Jim Cramer's Stop Trading! Hurd Mentality

The Hewlett-Packard (HPQ Quote) spying scandal affords an opportunity to buy the stock cheap, Jim Cramer said Thursday on CNBC's "Stop Trading!" segment.

Cramer said recent selling in H-P shares means there's "a lot of opportunity to buy it below where it was after an unbelievable blowout quarter." Cramer added that CEO Mark Hurd is "doing a great job" and that whether Chairman Patricia Dunn keeps her job or not is entirely "cosmetic."

Cramer also said he likes AIG (AIG Quote). Cramer's sources in the office of New York Attorney General Eliot Spitzer say the charges dropped in the civil fraud case against former AIG chief Hank Greenberg are the ones against AIG. But Spitzer is "going full bore against so-called sham transactions" that Greenberg oversaw involving reinsurance, Cramer said.

He added that the right play is to take a look at AIG stock, "instead of saying Spitzer is a huge loser," as some commentators have.

Cramer said he's looking at utilities like Northeast Utilities (NU Quote) as investors shun the cylical stocks. The disfavor afforded the economically sensitive names was borne out Thursday in a selloff at guidance raiser Nucor (NUE Quote), Cramer said. "I am interested in buying some kooky stuff here," he said of his yield focus.

Cramer said he would buy Hershey (HSY Quote) because the bad news is all out, and Apple (AAPL Quote) because it's leading the tech rally.

"It has the pin action," Cramer said of Apple stock, up 4% Thursday at $73. "I'd buy it every day and twice on Sunday if they'd open the market."