Jim Cramer's Stop Trading! Freeport's Ship Comes In

It's time to buy Freeport McMoRan (FCX Quote) "hand over fist," Jim Cramer said Monday on CNBC's "Stop Trading!" segment.

Cramer said he questions "the conservatism" of a purportedly bullish analyst call on the copper producer, which Monday completed its acquisition of Phelps Dodge. Cramer, saying he believes the Phelps deal is a "smart combination," and sees Freeport going well beyond the analyst's $80 price target from the recent $62 and change.

"Copper is going up dramatically," Cramer said, citing heavy demand from fast-growing industries in China. He said copper, nickel and zinc are heading for "a big upturn" as economic growth bolsters consumption of goods that use the metals.

Cramer also likes Newcastle (NCT Quote), the New York-based investment firm that said earlier Monday that it's buying a $1.7 billion residential mortgage portfolio. Newcastle didn't name the seller or the price it's paying, but Cramer said he believes "these guys are being very shrewd" in not giving into the "torch your home" panic tied to the collapse of some lesser subprime lenders.

Cramer likes General Maritime (GMR Quote) alone in the shipbuilding sector, saying CEO Peter Georgiopoulos "is going to deliver the numbers." Cramer applauded Georgiopolous as running the only company in the sector "that has its shareholders in mind."