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NEW YORK (TheStreet) -- Is it time to start betting on some high-profile tech turnarounds?
Cramer said he never liked Groupon, the over-hyped online coupon Web site that's done nothing but disappoint the markets since its IPO. But when the company's CEO stepped down earlier this year, that signaled a big change, one that Cramer admitted he didn't take seriously. He advised investors to stop selling Groupon back in February, but never told them to start buying, which turned out to be a mistake. Cramer said the time to buy Groupon is now.But what of Zynga (ZNGA), the online game maker whose stock has followed Groupon's path hopelessly lower? Here, too, Cramer said a new CEO makes all the difference and he feels it's not too late to begin buying into this turnaround story. Then there's Nokia, the beleaguered phone maker that everyone assumed Microsoft (MSFT) would acquire. Cramer said now that Nokia bought Siemens (SI) out of their joint venture, the path may now be cleared for that acquisition to happen. With little downside remaining, Cramer said he'd be a buyer here as well. Finally, there's BlackBerry (BBRY). Cramer said unlike Groupon and Zynga, BlackBerry's CEO has done little to turn the company's fortunes. He said without splitting itself up or getting acquired, he sees little hope for BlackBerry's current strategy and is therefore not a buyer.
Off the ChartsIn the "Off The Charts" segment, Cramer went head to head with colleague tim Collins over the charts of two food stocks, Kellogg (K) and J.M. Smucker (SJM). Collins noted that while Kellogg is already up 17% for the year, the stock is just getting started because its 13-day moving average just crossed over its 34-day average, a medium-term bullish signal. After making a false move higher in May, Collins felt this most recent move is the real deal and is confirmed by a flag formation in the stock's weekly chart and the stochastics also rising.
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