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Lehman Brothers'

( LEH)

big quarter means it's time to buy

Bear Stearns

( BSC), James Cramer said on his

"RealMoney" radio show Wednesday.

Like Lehman, Bear Stearns spent some time in the "wilderness" in the 1990s, when it found itself on the outside looking in on a hot tech IPO and equity-underwriting market, Cramer said. He said the firms reacted by getting into markets nobody else wanted, Lehman in fixed income and natural resources and Bear in mortgage-backed securities and prime brokerage. Those areas are among the hottest right now, said Cramer.

"I think they'll beat the expectations, and I think you should be in it," said Cramer, adding that if Bear happened to go down after the report, that would be a "gift."

Commenting on

Google

(GOOG) - Get Alphabet Inc. Report

, Cramer said he is seeing people sell other stocks to buy Google, which is expected to price its stock offering after the close. Cramer is sticking with his $350 price target, based on expected earnings of $7 in 2006. At roughly $300, said Cramer, "I think you've got a good buy." Google shares fell $8 and change to $303.

A caller asked about

Montpelier Re

(MRH)

, which has fallen about 25% in the last week. Cramer said MRH is the "class of the reinsurance companies." The company had underwritten a "lot" of insurance in the Gulf Coast area and has announced losses of $450 million to $675 million. But Cramer said "these guys are pros" and that the stock is "cheap." After Hurricane Andrew, insurance rates went up "dramatically," said Cramer, and he expects no different this time.

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At $24, you're "getting all of the bad and none of the good," said Cramer. If not for his trading restrictions which prevent him from buying the stock at this time, he would "back up the truck" and buy. Montpelier dropped 91 cents to $24.86.

Another caller wanted to know what Cramer thought of

eBay's

(EBAY) - Get eBay Inc. Report

acquisition of Skype. Cramer said although he thinks Skype is "huge," he has yet to see how eBay will be able to make money on it. "I thought Napster was huge," too, said Cramer, but no one was ever able to make money there.

In response to a question about whether

St. Joe

(JOE) - Get St. Joe Company (The) Report

might be a good short here, Cramer, who is bullish on St. Joe, said St. Joe could perhaps fall "a bit." But the time to short St. Joe was at $85, not now, with the stock at $68 and change. Cramer said he understands the negatives, but at these prices, he believes the negatives are mostly reflected in the stock price. "I just don't think it's all that bad," said Cramer.

Picks and Pans

In his weekly "Am I Diversified" segment, Cramer said these things about stocks in listeners' portfolios.

Finally, Cramer said oil's recent drop has enticed him to add shares of oil stocks again, and he believes any weakness is a buying opportunity, up to 20% of one's portfolio.

Cramer also said

Sears'

(SHLD)

"gigunda buyback" is the first of many to come, and he "wants you in Sears."

At the time of publication, Cramer was long GameStop, St. Joe, Sears Holdings, and UnitedHealth Group.

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. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for

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