Editor's Note: This was originally published as an alert at 9:56 a.m. EST on Dec. 21 to subscribers of Action Alerts PLUS.

Cumulus Media

(CMLS) - Get Report

comes off my restricted list today, and I'm going to sell my final 5,000 shares after you read this. The company's buyback plan has done little to support the stock, and I believe it's still too early to call for a sustainable turn in the national radio advertising market.

I'm going to fill the open position this creates in the portfolio by purchasing 2,000 shares of

St. Joe

(JOE) - Get Report

. The real estate developer controls more than 830,000 acres of land and is the largest owner of private property in Florida. The company closed its sale of 93 acres of waterfront property to REIT

Simon Property Group

(SPG) - Get Report

last week for $286,000 an acre, which was 2 to 3 times more than expected.

Not all of St. Joe's land is going to command this hefty price, but I do believe the company's net asset value has been understated. The stock has made a big run in recent months, now trading at $58.49, up from the low $40s this summer. But I believe the shares can continue higher from here. St. Joe's now says it can post least at 30% to 40% earnings growth both this year and for 2005, and I believe the near-term earnings estimates will prove conservative.

P.S. One of the keys to successful investing is a smart portfolio strategy. So you might want to consider a FREE TRIAL to

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At the time of original publication, Cramer was long Cumulus Media. He currently is long St. Joe but not Cumulus Media.

James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made.

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