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Although oil stocks moved up on Friday, Cramer does not trust the sector, and commented that people knew that oil stock prices were ahead of the price of oil, and when they held these stocks up, they cratered. He noted that when oil prices were this high before, XOM was in the $60s and now it is in the low $70s. Cramer admitted that he was "blindsided" by COP which reported low margins after saying "a lot of really good things" at a meeting a few weeks ago. However, he still thinks COP is a buy because the company is "committed" to its stock, and would also recommed Chevron for its dividend.
Related: Kurt Wulff discusses XOM's expected return for 2007.
Amgen (NASDAQ:AMGN) and Genentech (DNA)
Cramer notes that its strange that drug stocks are moving up precisely at a time when the Democrats are talking about lower drug prices for Medicare beneficiaries: 'Maybe ... you can't change the Medicare policy like we thought," he said and commented that drug companies are very good at lobbying and spreading around money. Although the first half of the year is usually tough for biotech, Cramer thinks that the sector could catch up with pharma, and notes that AMGN and DNA did not perform well in the latter half of 2006.
Related: Amgen acquires option On experimental Cytokinetics heart drug
Tech has rebounded, and Cramer comments that the analysts are far more negative than the companies. He sees a buying opportunity ahead of MSFT's Vista launch and says there is every reason to get behind tech. Cramer calls MOT a "problem company," says he is "sick and tired" of TLAB attributing its poor performance to integration in telco, and thinks that TLAB has no product portfolio. Cramer adds that, among MOT's woes, its CEO Ed Zander is "curiously absent" and, as Sprint's largest supplier, MOT might be affected by Sprint's inconsistent performance.
Related: Tiernan Ray discusses Sprint's "huge miss."
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