should get out of the business of selling CDs, Jim Cramer said on The Street.com Wall St. Confidential
Web video Friday.
Although Cramer says the consumer electronics retailer "really has this field to itself," it has a "tremendous amount of floor space" devoted to music CDs.
Cramer called CDs a "going-away business. Way too much floor space devoted to a dead weight category."
Cramer said many people get their music from iTunes, and that's a trend that's going to continue.
"The weakness is what they have on the floor," Cramer said, "but the strength is that they may be the only game in town."
Host Farnoosh Torabi asked Cramer what he thought about the store inviting people to sales events, and if Best Buy was trying to become like
Cramer said that was a reasonable approach because Best Buy is selling some high-end products that run from $4,000 to $6,000.
Cramer says Best Buy is a stock that is "down 3, up 10. If the
cuts, it should go up." He also said Best Buy should rise if
goes down or gets in real trouble.
But Cramer says he would rather own
, because Best Buy "doesn't have a catalyst now."
Jim 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
Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. Click
here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click
here to order his book, "Real Money: Sane Investing in an Insane World," click
here to get his second book, "You Got Screwed!" and click
here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by
TheStreet.com has a revenue-sharing relationship with Traders' Library under which it receives a portion of the revenue from Traders' Library purchases by customers directed there from TheStreet.com.