"Ignore the man in front of the curtain," Jim Cramer told the viewers of his "Mad Money" TV show Tuesday, referring to Ben Bernanke's testimony before Congress today. He said the Federal Reserve chairman's remarks were politically based and had little to do with the actual state of the economy. According to Cramer, Bernanke's remarks before Congress today had to be negative to justify all of the extreme measures being taken to both bail out the financials and save the economy at large. Had Bernanke said things were getting better, Congress would have certainly questioned his actions and stripped him of the tools needed to complete the job, theorized Cramer.
Off the ChartsIn the "Off The Charts" segment, Cramer looked at the chart of Las Vegas Sands ( LVS), and went head to head with colleague Dan Fizpatrick, over the interpretation of the chart. According to Fitzpatrick, Las Vegas Sands is a buy, with the chart showing a huge breakout above its 200-day moving average. Fitzpatrick also noted that the stock has finally held the $10 a share level, without breaking down, signaling that investors finally have some conviction in the company. But Cramer sees things differently, saying if investors like Las Vegas Sands, they'll love rival Wynn Resorts ( WYNN), which has all of the positives of the Sands, but with far fewer of the negatives. Cramer said when it comes to casinos, it's all about the Chinese province of Macau. And while both companies are planning to IPO portions of their Macau businesses later this year, Cramer said Wynn's deal will be coming sooner and is coming from a position of strength. According to Cramer, concerns over the Sands' financing has weakened the company, with five Macau projects having been halted due to financing concerns. Wynn, however, does not suffer from financing concerns, making it the stronger player. Cramer valued Wynn's Macau properties at $6 billion, meaning the rest of the company is grossly undervalued.
Mobile Internet BoomIn support of his thesis that mobile Internet is a game changing technology, Cramer welcomed Bob Bowman, president and CEO of the privately held MLB.com, to the show to discuss his products and how the mobile Internet has affected his business. Bowman said MLB TV subscribers now have the ability to watch any game they want on their iPhone or other mobile device. In discussing MLB's technology, Bowman said that his company uses Akamai ( AKAM) for its back end and Adobe's ( ADBE) Flash player for its video, and hardware from Cisco ( CSCO), a stock which Cramer owns for his charitable trust,