Extra Cash Is King

For much of corporate America, there's a real worry out there, a genuine high-quality problem: What to do with all the cash?!?

This morning JPMorgan's (JPM - commentary - Cramer's Take) Jamie Dimon talked about the need to deploy cash both in higher dividends and timely buybacks. All well and good, and the stock's soaring on his statements.

But the real surfeit cash stories are more abstruse. Domino's (DPZ - commentary - Cramer's Take) joins Dean Foods (DF - commentary - Cramer's Take) in the gigantic dividend play today, and I have to tell you I think that's a brilliant strategy. I believe Dean Foods will soon be back to where it was before the stock went ex.

Or Halliburton (HAL - commentary - Cramer's Take), which found a novel way to do a tender that still hasn't had the impact I am expecting, but it won't be long.

Today, though, the "stand up and take notice" play was Linear Tech (LLTC - commentary - Cramer's Take). Here's a company with very few capital needs that has decided to buy back one-third of its common stock.One-third! It's a serious attempt to gosemi-private.

To watch Jim Cramer's video about Linear Tech, click here.

I think that the reaction to Linear's stock, a huge run, tells you that the public likes this one-third choice. It's moving all of the semis, in part because the semi-equipment companies are all pretty much in the same money fix as Linear.

Look for more creative ways to deploy that cash. For example, I know that the oil companies all have way, way too much cash. Will they do some nifty things with it when they report?

I would sure think so.

Random musings: Another great opportunity to buy J.C. Penney (JCP - commentary - Cramer's Take)! Take it!

At the time of publication, Cramer was long Halliburton.

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Jim 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. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. Click here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click here to order his book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here.

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