Cramer Changes his Tune on China Medical (CMED, GE)

Only a day after calling China Medical Technologies (ticker: CMED) a "speculative play" Jim Cramer urged investors to "buy....before it goes even higher". From TheStreet.com:

Cramer changed his tune on a stock he panned Tuesday, China Medical Technologies (ticker: CMED) . Cramer usually avoids recommending Chinese companies because of the relatively lax investor protections there and the country's history of being "less friendly to capitalists."

However, China Medical Technologies makes ultrasound machines that break up tumors, which is a "good line of work," said Cramer. Additionally, General Electric (ticker: GE) owns 15% of the company, and that gives him reassurance. "This stock gets the seal of approval from good old fashioned American capitalism, not just the PRC."

China is investing heavily in its health-care infrastructure, and "some of that money is bound to come China Med's way," he said. The company, which recently became public, is profitable and "cheap," said Cramer, who expects "eminent" research coverage.

"I was wrong. I want you to buy China Medical Technologies ... before it goes even higher," he said.

Comment: Any guesses what he will say tomorrow?

CMED chart.