Cramer on Top Searched Stocks: Yahoo!

In a post on his RealMoney.com blog last Thursday, Cramer warned that Carl Icahn should not be taken lightly by Yahoo!.

"Yahoo!, be prepared to get pantsed. Carl Icahn has spent much of his life working just on the kind of situations that CEO Jerry Yang just engineered -- a situation where entrenched management doesn't own a lot of stock but doesn't want to lose its job and is willing to screw all of the other shareholders.

I have believed from the beginning that Yahoo! did not deal in good faith with Steve Ballmer of Microsoft (MSFT Quote). I believe that every time Ballmer tried to reach a deal, Yang went higher. He wasn't a seller because he believed he owned the company.

Now Icahn has put together a slate that I think can be a winner. I think he knows that you can buy the stock at $23-$25 and flip it to Microsoft after the election.

I think he is right. And I think he will have the support of a lot of shareholders, new and old alike, who feel like they've got a great opportunity or they have been wronged. I imagine that Capital World, which just disclosed a big holding, isn't a Yang supporter. The day this deal broke down, the stock should have broken to $22. It didn't, I believe, because Icahn saw this kind of hubris and wanted to get to work. I predicted it immediately on 'Squawk Box' and on video because Icahn lives for these situations.

Icahn's a pro, Yang's an amateur. Any weakness down to $25-$26 and this is a buy. Why not here? Time value of money -- this is going to take some time, and if the deal ultimately gets done at $33-$34, you are going to have a long time waiting, and the spread needs to be bigger."

For the more opinions on Friday's top searched stocks, , including Potash (POT Quote) and Exxon Mobil (XOM Quote), check out Cramer's Take on Top 10 Most-Searched Stocks From May 16.