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Jim Cramer's 'Stop Trading': Sell Ciena, Buy Nokia

Sell Ciena (CIEN - Get Report), the telecom networking company, and instead consider Nokia (NOK - Get Report), Jim Cramer said on CNBC's "Stop Trading!" segment Friday.

"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.

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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