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'RealMoney' Radio Recap: Breaking Up Is Hard to Sell

"If you can't give me growth, I'm not interested." That's what the market is saying about the big three corporate breakups seen in the last couple of weeks, Jim Cramer told his "RealMoney" radio show listeners Friday.

Cendant (CD), Viacom (VIA) and Tyco (TYC) are being split up out of frustration over sluggish growth and underperformance, and that frustration isn't vanishing anytime soon, Cramer said.

They thought that if they cobbled these pieces together we'd want to buy the end product. And they were wrong, he said.

"Now they think if they split them up, then we'll want to buy. And they'll be wrong again."

This is one time that the market is being "somewhat intelligent," Cramer said. The market sees that we wouldn't have to deal with these new pieces if the companies themselves had been better before the breakups, he said. Moreover, it sees that the pieces aren't going to grow faster after the split-up,

"And if any of these properties were more interesting, they would have been snapped up," he said.

So, if you expect these stocks to pop after management throws up its hands and says "We don't know what we're doing," it's not going to happen, Cramer added.

Big institutional buyers don't want pieces of undervalued paper, Cramer said. They want pieces of paper that represent assets of companies that grow incredibly fast.

This is why names like Yahoo! (YHOO) and Schlumberger (SLB) must be owned no matter the price because they have great growth prospects.

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