The Dirty Dozen
Cramer feels investors should be aware of 12 companies which are the targets for the bears in the wake of the subprime fiasco. He is not bullish or bearish on these stocks, but feels precaution should be taken when buying or selling:
1. IndyMac (NDE)
2. CharterMac (NYSE:CHC)
3. Friedman Billings (NYSE:FBR)
4. Fremont General (FMT)
5. Redwood Trust (NYSE:RWT)
6. Newcastle Investment (NYSE:NCT)
7. American Home Mortgage (AHM)
8. Gramercy (GKK)
9. RAIT (NYSE:RAS)
10. Accredited (LEND)
11. Thornburg Mortgage (TMA)
12. CapitalSource (NYSE:CSE)
He adds the market is taking a break from hammering subprime stocks because of Friday's options expiration at 2:30. Cramer would not "make any judgments that were necessarily going to hold between now and 2:30. But once you're out of the woods at 2:45, you can act accordingly."
Cramer said Viacom has adopted the wrong approach in its legal battle with Google and YouTube over alleged copyright infringement; "Viacom needs to understand that first run belongs to Viacom and they don't get residual of second run anymore." He thinks Viacom is trying to "roll back the clock," which is a losing strategy, and needs to realize "Google is here to stay."
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