As sellers tighten their grip and take down stocks, companies are fighting back with one tool at their disposal: stock buybacks.

Jim Cramer offered these "gifts for listeners" to use in this uncertain market environment on his "RealMoney" radio show Friday.

On Thursday, the market witnessed the buyback wave with Coca-Cola ( KO), Microsoft ( MSFT), CSX ( CSX) and Black & Decker ( BDK), as the companies bought back stock.

In addition, PepsiCo ( PEP), Citigroup ( C), Bank of America ( BAC) and Wells Fargo ( WFC) are some other companies that have been buying back stocks, Cramer said.

Meanwhile, infrastructure plays and oil drillers are getting slammed as people sell these stocks and get into companies such as PepsiCo and Johnson & Johnson ( JNJ), Cramer said.

Even though Caterpillar ( CAT) recently reported a beautiful quarter, the stock is down, Cramer said, and Schlumberger ( SLB), which also reported a good quarter, has not been doing well either.

Other stocks getting hit include Starbucks ( SBUX) and Panera Bread ( PNRA), which are going down because people believe that these companies don't have any growth prospects.

Silly Selling

The housing sector is so bad that it is affecting more than just homebuilders, said Cramer.

People are selling off companies such as Caterpillar, Foster Wheeler ( FWLT) and Ingersoll-Rand ( IR), the latter the two Cramer owns for his charitable trust, Action Alerts PLUS .

This, Cramer said, doesn't make any sense.

Though the infrastructure business, which is involved with the large petrochemical plants, is red hot, these stocks are going down because they're all being lumped together with housing even though they shouldn't be, he said.

If at all, a very small percentage of these companies is in housing, he said, adding that this is very discouraging for holders of these stocks.

Last Friday, Cramer said he issued an alert to his Action Alert PLUS subscribers that people should declare victory with Halliburton ( HAL) and sell it when it was at $37, even though Cramer could not sell it for his charitable trust.

From last Friday, the stock is down 7 points. This is a company that has lost $8 billion in market capitalization even though Halliburton reported an earnings report that was great, Cramer said.

People are now starting to make up things to rationalize this irrational behavior, Cramer said.

But don't listen to the headlines. The fact of the matter is that the infrastructure business is really strong, and it is not connected to housing, Cramer said.

In the meantime, Cramer told listeners to wait for sellers to give up and throw away the stocks, and then pick them up.

"Let them do their silly selling and create the bargains for us," he said. "Wait until the sellers have made fools of themselves and then walk in."

Cramer advised people to look at Caterpillar and the railroad sector, which he said are bellwethers for the economy.

Recently, CAT came out with a great report, which reminded him of United Technologies ( UTX), a company that Cramer also owns for his charitable trust, Action Alerts PLUS .

Both companies are saying that there is about four or five years of growth ahead. This is because they both have gigantic orders, he said.

Caterpillar sells trucks for mining, commercial construction and road building. These are big businesses that have nothing to do with consumer spending, Cramer said.

People should read reports and not just sell, he said, adding that if people have patience the stocks will come back. "It's just too nutty right now."

Cramer's Callers

Yahoo! ( YHOO), which Jim Cramer owns for his charitable trust, Action Alerts PLUS , has gotten too cheap, he told a caller.

Cramer said he would pull the trigger right now as Yahoo! is a good company. He predicted that the stock would bounce back to $28 or $30 when cooler heads prevail, although he said he's not sure when that could happen.

Because Yahoo! is down too much, he advised the caller to stick with it.

When a caller inquired about Foster Wheeler, Cramer told the caller to let sellers sell it.

"Wait until they are done and then buy," he said.

Cramer said he is tired of taking beatings in infrastructure plays. Don't stand there until they are finished creating the bargain, he said, adding that the selling is not over yet.

When a caller asked about Ford ( F), Cramer said that he'd focus on General Motors ( GM) instead, because he believes that GM is a better-run company than Ford and worth getting into.

Cramer told another caller that if he decides to wait six months, then Airgas ( ARG) might go up.

But if the caller wants performance in the near future, Cramer advised getting into Pepsi, Coca-Cola, Bank of America or Wells Fargo, all of which are going up now, he said.

Bed Bath & Beyond ( BBBY) has fallen to $32 because it announced that it wasn't going to build as many stores as people thought, Cramer said.

"With this honest statement, they have gone to the woodshed," he said. "But I believe you should be there. I would be careful selling it here. I would be a buyer," Cramer said.

Cramer told a caller that he would buy Mellon Financial ( MEL) hand over fist, as the company reported a magnificent quarter and has a good, steady business.

"I would buy it aggressively here at $34," Cramer said.

Here's your chance to pick the stock you'd like me to feature on my radio show July 27:
Chicago Merc
Peabody Energy
St. Jude Medical
Whole Foods

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

Jim Cramer is a director and co-founder of He contributes daily market commentary for's sites and serves as an adviser to the company's CEO. Outside contributing columnists for and, 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. 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

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