TheStreet.com TV Recap: Tech's Weak Wins

Tech stocks are up only because expectations were so low, Jim Cramer said on TheStreet.com TV's Wall Street Confidential video Thursday.

In the case of Nokia (NOK Quote), the expectations had fallen because of a bad Motorola (MOT Quote) earnings call, he told Aaron Task, the host of Wall Street Confidential.

Also, Qualcomm (QCOM Quote) lowered its expectations, and concerning eBay (EBAY Quote) -- "If you check the press stories ahead of when it reported, in each case the media said eBay was going to have a bad quarter," Cramer said.

"These are all lowered-bar beats, which is often what you want for a pop, but not what you want for a month from now," he said.

Cramer said he doesn't like Qualcomm and believes its rally should last only 2 or 3 points -- it's better at selling its story than actually executing.

However, he called Microsoft (MSFT Quote) a "favored stock" and said all it needs to do to go higher is not screw up.

Cramer named Microsoft, along with Apple (AAPL Quote), Cisco (CSCO Quote), Google (GOOG Quote) and Hewlett-Packard (HPQ Quote) as his five favorite big-cap tech stocks.

When people get a pop in any other tech stocks, excluding these five favorites, Cramer advised them to lighten up their holdings.

Moving on to the railroads, he told Task that Union Pacific (UNP Quote) has had a "huge blow-out" quarter. Cramer said he's been buying it for his Action Alerts PLUS charitable trust and believes it will go to $110. Union Pacific was recently trading at $97.19.

Away from the rails, the trucking companies are not doing well, he said. They don't have enough drivers, partly because it's not a job people want anymore. Plus, the U.S. has an "inferior" road system because the government has decided not to invest in it, he said.