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Cisco Not Done Yet

TheStreet.com Staff

The market is "bipolar" today, with "all the domestics down," Jim Cramer said Thursday on CNBC's "Stop Trading!" segment, but "this is a much better day than yesterday."

Cramer expressed his faith in Cisco (CSCO Quote - Cramer on CSCO - Stock Picks). The company's stock had fallen this morning after its quarterly report disappointed investors.

"What happened here is there's no real chink in the story. ... I would buy Cisco." Cramer said that investors who were hiding in Cisco have now sold the stock. He believes the stock "is going to come roaring back."

Global Markets Still Healthy

Cramer believes the global markets are healthy, saying there is great strength in Europe: "I still believe that they are not going to be pulled down by us," he said. "I'm very bearish on domestic America, but I'm not bearish on [European markets]."

Cramer stressed the weakness of the U.S. economy, saying, "Our market is still horrible, we're the worst other than Japan."

Cramer said that he likes Europe over the emerging markets, saying that, aside from French president Nicolas Sarkozy's comments portending economic "war" if the U.S. devalues the dollar, his speech regarding the U.S. economy was generally positive.

Cramer said he wished Federal Reserve chairman Ben Bernanke and Treasury Secretary Henry Paulson were talking up the strength of the dollar. "I do think that Paulson should be making a stand on the dollar," he said. "I think the dollar is cheap."

Goldman Sachs Still Solid

"Everyone said the other day that there's going to be a $17 billion number that is going to shock you ... it was the bonus." Cramer said that he believes Goldman Sachs (GS Quote - Cramer on GS - Stock Picks) wrote down all its bad business in the second quarter, and he continues to believe in the investment bank.

Woozy Google Can Recover

Commenting on Google's (GOOG Quote - Cramer on GOOG - Stock Picks) stock pitfall in the wake of Time Warner's (TWX Quote - Cramer on TWX - Stock Picks) purchase of the advertising technology company Quigo, Cramer said, "I like Google, but this was a bad thing for Google that AOL bought Quigo." He said that if Google goes "down 40, I would buy it." Quigo, Cramer believes, is a very good company, and he let viewers know that TheStreet.com uses it for its advertising.