Jim Cramer's Stop Trading! Countrywide-Merrill

Stop Trading!

TheStreet.com Staff

04/19/07 - 02:46 PM EDT

Countrywide (CFC Quote) is the "logical takeout" for Merrill Lynch (MER Quote), Jim Cramer said Thursday on CNBC's "Stop Trading!" segment.

Cramer said "now is the time to strike" for Merrill, which just reported a solid quarter and said its buy of mortgage servicing firm First Franklin is working out. Cramer said Countrywide, which he called "the last man standing" in the hard-hit subprime mortgage business, could fetch $45 a share in a deal, up from a recent $38.

Cramer wants to buy Schlumberger (SLB Quote) ahead of Friday morning's earnings but might limit himself to buying call options.

Cramer also wants to wait for Google (GOOG Quote) to report its first-quarter earnings after the market closes Thursday before pulling the trigger.

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