RealMoney Radio: Half Empty, Half Full

The first caller on Jim Cramer's "RealMoney" radio show wanted to know if Cramer was backing off on Conexant(CNXT Quote). Cramer said that he had "correctly interpreted a sentiment I felt up until today."

"I have been saying until today that we have had a persistent trend going on for about a week, where a company will report a beautiful quarter and the stock will sell off," he said, calling it the "glass half empty" phenomenon.

"Well today we switched to half full," he said.

This shift has led him to believe that Conexant may not sell off after it reports. He reminded the caller that he is not worried about the company at all, but that his concern has been the way that Wall Street has greeted good earnings reports.

He said that there has been some stagnancy in the tech sector, noting that Qualcomm(QCOM Quote) reported a great quarter but did nothing on the news. He owns the stock for his charitable trust Action Alerts PLUS.

He told a caller that in this environment, he would wait for a pullback before buying Akamai(AKAM Quote). The stock has not fallen, he said, which is why he would wait a little before getting in.

The company will likely see some profit taking, he said. He would wait for the stock to come down to $31 and put half his position on, and then buy the rest after it fell to $30 or below. The stock was trading above $33.

As for Telmex(TMX Quote), Cramer said that he does not bless buying shares of the largest phone company in Mexico. Even though the stock has a 3% yield, he said that the company is facing too much competition.

A caller wanted to know why Gilead(GILD Quote) has been taking a beating. Cramer said that when companies like oil-services play Baker Hughes(BHI Quote) are seeing 89% earnings growth, a formerly hot sector like biotech will take a hit.