TheStreet.com TV Recap: Tech's Weak Wins

Tech stocks are up only because expectations were so low, Jim Cramer said on TheStreet.com TV's Wall Street Confidential video Thursday.

In the case of Nokia (NOK - Cramer's Take - Stockpickr), the expectations had fallen because of a bad Motorola (MOT - Cramer's Take - Stockpickr) earnings call, he told Aaron Task, the host of Wall Street Confidential.

Also, Qualcomm (QCOM - Cramer's Take - Stockpickr) lowered its expectations, and concerning eBay (EBAY - Cramer's Take - Stockpickr) -- "If you check the press stories ahead of when it reported, in each case the media said eBay was going to have a bad quarter," Cramer said.

"These are all lowered-bar beats, which is often what you want for a pop, but not what you want for a month from now," he said.

Cramer said he doesn't like Qualcomm and believes its rally should last only 2 or 3 points -- it's better at selling its story than actually executing.

However, he called Microsoft (MSFT - Cramer's Take - Stockpickr) a "favored stock" and said all it needs to do to go higher is not screw up.

Cramer named Microsoft, along with Apple (AAPL - Cramer's Take - Stockpickr), Cisco (CSCO - Cramer's Take - Stockpickr), Google (GOOG - Cramer's Take - Stockpickr) and Hewlett-Packard (HPQ - Cramer's Take - Stockpickr) as his five favorite big-cap tech stocks.

When people get a pop in any other tech stocks, excluding these five favorites, Cramer advised them to lighten up their holdings.

Moving on to the railroads, he told Task that Union Pacific (UNP - Cramer's Take - Stockpickr) has had a "huge blow-out" quarter. Cramer said he's been buying it for his Action Alerts PLUS charitable trust and believes it will go to $110. Union Pacific was recently trading at $97.19.

Away from the rails, the trucking companies are not doing well, he said. They don't have enough drivers, partly because it's not a job people want anymore. Plus, the U.S. has an "inferior" road system because the government has decided not to invest in it, he said.