Cramer's Mailbag: AT&T's Rebirth

Editor's note: Jim Cramer answers questions below.

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Are AT&T (T Quote) and Comcast (CMCSA Quote) still worth holding onto?

-- David A.

Jim Cramer: Wow -- you just named my top telecom and cable stocks, respectively. AT&T has been born again, following the closure of the BellSouth purchase. The deal finally creates one security you can buy that gives you a pure-play on Cingular Wireless. Comcast has always been best-of-breed in the cable business, and last year's 63% gain is a sign that investors are finally embracing the sector once again.

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Do you still like the (FCNTX Quote)Fidelity Contrafund?

-- Vince M.

Jim Cramer: Even though this fund closed to new investors last April, I believe it remains an attractive long-term holding for current holders. According to Bloomberg, the fund's performance is in the 90th percentile of the market, with a five-year compound annual return of 11.8%. Will Danoff is one of the best, most consistent managers in the market, which is no easy task when you have almost $70 billion under management.

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Will Nymex (NMX Quote) shares ever return to the post-IPO high of $152?

-- Axel D.

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Jim Cramer: Even if energy prices have pulled back early on in 2007, I believe the exchanges remain a solid investment. That said, New York Stock Exchange (NYX Quote) remains my favorite stock in this group, and I own it for my charitable trust. The company has the best brand in the business, and should be very successful with its international expansion strategy.