Jim Cramer's 'Stop Trading': Sell Ciena, Buy Nokia
"Spending on technology is declining rather dramatically this quarter," Cramer said. "And in this environment a tech stock can't have a big run."
Cramer said he likes Gary Smith, CEO and president of Ciena, but he said this is not a good month for tech spending and that could affect Ciena. "Sell it now and buy it back on Monday or Tuesday," he said.
With Ciena off the table, Cramer said he likes handset manufacturer Nokia. "Ciena's off and it is a great opportunity to buy something else," Cramer said.On Fannie Mae (FNM) and Freddie Mac (FRE), Cramer called for U.S. Treasury Secretary Henry Paulson to reassure investors by saying that the guarantee behind the agency paper is more than implicit. "They are saying nothing, which is just making people frightened and scared," Cramer. "They are really quiet and that is just killing people." Cramer also said that Paulson has not offered any "creative solutions." "We talk about Brazil and even Mexican paper being better all the time," said Cramer. "And what has Paulson said? All he says is I am a seasoned player." "It's time to get serious," said Cramer.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV