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Recap of Jim Cramer's comments on Stop Trading! Friday August 1.

Friday marked the one-year anniversary of Cramer's infamous “they have no idea!” rant on the Fed and the economy. Today, Cramer sees the end to the downward decline of the financial services industry. “I think that the bottom is in,” he said. “I don't think we violate the July 15 lows.”  

Starbucks (NASDAQ:SBUX): Cramer says Starbucks might be ready for a comeback. He thinks that “in 15 months Starbucks will be substantially higher.” Cramer says to buy Starbucks. He likened the coffee chain to McDonald's (NYSE:MCD) just before that stock turned around.

Wachovia (WB-OLD): Moving on, Cramer said, “I just think things are better,” referring to Wachovia which is moving from $8-$9 to $18-$19 on “takeover rumors by JP Morgan (NYSE:JPM).”

Biogen (NASDAQ:BIIB): Cramer said he “can't find a pipeline” that is intriguing and he “could not find one reason” to buy Biogen. Stay away from Biogen and Elan (NYSE:ELN)

Schering-Plough (SGP): Cramer said he sold some of the Schering-Plough position for his charitable trust, he thinks “it's great,” and “people like this stock.” He sold shares after the Food & Drug Administration rejected approval for a drug that aids in recovery from anesthesia.

Under Armour (NYSE:UA): Discussing Under Armour, Cramer said it was a “crazily overvalued” stock that’s been out of favor with him for some time. “Now, it's an inexpensive stock” and “I no longer want to sell this.” He said I think it is bottoming.

Crocs (NASDAQ:CROX): The mention of Crocs prompted Cramer to say it is “completely and utterly finished,” and it reminds him of boy-band Hanson.

 

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Source: Infamous Anniversary - Cramer's Stop Trading! (8/1/08)