, and advised the caller to hold on to it.

Cramer said that although Apple ( AAPL), which will report earnings Wednesday, has probably bottomed, it could be cheaper tomorrow.

He advised buying some Apple tomorrow and buying some after its earnings release.

He told a listener not to sell, but buy Bed Bath & Beyond ( BBBY) as the company is intact, and at $31, the stock is down 30% and cheap.

Know When to Hold 'Em

Right now is not the right time to sell or buy, said Cramer.

Instead, he suggests sitting tight and holding on to what people have.

Although he knows it can be difficult to do, he believes that selling into the weakness would not be the correct move. At the same time the market is still not oversold, and he said he doesn't see a major rally yet.

With 90 rate increases along the globe, the rate hikes are hurting businesses, he said. Although he does not see any more rate hikes six months down the road, people tend to look at stocks on a day-to-day basis and are getting impatient, he said.

But sit tight, he suggested, there could be better times ahead.

Although newspaper stocks seem to have reached a level where they reflect franchise value, Cramer said there is no growth to them.

Growth is the reason we buy stocks and what we want out of stocks, he said. Right now newspaper stocks look good because they are cheap.

But in fact, their growth is going down, while their earnings are going up because they are firing people, he said.

"That's not sustainable," he said. "We want earnings to go up because of growth."

Ever since the Internet, Cramer said there's nothing cooking in newspapers. Stay away from these stocks, he warned.

Batteries Included

Everyone needs batteries, people are worried about their lawn in the summer, and personal grooming never stops, said Cramer.

Investors should consider buying these companies in tough economic times, because batteries, lawn and grooming products are products people always buy.

This is why market players thought Spectrum Brands ( SPC), a consumer products company was a hiding place, Cramer said.

However, the brands that Spectrum offers are not best of breed, he said emphasizing that people should not buy into anything other than best-of-breed companies for these products.

For personal grooming, Cramer recommended looking at Procter & Gamble ( PG) and lawn he suggested Scotts Miracle-Gro ( SMG).

While the headline from this morning's Ad Age , which reads "Interpublic Stock Plunges, Stoking Acquisition Chatter," might make people want to buy Interpublic Group of Companies ( IPG), Cramer said he would avoid the stock as it is too dangerous.

The only thing the company has going for it right now is that its stock has come down, he said.

Here's your chance to pick the stock you'd like me to feature on my radio show July 20:
Forest Labs

REMEMBER to listen in on Thursday for my take on the stock that wins this poll!
At the time of publication, Cramer was long Ingersoll-Rand.

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.

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