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Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program,

Morgan Stanley (NYSE:MS), Wells Fargo (NYSE:WFC), Goldman Sachs (NYSE:GS)

Cramers message to those who despaired over the market's drop on Thursday was "Haven't you people ever heard of a correction?" He told viewers that it was unrealistic to expect stocks to just keep going up after a 30% bull run without a correction of about 5 to 10%. Now that nationalization of banks is "off the table" Cramer would buy secondary offerings of Morgan Stanley and Wells Fargo and strong banks like Goldman Sachs.

ON Semiconductor (NASDAQ:ONNN), Xilinx (NASDAQ:XLNX), Taiwan Semiconductor (NYSE:TSM)

Cramer said he likes tech speculative pick ON Semiconductor, which makes power-management components for tech gadgets on the strength of the company's fundamentals and rising demand. The company reported better-than-expected sales and gains in ON's peers, Xilinx and Taiwan Semiconductor bode well as inventories are down and sales across the sector are increasing. Cramer also discussed the company's notebook power management and transition from commodity components into specialized solutions. The Chinese are devoting $40 billion to wireless buildout alone, which will benefit ON. The company also has a clean balance sheet. Cramer would use the dip in financials as an opportunity to buy ON.

Federal Realty Investment Trust (NYSE:FRT) President and CEO, Don Wood

Don Wood says that while retail is not performing well, the bad news is already priced in, and that while some of Federal Realty's tenants have gone bankrupt, the company distributes its risk across the country. On the subject of REITs, Wood said Federal will continue to pay a dividend in cash rather than in stock. Don Wood's basic attitude about the sector is that the worst is over.

International BancShares (NASDAQ:IBOC),Texas Capital BancShares (NASDAQ:TCBI), Sterling BancShares (SBIBN), Huntington BancShares (NASDAQ:HBAN)

Cramer wasn't surprised by the jump in International Bancshares; it was inevitable given how hated the company was. Bears criticized the bank's lack of transparency, loan losses and the $1.4 billion in real estate and construction loans which are maturing soon. These concerns sent the stock down from $35 to $7, but Thursday's stress test news sent the stock up to $13. After an 86% gain, Cramer would take profits, and for those in search of similar stocks, Cramer suggests Texas Capital BancShares, Sterling BancShares and Huntington BancShares.

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Source: Cramer's Mad Money - Haven't You People Ever Heard of a Correction? (5/7/09)