Jim Cramer's Stop Trading! Melco Miss

Cramer says he erred in backing the casino player.
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Morgans Hotel

(MHGC)

isn't as bad as he feared, Jim Cramer said Monday on CNBC's Stop Trading! segment.

Cramer applauded a bullish call by CIBC analyst David Katz. Katz had a buy rating on the stock when it was at 16, when Cramer was calling it a broken deal. It has since rallied to 19, and Katz expects it to head higher. Cramer said he applauds the analyst's guts in sticking with his call.

Cramer also apologized for having suggested investors look at

Melco

(MPEL)

. Cramer said he saw the casino player as a

Las Vegas Sands

(LVS) - Get Report

in the making but realized Friday he had erred when Melco quietly put out a cost overrun press release late in the day, when no one on Wall Street was around to see it.

Cramer also said the tanking subprime lenders haven't "been as big a loss to the economy as March Madness."

At the time of publication, Cramer had no positions in stocks mentioned.

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