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Jim Cramer: Carrizo, Reader's Digest, CBS, News Corp., Apple

Carrizo Oil & Gas Inc., a Houston-based gas and oil company, is worth buying because the price of natural-gas relative to oil has fallen and the company will benefit from oil reserves at the Barnett Shale under Fort Worth, Texas, Jim Cramer said on his ``Mad Money'' television program on CNBC.

Carrizo will rise also because its price has fallen as hedge-fund managers have sold the stock to please investors, said Cramer, a market commentator and former hedge-fund manager. The shares may advance if a tropical storm or hurricane hits the U.S. Gulf coast and causes a drop in oil production, raising prices, he said.

Reader's Digest Association Inc., publisher of the world's best-selling magazine, may rise from a 52-week low because of its 3 percent dividend yield and the possibility that it will sell its money-losing Books Are Fun Ltd. unit, Cramer said.

Lower-than-expected earnings from its most recent quarter have already been priced into Reader's Digest's stock, which may also be boosted because of confidence in its strong management, he said.

CBS Corp., News Corp., Walt Disney Co. and Comcast Corp. are other media stocks that may advance, Cramer said.

Apple Computer Inc., Cnooc Ltd. and Schering-Plough Corp. are worth buying because they have the cash to buy back enough shares to counteract stock sell-offs, Cramer said. Gateway Inc. should be avoided because its cash balance is more than 90 percent of its market value, he said.

MGP Ingredients Inc., an ethanol producer, may be worth buying for investors looking for speculative stocks because of strong management and a recent price drop, Cramer said.

Cramer recommended Citigroup Inc., ING Groep NV, National Oil and Varco Inc., Burlington Northern Santa Fe Corp., Oceaneering International Inc., Foster Wheeler Ltd., KB Home, WCI Communities Inc. and Sealy Corp. in response to questions during the show's ``Lightning Round'' segment last night.

He also told viewers to avoid E*Trade Financial Corp., Wachovia Corp., JDS Uniphase Corp., Helix Energy Solutions Group Inc. and Cemex SA.

Cramer said to buy Avaya Inc. if it falls more than $2 to $9, D.R. Horton Inc. if it drops $3, and Honeywell International Inc. if it declines more than $2 to $35. He also said he owned Foster Wheeler Ltd. for his charitable trust.

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