Jim Cramer's Wall Street Confidential Picks, Jan. 10

Recap of Jim Cramer’s comments on Wall Street Confidential, Wednesday January 10. Click on a stock ticker for more analysis.

Apple (APPL), AT & T (T), Verizon (VZ), Research in Motion (RIMM), Palm (PALM)

Cramer observed that those who are bearish on Apple are having a hard time, since the company has a "transcendent" brand and is "the most identifiably interesting stock to the market." However, he would take care when buying because of the enthusiasm over iPhone and he believes the company is vulnerable to short-sellers. "I would sell some of the stock right here," Cramer said. He suspects a few rumors could bring the stock down. Cramer adds that if Cingular, which has a contract with Apple, can improve its service, it can grab 60% to 70% market share, and Cramer thinks that Cingular's parent company AT &T is "an incredible buy here." Concerning the rumor that RIM might buy Palm, Cramer says that he's not interested, and observed that both companies got slammed on Tuesday. "RIM had its day and it didn't go up," Cramer said, and he thinks Palm is not an "investable situation."

Related: Herb Greenberg comments on Apple's Hubris.

Chevron (CVX) and Sears (SHLD)

Cramer is worried about oil, and thinks that the sector is finding a new level after having been artificially kept up at the end of the year. He adds that oil futures are asking analysts to make some downgrades, and he notes that Chevron is particularly vulnerable. When Aaron Task remarked that Sears is perpetually hated by the bears, Cramer noted that CEO Eddie Lampert is usually downbeat, but wasn't recently, since Sears is down 5% in same store sales when it has been down 12% for the past few years. Cramer says that this means the stock will go to $200 sooner than he expected. When Task asked Cramer if there is a point at which a Sears investor would be "piggish," Cramer explained that he thinks Sears is the next Berkshire Hathaway "This is one of the few positions in my life that I've ever seen that people are dramatically underestimating," Cramer remarked and added that he would only consider cutting back if the stock threatens to overwhelm his portfolio.

Related: Gary Dorsch discusses what is behind the oil price crash.

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