On the Up and Up: Best Buy (BBY) and Apple (AAPL) - Cramer says that BBY's beating its estimates is the best evidence that the consumer is alive and spending since BBY has long been"the poster child of discretionary spending." He also notes that employment is strong and that the excess of homes will be sold off which will further improve the economy. Concerning Apple, Cramer doesn't think that anything can really compete with its iPod since it is easy to use, and with iMusic, iTV and iMovies, Apple is poised to become a "triple threat." At $73 Cramer would pick up some Apple.
Related: Erick Savitz is skeptical about Apple's iTv.
Time for a Change: Time Warner (TWX) and New York Times (NYT) - Although he has been bearish on these companies Cramer notes some positive changes occurring with TWX and NYT and that both are scaling back and concentrating on "their core product in order to survive." Time Warner is selling off its 18 unsuccessful magazines, and NYT is closing down its stations to focus on its newspaper and digital content.
Related: Geoff Gannon discusses strategies for NYT's survival.
Oil Bets are Off - Cramer once again cautions investors against picking up cheap oil since the momentum has turned against the sector and its price dropped from $65 to $60. He would take advantage of a potential rally as a chance to get rid of some oil. "A barrier of sorts was reached on gasoline prices," says Cramer noting that the consumer is only willing to pay so much for gas. In addition, OPEC is pumping more oil and there is no immediate geopolitical threat right now.
Hewlett-Packard (HPQ): This company's scandal does not concern Cramer who comments "All it did was slow down the stock on its way to going to $40, which is where it is going," and he advised a caller to pay attention to HPQ's earnings and not the "sideshow."
Longs Drug Stores (LDG): Although this stock does not get much attention, Cramer says that it is in a "terrific situation."
Sealy (ZZ): Cramer is amazed that Goldman Sachs (GS) has downgraded ZZ and calls the move a "mistake."
General Motors (GM): This stock is an "absolute buy" says Cramer who predicts that it will reach $40.
More: Cramer's latest stock picks, including: Mad Money Recap, Lightening Round, Stop Trading and his Radio Show.
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