So, if it is in the PC, people don't want it.
Now this still leaves a couple off fertile investable areas. I like EMC (EMC) because it's linked to big data, which is still a growth area. Its subsidiary, VMWare (VMW), is growing, too. The cloud's still got bounce because of the endless demand generated by companies such as Google (GOOG), Apple, Amazon (AMZN) and Netflix (NFLX).
However, the pipes to big data, led by Cisco (CSCO), seem to have stalled, and there are rampant stories of Cisco discounting to wipe out its competitors, such as Juniper (JNPR), once and for all. Meanwhile the big telecommunication companies, including Verizon (VZ) and AT&T (T), just aren't spending that much. When they do, they tend to spend it on cellphone towers. Gone are those gigantic budgets that are needed to build out next generation systems. The 4G infrastructure spending is almost complete.Oracle (ORCL) reports this week, and I am not that concerned about it because it's not expensive. But I don't see big money being made there. I would rather own pseudo tech names such as IBM (IBM), SAP (SAP) and Accenture (ACN), which are three terrific consulting companies. In addition, the Internet itself does present some opportunities. Google's not expensive and it has plenty of runway ahead of it, particularly because of the failure of others in the space, including Yahoo! (YHOO), to keep up. The social media companies that came public all seem overvalued with market leader LinkedIn (LNKD) selling at 200x earnings after rallying 95%. Let's just say you aren't early. I have no desire to catch the bottom in Groupon (GRPN) or Zynga (ZNGA). Oddly enough, that leaves Facebook (FB), of all things, as an interesting idea. The new ad forms, I am told, are actually doing quite well for advertisers. If that's the case, then the bit supply coming out of lock-up will be met with good demand. I think it's actually worth owning, given that it is still down huge and it is now addressing its mobile weakness with alacrity. Still, you put it all together, and you are stuck with a group that doesn't have enough players to buy that aren't already exploited. That's why it's so difficult. That's why people keep piling into Apple and its derivatives. They are, alas, the only games in town. Action Alerts PLUS, which Cramer co-manages as a charitable trust, is long AAPL, BRCM and EMC.
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