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"We need to get rid of the worry-warts in this market," Jim Cramer told the viewers of "Mad Money" TV show Wednesday.
He said that being worried about every potential problem and its opposite is not a sound financial strategy. He said there is a solution for every problem.
Cramer said with so many worried about the banks, he'd buy the strongest of them, namely
, two stocks which he owns for his charitable trust,
Action Alerts PLUS.
With so many people worried about rising gas prices, Cramer said
are the ways to play that trend.
Cramer said with low interest rates and a new homebuyer tax credit, strong regional banks like
is a great stock.
According to Cramer, it's not wrong to worry. But he wondered what's the point when so many others are already doing the worrying for you. Cramer said his real worry in this market is not taking profits, and turning those profits into losses.
"Leave the worrying to the worry-warts," said Cramer.
"This pullback in technology is nothing less than a screaming buy opportunity," Cramer told viewers.
He said the bottom in the tech market is upon us, and with mutuals funds flush with cash, technology will continue to roar higher.
Just last week, Cramer recommended
, a small, speculative name, which is now up 34%. Cramer said investors are being greedy if they don't take profits in this name.
Cramer's other speculative tech stocks, which included
Cadence Design Systems
, are up an average of 11.9% during a time when the NASDAQ was up only 3.5%. These stocks, said Cramer, are still buys.
Replacing Tessera in the mix, Cramer recommended semiconductor testing equipment maker
According to Cramer, business has been bad for so long in the semiconductor testing business that there are only a few survivors left in the market. Teradyne now commands a 40% market share.
Cramer said Teradyne hasn't been wasting any time. The company cut $190 million from its operations, and is expanding into both flash-memory and hard-drive testing markets. The company is leaner and meaner, and is poised to deliver upside surprises to Wall Street, he said.
Wall of Shame
Cramer added Willian Klesse, CEO of
, to his Wall Of Shame list of the worst CEOs.
He said that in a quarter where everything should have been going in the company's favor, Klesse turned what was supposed to be 73 cents a share of earnings into a 50-cent-a-share loss.
To make things even worse, Cramer noted that after buying back 141 million shares of its own stock at between $68 and $41 a share from 2006 to 2008, Klesse today announced a huge secondary offering of new shares at just $18 a share.
Taking cues from viewers, Cramer is also considering adding the CEOs of
( EK) and
to the Wall Of Shame as well for their horrific performance at these companies.
Am I Diversified?
Cramer talked with callers about their portfolios to determine if they have what it takes. The first caller's portfolio included
Research In Motion
El Dorado Gold
Cramer said this portfolio was perfectly diversified.
The second caller's top holdings included
Cramer said he was thrilled with this portfolio.
The third caller had
as their top five stocks.
Cramer said this portfolio needed serious work with four of a kind dealing with oil. He recommended rebuilding this portfolio from scratch.
The fourth caller's top stocks were
Kinder Morgan Partners
99 Cents Only Stores
Cramer said Kinder Morgan and Linn Energy were two of a kind. He recommended selling Linn Energy in favor of a financial like
Cramer was bullish on
( TLAB) and
He was bearish on
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At the time of publication, Cramer was long JPMorgan Chase, Goldman Sachs, Pepsico, ConocoPhillips, Ingersoll-Rand.
Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of TheStreet.com or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither TheStreet.com, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or TheStreet.com is related to the specific opinions expressed by him on "Mad Money."
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