Jim Cramer's Wall Street Confidential, 10/11/07: Oil is Well

by: Miriam Metzinger

Recap of Jim Cramer’s comments on Wall Street Confidential, Thursday October 11. Click on a stock ticker for more analysis:

Google (NASDAQ:GOOG), Apple (NASDAQ:AAPL), Research In Motion (RIMM), Amazon (NASDAQ:AMZN), VMware (NYSE:VMW), Garmin (NASDAQ:GRMN), Oceaneering (NYSE:OII), FMC Technologies (NYSE:FTI), Core Labs (NYSE:CLB), Transocean (NYSE:RIG)

Amid rumors that tech is overstretched, Cramer still backs his four horsemen: Google, Apple, Research in Motion and Amazon, and adds VMW, since it is "going higher" as well as Garmin, which he says will be good until the holiday season. Cramer explains; "Those are all stocks that are stretched from a multiple point of view. Periodically, but not often, I'm willing to embrace a stretched multiple if I think that the estimates are explosive to the upside. In all of those stocks, I believe the estimates are way too low." However, for investors who are looking for stocks that are not overstretched and have great momentum, Cramer suggests looking to the oil sector, especially OII and FMC, which are "logical and faster-growing equivalents to RIG" as well as CLB. "Core Labs, Oceaneering and FMC are all up 100% year over year, and I'm telling you that they're still cheap," Cramer said.

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