It's still not too late to buy Google ( GOOG), James Cramer said on his
"RealMoney" radio show Thursday. Google "deserves to go higher" because of a "paucity" of growth stocks, Cramer told listeners. In his 25 years of investing, Cramer said, now is when he sees "the fewest high-growth stocks available." Cramer, who has a $350 price target for Google, said the stock will be propelled by mutual funds seeking companies with exceptional growth. Don't listen to the media, he said, which will likely "pooh-pooh" Google as being overvalued. Google shares traded at $302.93 Thursday afternoon. An emailer wanted to know if it might be time to take profits in GameStop ( GME) and Motorola ( MOT), two stocks Cramer has been bullish on and which he owns for his charitable trust, ActionAlertsPLUS. Cramer said he was reluctant to sell either stock because he hasn't found any other stocks with similar growth prospects. Cramer added that Motorola CEO Ed Zander is "doing everything right." But if Cramer could find worthy replacements, he "would be selling." An emailer asked if reports of anarchy in the aftermath of Hurricane Katrina might spur more people to buy guns. Cramer said if you believe that will happen, he would recommend Smith & Wesson ( SWB), adding that he thinks the stock "should be bought" regardless, based on its fundamentals. A caller wanted to know if Ruth's Chris Steak House ( RUTH) was a buy. Cramer believes it is. The company was forced to move its headquarters to Orlando, Fla., from New Orleans and suffered damage to two of its restaurants in New Orleans from the hurricane. The stock is down about 15% since, a "ridiculous overreaction," said Cramer. He believes the company "will recover from the hurricane and will prosper." Ruth's Chris traded at $18.04 Thursday afternoon.
A caller asked about Martha Stewart Living Omnimedia ( MSO). Cramer said MSO is trading down because the reviews from the first of her two new TV shows have been "not positive." However, Cramer believes her second new show due out later this fall will be better received. He "remains a buyer." A caller asked if Corning ( GLW) was a buy. Cramer said if the stock traded under $19, he would "issue a 'mon back*." Corning traded at $19.38 late Thursday. In his weekly "Stump Cramer" segment, in which listeners ask about obscure and not-so-obscure stocks, Cramer commented on Tarrant Apparel Group ( TAGS) and Sherwin-Williams ( SHW). Cramer said Tarrant is a "pretty good" company, and he doesn't "understand why the stock is so low." Sherwin Williams is a "fabulous stock" with "conservative" management. Commenting on Bear Stearns ( BSC), which reported earnings Thursday, Cramer said Bear reported a "beautiful quarter," and he wished he could buy the stock. Cramer also reiterated his bullishness for Lucent ( LU), saying the company has "oodles of cash" that is helping the company turn around. He believes the stock could trade to $5 from Thursday's $3.07. Cramer said the tech rally in cell phones, video games and big screen TVs is "pausing." We're in the "toughest part" for the next couple weeks, he said. Furthermore, he is "cautious" on the market and is keeping a hefty position in oil stocks. Cramer said he has the "largest cash position I've ever had" since starting his charitable trust portfolio. Finally, Cramer said Georgia-Pacific ( GP) is now confirming what Cramer has been saying, that there is a lumber shortage. Weyerhaeuser ( WY), Georgia-Pacific and Plum Creek Timber ( PCL) are "all up in a so-so day." Cramer is bullish on all three. *For all you home-gamers, a 'mon-back opportunity means Cramer would back up the figurative truck and load up on a stock.