"We need to get rid of the worry-warts in this market," Jim Cramer told the viewers of "Mad Money" TV show Wednesday. He said that being worried about every potential problem and its opposite is not a sound financial strategy. He said there is a solution for every problem. Cramer said with so many worried about the banks, he'd buy the strongest of them, namely JPMorgan Chase ( JPM - Get Report) and Goldman Sachs ( GS - Get Report), two stocks which he owns for his charitable trust,
Technology Pullback"This pullback in technology is nothing less than a screaming buy opportunity," Cramer told viewers. He said the bottom in the tech market is upon us, and with mutuals funds flush with cash, technology will continue to roar higher. Just last week, Cramer recommended Tessera Technologies ( TSRA), a small, speculative name, which is now up 34%. Cramer said investors are being greedy if they don't take profits in this name. Cramer's other speculative tech stocks, which included Tekelec ( TKLC), Brocade ( BRCD), Cadence Design Systems ( CDNS) and ON Semiconductor ( ONNN), are up an average of 11.9% during a time when the NASDAQ was up only 3.5%. These stocks, said Cramer, are still buys. Replacing Tessera in the mix, Cramer recommended semiconductor testing equipment maker Teradyne ( TER). According to Cramer, business has been bad for so long in the semiconductor testing business that there are only a few survivors left in the market. Teradyne now commands a 40% market share. Cramer said Teradyne hasn't been wasting any time. The company cut $190 million from its operations, and is expanding into both flash-memory and hard-drive testing markets. The company is leaner and meaner, and is poised to deliver upside surprises to Wall Street, he said.
Wall of ShameCramer added Willian Klesse, CEO of Valero ( VLO), to his Wall Of Shame list of the worst CEOs. He said that in a quarter where everything should have been going in the company's favor, Klesse turned what was supposed to be 73 cents a share of earnings into a 50-cent-a-share loss. To make things even worse, Cramer noted that after buying back 141 million shares of its own stock at between $68 and $41 a share from 2006 to 2008, Klesse today announced a huge secondary offering of new shares at just $18 a share. Taking cues from viewers, Cramer is also considering adding the CEOs of DryShips ( DRYS), Eastman Kodak ( EK) and Textron ( TXT) to the Wall Of Shame as well for their horrific performance at these companies.