Investors Hunger for Wireless Net Plays

Maybe there's no solid way to play the transformation of wireless and the Net right now. But that isn't going to keep people from trying.

Today, right downstairs from my office, Verizon (VZ - commentary - Cramer's Take) Wireless was plying wares, lots of goodies, and talking about Wi-Fi. As I have said, the best Wi-Fi plays haven't manifested itself. I own Skyworks (SWKS - commentary - Cramer's Take), Broadcom (BRCM - commentary - Cramer's Take) and Conexant (CNXT - commentary - Cramer's Take) for some of the "halo" affect of the Verizon rollout, which basically consists of a massive cut in price to make use more affordable.

And I wish there were some clean "identity" software plays. They are the security on the Web that makes it clear who the customer is really dealing with and who the customer is. I know that Broadcom, Conexant and Skyworks are tangential plays on the wireless Internet, but I don't pretend that they are the Redback (RBAK - commentary - Cramer's Take) and Copper Mountain (CMTN - commentary - Cramer's Take) of DSL -- I hope not, look where those stocks are.

I point all of this out because it is my experience that buyers will keep trying to find ways to play the growth in the wireless Internet world beyond the quartet of eBay, Amazon, Yahoo! and USA Interactive, and I won't be deterred by the lack of near-term earnings because, well, neither will the buyers. Yes, that's a statement. It says that I know the "earnings plays" aren't there, but I also know that speculation can be gamed and profited from, no matter how "unrigorous" it may seem to the intelligentsia.

Random musings: Cody Willard is on the hunt for this stuff, too. And he's been doing some interesting takeover bait work as well. Take a trial and get some insight into his latest name. Others are doing it, click here to join them. ... Don't forget, Paul Noglows from TheStreet.com's IRG will be on "Kudlow & Cramer" tomorrow night to talk about some new ideas.

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James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. At the time of publication, Cramer was long Skyworks, Broadcom and Conexant. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column to [e-mail]. Listen to Cramer's RealMoney Radio show on your computer; just click here. Click here to buy Cramer's latest book, "You Got Screwed!" Click here to order Cramer's autobiography, "Confessions of a Street Addict."