Cramer's 'Stop Trading!': Pick up Palm

Jim Cramer says to buy Palm on the hype surrounding the upcoming release of its Pre phone.
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"One of the things we've learned about tech is that unless it's Apple (AAPL) - Get Report, it's not transcendent," said Jim Cramer on CNBC's "Stop Trading!" segment on Tuesday. But, he said, "the area is in flux, and it's absolutely ready for another competitor."

He recommended buying

Palm

(PALM)

until it

releases its Pre phone

and then selling, "because that's what happened with the iPhone. The hype was so great."

He said that Palm could end up being a long-term player, though. "Sell some after the hype, but then if it goes back down, you buy it. Palm's got some really smart people behind it."

Procter & Gamble

(PG) - Get Report

and

Coca-Cola

(KO) - Get Report

"are signaling so much dollar weakness to come," said Cramer. "Procter on its conference call is just endlessly saying, 'The dollar killed us. The dollar killed us.'"

He said he loves

State Street

(STT) - Get Report

, which he owns for his

Action Alerts PLUS

charitable trust, and that it's a better company than

Bank of New York

(BK) - Get Report

but that Bank of New York "is now undervalued vs. State Street."

"No one seems to buy Bank of New York after its secondary," he said, and the company deserves more credit.

As for

Las Vegas Sands'

(LVS) - Get Report

new casino resort in Bethlehem, Pa., Cramer said he's "very worried that this is not going to work."

At the time of publication, Cramer was long State Street.

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

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