Note: Aaron Task will be filling in for Cramer this week.
Backdating Scandal: Rambus (NASDAQ:RMBS), Applied Micro Circuits (NASDAQ:AMCC), CNET Networks (NASDAQ:CNET), Foundry Networks (FDRY), Xilinx (NASDAQ:XLNX) and Altera (NASDAQ:ALTR) - The backdating scandal, which Cramer discussed on his May 24 show, has targeted 50 companies which are currently being investigated by the Justice Department, a far more serious matter than getting on the bad side of the SEC, said Cramer, since the latter does not involve a jail sentence. Companies that are under investigation are being downgraded or are falling. The executives are alleged to have backdated their strike prices to the lowest level of the quarter while collecting instant profits. "It's killing me, because I didn't think anyone would do such a thing," Cramer had said. Aaron Task adds that investors should get rid of any companies involved in the scandal.
The Java Jive: Starbucks (NASDAQ:SBUX) - Aaron Task invited Noah Blackstein, lead portfolio manager for The Dynamic Power American Growth Fund onto the show. He commented on one of his favorite stocks: "Starbucks is probably a stock that I should have owned for a longer period of time," and says that it has plenty of room to grow on the international scene in addition to improving same-store sales with hot food and CDs.
Ad Power: Google (NASDAQ:GOOG) - Noah Blackstein discussed the strength of his largest holding, Google, in the area of internet advertising; "Google is one of the main beneficiaries of online advertising, and they continue to innovate," he said. When asked about Google's miscommunication on certain issues, Blackstein commented that he preferred that the company stay quiet and not let their competitors know too much about what they are doing.
Starbucks (SBUX): Task believes Starbucks should do well after the Fed's meeting on Thursday, but admitted that a fall below $33 would be troubling.
Citrix Systems (NASDAQ:CTXS): Task says this stock should thrive if the Fed doesn't hurt the economy. Blackstein added that he does not know why the stock is down, because its fundamentals have been solid.
Energy Conversion Devices (NASDAQ:ENER): Task comments that alternative energy stocks are not faring well right now.
Genentech (DNA): Although this was a great stock, Task observes that it is falling, and is concerned about the inflated expectations surrounding the company. Blackstein, however, comments that the Genentech reported great growth previously, rising from $20 to $100 in a year, and that, in a slow-growth economy, he would suggests picking it up.
More: Cramer's latest stock picks, including: Mad Money Recap, Lightening Round, Stop Trading and his Radio Show.