Jim Cramer's Stop Trading! Countrywide Club

Cramer likes the hard-hit mortgage stock.
Publish date:

Countrywide Financial


has been unfairly hammered as Wall Street wrings its hands over a supposed housing crash, Jim Cramer said Thursday on


"Stop Trading!" segment.

Cramer said that contrary to media hype, the housing market is not crashing. No, Cramer said, you can't make money overnight by selling your house, as you could last year. But when sellers lower their asking prices a bit, houses continue to move. That's a distinction that has been lost on Wall Street, which has punished Countrywide despite the lender's diversified business.

CEO Angelo Mozilo "could sell the company tomorrow for 50 smackers," Cramer said, if Mozilo didn't like his job -- and the company's prospects -- so much. Countrywide recently traded near $37.

Cramer said an apparent change of heart by


(QCOM) - Get Report

founder Irwin Jacobs sounds a bullish call on that wireless chip company. Qualcomm shares have been hit hard, losing a third of their value over four months. But Cramer said a move by longtime seller Jacobs to end his preplanned stock-selling program signals that Jacobs "is not a seller down here," which could help the stock to bounce.

Cramer also said a recent win at


(AAPL) - Get Report

will be bullish for the tech giant. "I don't think people know how big iPod for Lexus" could be, Cramer said, adding that a linkup between Apple and the


(TM) - Get Report

-owned carmaker "could be a real rival to


(SIRI) - Get Report

." Cramer said Apple, up 3% at $70, should soon hit $75.

Cramer said recent


(MRK) - Get Report

legal victories are suddenly making it look like "the cleanest" of the bunch. "Hats off to the new guy running it," he said of CEO Richard Clark, who took over last year for Ray Gilmartin.

Cramer was also bullish on railroad


(CSX) - Get Report

, saying industrywide gains in so-called intramodal, or truck-and-train, traffic will bolster numbers. He cited CSX's aggressive buyback as making it "the safest of the rails."

At the time of publication, Cramer was long Qualcomm.

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