A Dozen Tech Stocks to Like This Summer

So going into the summer, when tech bottoms, what should you buy? And is it worth it? Could you get hit by a Parametric (PMTC - commentary - Cramer's Take), with its vicious guidedown last night? Is it simply worth it to wait and see what the quarters bring -- particularly because there will be moments, like today, when a spike in bond yields affects this group and brings it down in price?

I think that if you do a combination of the companies that have already reported and the companies that have good things going on for them, you won't get hurt. The combination won't immunize you from Fed worries/inflation/the 10-year collapse, but it will immunize you from the more important risk: negative preannouncements.

Here's a list of what I think works right now:

1. Apple (AAPL - commentary - Cramer's Take) is going higher as the iPhone picks up distributors worldwide. I hope it goes with good providers. The Achilles heel here is exclusives with second-tier providers like Telefonica.

2. EMC (EMC - commentary - Cramer's Take) is doing a restructuring that is bringing out value plus creating an accelerated growth scenario for 2008 numbers. Could work to $22.

3. Oracle (ORCL - commentary - Cramer's Take) reported a great number and has gotten its mojo back, while SAP (SAP - commentary - Cramer's Take) has fallen apart. Could return to its old greatness.

4. Texas Instruments (TXN - commentary - Cramer's Take) has expectations that I don't fear. Would love a pullback to $37 but the buyback is voracious and 16% growth with a 21 multiple is too cheap.

5. Ciena (CIEN - commentary - Cramer's Take): This one looks to be the winner in the aggressive Verizon (VZ - commentary - Cramer's Take) buildout. Its parts are vital to the triple play.

6. Google (GOOG - commentary - Cramer's Take) is still cheap and still benefiting from the Yahoo! (YHOO - commentary - Cramer's Take) implosion. YouTube was genius; it couldn't stop growing if it wanted to.

7. Level 3 (LVLT - commentary - Cramer's Take) is a play on the developing bandwidth shortage; look for pricing to turn up.

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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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