MOT's Worth Will Out

Is someone having a margin call? That's what I keep thinking as I watch the sickening slide in Motorola's (MOT - commentary - Cramer's Take) stock. How can Motorola go down so much? This is a company with a lot of money and some businesses that are doing excellently. It has great existing contracts with telcos.

But someone sells it and sells it hard every day. It almost feels that Carl Icahn has a margin call, post-Yahoo! (YHOO - commentary - Cramer's Take), or he has to sell MOT to fund Yahoo!, and that doesn't seem right.

Otherwise, how can we explain the endless selling? Sure, as Piper said yesterday, they are losing share in America, but does anyone think this company is going away? Does anyone think this company is some sort of regional bank with its destiny completely out of its hands, that reliance on housing coming back will determine its viability? This is only a $16 billion company now with sales that are almost twice that?

At some price this one is going to get a takeover bid. It has fundamental worth.

To sell it down here makes no sense at all if you ask me.

But then again, I thought at $8 or $9 there was worth. I just don't believe this company is going away.

It is entirely possible that what might be going on here is the desire to show that you own none of the worst cell phone handset maker. It may also be a sign that the value people are at last running out of money. But it has a feel of Sprint (S - commentary - Cramer's Take) here, arriving at some level that, at last, might be as low as it might be able to go without the chatter that someone else wants to bring out the value.

Random musings: Kudos to the Stockpickr poster who caught my error on "Street Signs" yesterday. Goldman (GS - commentary - Cramer's Take) wants out of Nucor (NUE - commentary - Cramer's Take) and in to U.S. Steel (X - commentary - Cramer's Take). I disagree with that, as NUE is cheaper at these prices, although the product portfolio of X has improved mightily. ... The new iron ore prices out of China boosted Cleveland Cliffs (CLF - commentary - Cramer's Take) and are a reminder that a $150 price tag for oil doesn't mean too much for those willing to almost double the price they just paid for iron ore.

At the time of publication, Cramer was long Goldman Sachs.

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