Jim Cramer's Stop Trading! Melco Miss

Stock quotes in this article: LVS  

Morgans Hotel (MHGC Quote) isn't as bad as he feared, Jim Cramer said Monday on CNBC's Stop Trading! segment.

Cramer applauded a bullish call by CIBC analyst David Katz. Katz had a buy rating on the stock when it was at 16, when Cramer was calling it a broken deal. It has since rallied to 19, and Katz expects it to head higher. Cramer said he applauds the analyst's guts in sticking with his call.

Cramer also apologized for having suggested investors look at Melco (MPEL Quote). Cramer said he saw the casino player as a Las Vegas Sands (LVS Quote) in the making but realized Friday he had erred when Melco quietly put out a cost overrun press release late in the day, when no one on Wall Street was around to see it.

Cramer also said the tanking subprime lenders haven't "been as big a loss to the economy as March Madness."

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At the time of publication, Cramer had no positions in stocks mentioned.

Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. Click here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click here to order his book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here.

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