Stop Trading!
Jim Cramer's Stop Trading! Google 500
TheStreet.com Staff
01/04/07 - 02:57 PM EST
Google (GOOG Quote) is heading to 500 from a recent 483 because the New Year tech rally "has legs," Jim Cramer said Thursday on CNBC's "Stop Trading!" segment.
Cramer said the run in tech stocks is going to be powerful and will only gain steam as more money flows out of the energy sector. Cramer reiterated his stance that Goldman Sachs, which downgraded much of tech Wednesday, is missing the boat on the Vista upgrade cycle and that the firm will have to come around later this month and upgrade technology stocks.
Cramer also said he likes Amgen (AMGN Quote) off an upgrade Thursday, citing the "pin action" that has the stock up 3%. "What was Amgen doing with a lower multiple than Hank McKinnell?" he asked, referring to the deposed Pfizer (PFE Quote) chieftain.
Cramer said smokeless tobacco outfit UST (UST Quote) is "great," featuring a "big dividend," but he prefers his charitable portfolio holding Altria (MO Quote), which he believes is headed for 120, taking into account the upcoming Kraft (KFT Quote) spinoff. Altria recently fetched 88.
Cramer also likes Spectra Energy (SE Quote), a newly minted Duke (DUK Quote) natural gas spinoff.