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A Chance for S&P to Scream Yahoo!

Will Standard & Poor's let some new companies into its list of vaunted 500 stocks?
Author:

OK,

Standard & Poor's

, show us what you are made of. Are you willing to let some new companies into your list of vaunted 500 stocks, or are you going to stick with those old hoary boring choices?

Ascend

(ASND) - Get Ascendis Pharma A/S Sponsored ADR Report

comes out of the index this week. The deal with

Lucent

(LU)

at last closes. The vote's on the 24th. Who are you going to replace this $22 billion behemoth with?

I've got some candidates. First, there is

Yahoo!

(YHOO)

, $32 billion worth of belief in the Net and Net commerce that is one for-real company with plenty of shares outstanding and plenty trading. There was a time when this stock was too illiquid to add, but not now. Venture capitalists,

GeoCities

(GCTY)

shareholders,

broadcast.com

undefined

arbs, they are all at your disposal. No excuses now. You either believe or you don't. Are you going to make it happen? I am betting that way.

Maybe, though, you want to match it with telephone equipment stocks. OK, how about

Qualcomm

(QCOM) - Get QUALCOMM Incorporated Report

,

TheStreet Recommends

Level 3 Communications

(LVLT)

or

Qwest

(QWST)

, a telephone line provider. All three are right up Ascend's alley, and only LVLT has a float problem. Qualcomm and Qwest seem like naturals, if you believe that these companies are real as I do. QWST is liquidity personified. It is like the Atlantic Ocean!

Or maybe you should be good Netizens and wake up to

eBay

(EBAY) - Get eBay Inc. Report

or

@Home

(ATHM) - Get Autohome, Inc. Sponsored ADR Class A Report

, two juggernauts that you may think are wildly inflated, but are plenty liquid. And is there anything more liquid at this point than

Amazon

(AMZN) - Get Amazon.com, Inc. Report

? All three are roughly identical in size to Ascend.

Yep, this is the week when we find out whether the S&P feels that the new economy is the real economy.

Alan Greenspan

certainly

believes so. The market certainly believes so.

Do you?

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long eBay, Qwest and Yahoo!. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at

jjcletters@thestreet.com.