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Jim Cramer's 'Stop Trading!': Buy Research In Motion
03/24/08 - 03:04 PM EDT
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Buy Research In Motion RIMM, Jim Cramer said on CNBC's "Stop Trading!" segment Monday. When financial companies rally, Cramer said, it's a signal of demand for technology products. "I think the shorts are on the run," he said. "We're in the seventh inning of the firings," Cramer said, referring to layoffs at many financial firms. Cramer praised Bob Steel, undersecretary for domestic finance at the Treasury, for his involvement in government attempts to ease the credit crisis. "Once Bob Steel got involved, it was game over for the bears," he said. On billionaire investor Carl Icahn, Cramer said, "I thought he backed down on WCI WCI." Icahn, who owns a substantial stake in Motorola MOT, is suing the company for mishandling its cell phone business. Cramer said, "I think that the handset market is the issue, not just Apple AAPL. ... Motorola doesn't have a smart phone. It's a dumb-phone company." On the other hand, Cramer said Icahn has had "a real good hand" in biotech. "I would bet with him on Biogen BIIB." Cramer said investors should ignore talk of a rally in a bear market. "People were talking about a rally in a bear market in 1991." That rally, he said, lasted until 1997.
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