Jim Cramer's Stop Trading! Cool Crocs

DaimlerChrysler (DCX Quote) isn't done rallying, Jim Cramer said Thursday on CNBC's "Stop Trading!" segment.

Cramer said Kirk Kerkorian's latest takeover offer, a $4.5 billion bid for the struggling Chrysler unit, features "one of the funniest letters I have ever seen" but is still a serious starting point for the auction. The move drove the stock up 4% in heavy trading Thursday.

"Jerry York is really smart," Cramer said, referring to Kerkorian's lieutenant who briefly joined GM's (GM Quote) board last year. Cramer said he expects DaimlerChrysler stock to hit $90 from a recent $84.

Cramer defended the $28 million payout to Ford (F Quote) chief Alan Mulally, saying the risk of bankruptcy at the struggling automaker "means there should be tremendous reward" for the CEO. Cramer said he credits Mulally with removing the bankruptcy threat and easing pressure on Ford's bonds.

Cramer said he likes Under Armour (UA Quote) better than Crocs (CROX Quote) for the long term, but he sees Crocs as a better bet now because the short interest is "out of control" and could feed a huge rally this summer.