The pressure might be easing on earnings multiples in technology shares, Jim Cramer said on CNBC's "Stop Trading!" segment Thursday.

Cramer pointed to UBS's upgrade of Yahoo! ( YHOO) earlier, which sent the stock up more than 3.5%. "One analyst upgrade turned around the whole shooting match," Cramer said. "The multiple contraction might be ending. This stock is starting to show its luster again."

Cramer mentioned Broadcom ( BRCM), Marvell ( MRVL) and Apple ( AAPL) as other shares where P/Es have been squeezed.

Cramer said China Medical ( CMED) is an example of a secondary offering driving down a stock so far that a bounce was virtually guaranteed. "When they are giving you that free money, you gotta take it."

YRC Worldwide's ( YRCW) 15% slide reflects bad earnings. "Something is very wrong that they missed the quarter that bad," he said. "Something is very wrong that they blame it only on execution."

Nabors ( NBR) is seeing upside as oil prices rise, which itself is a function of trouble in Nigeria and other international hotspots. Based on its peers, it could have farther to climb. "Nabors has not kept pace with Schlumberger ( SLB), and I think it should."
At the time of publication, Cramer was long Yahoo!

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