Once-Loved Stocks Are Becoming Bargains

They are coming down, more and more, to the right levels. Soon Caterpillar (CAT - commentary - Cramer's Take) will be under $40, the right level to buy, even if Obama disappoints on infrastructure. Hewlett-Packard (HPQ - commentary - Cramer's Take) has pulled back, even though a big competitor, Satyam (SAY - commentary - Cramer's Take), has been trashed by scandal. Did you forget that HPQ now owns EDS, which, along with Accenture (ACN - commentary - Cramer's Take), leads all U.S. outsource companies?

Or how about NYSE Euronext (NYX - commentary - Cramer's Take), which, to me, yielding 5%, with several month market-share gains, could be a fabulous way to play the fact that I simply do not believe there will never be an IPO again.

Or how about Home Depot (HD - commentary - Cramer's Take), now yielding 4% where I recommended buying it, as a great play for the eventual turn in housing? The dividend is not a problem; the company is making a comeback.

When the market was flying, every one of these stocks was loved. Now that the market has turned, suddenly we are worried, we are scared, we are frightened. Yet nothing has changed with these companies. They aren't financials looking for TARP. They aren't part of the newfound jihad against bank dividends or companies that are about to go belly-up because they can't find financing.

This market is a Thomas Paine market. It's all about the summer soldier, the sunshine patriot. It was all great as long as we were going up.

Now things have turned nasty and everyone hates the same stocks they loved. That's nonsense.

Don't be swayed by the "negative" action. If you liked these stocks when the market was hot, you should like them even more now that the market is cool.

But that has not been the way of those who blew in the wind, whether they be scaredy-cat rebels or scaredy-cat bulls.

At the time of publication, Cramer was long Hewlett-Packard.

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Know What You Own: A competitor of NYSE Euronext is Nasdaq Group (NDAQ - commentary - Cramer's Take).

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