isn't done rallying, Jim Cramer said Thursday on
's "Stop Trading!" segment.
Cramer said Kirk Kerkorian's latest takeover offer, a $4.5 billion bid for the struggling Chrysler unit, features "one of the funniest letters I have ever seen" but is still a serious starting point for the auction. The move drove the stock up 4% in heavy trading Thursday.
"Jerry York is really smart," Cramer said, referring to Kerkorian's lieutenant who briefly joined
board last year. Cramer said he expects DaimlerChrysler stock to hit $90 from a recent $84.
Cramer defended the $28 million payout to
chief Alan Mulally, saying the risk of bankruptcy at the struggling automaker "means there should be tremendous reward" for the CEO. Cramer said he credits Mulally with removing the bankruptcy threat and easing pressure on Ford's bonds.
Cramer said he likes
for the long term, but he sees Crocs as a better bet now because the short interest is "out of control" and could feed a huge rally this summer.
At the time of publication, Cramer had no position in stocks mentioned.
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