Jim Cramer Comments:

Cramer’s Market View:

Everything a bull could possibly want has happened in the last hour or two: The market’s flipped

INTC and LU – good quarters
YHOO – Jordan Rohan was completely wrong – a beautiful quarter – not too late

Disclaimer: This is my interpretation of Cramer’s comments, the show goes by quickly so I try and catch as many key words as possible for each pick. Accuracy is NOT guaranteed but is however strived for.

Fed – Worries about the Fed are done. Federal reserve – take your much needed vacation and call me in September

No institutional memory in this business

Get Goldman Sachs over Merrill Lynch
Get PEP over KO – KO is a slower grower but they are selling at the same price

Still undergoing a tremendous rotation
Three day party – will be over after Friday, don’t like tech in the summer

Jim talks with Patricia Russo of Lucent (LU):
Takeaway: Best house in a VERY tough neighborhood. Didn’t hear anything that makes me want to sell, if anything I heard things that make me want to buy. Could use a 7 for 1 split to make it institutional in nature

Jim talks with Andy Bryant (INTC):
Takeaway: INTC has enough business so they can do well without US PC makers doing well. Didn’t give the high sign for 60% gross margins – we’ll just see steady upside, not spectacular upside. Most importantly, sell other semi’s into the strength – what is good for INTC is good for INTC. Don’t outthink it. Go buy the best of breed companies because that is where all the action is going to be.

ASML - ASML HLDG NY REG - Get out if you get a little bit of an upswing
YHOO - YAHOO INC - Think you've got 5 days where YHOO's going to keep going up
GOOG - GOOGLE - Going back to original price target on GOOG - $250 (50 x earnings ($5) = $250)
GS - GOLDMAN SACHS GRP - Get in this over Merrill Lynch
PEP - PEPSICO INC - Get in this over KO - KO is a slower grower but they are selling at the same price

Lightning Round:
GRU - GURUNET CORPORATI - Israeli YHOO - Why not own YHOO?
GXP - GREAT PLAINS ENER - fine, continue to like energy
VLO - VALERO ENERGY CP - ring a bit of the register if you bought when it was down on his recommendation
MRK - MERCK CO INC - PFE, SGP, JNJ, Aventis, AMGN, BIIB - prefer every other drug company other than that
HELE - HELEN OF TROY LTD - BULL - will forgive the miserable quarter because of where we are in the cycle - HELE could work here
FWHT - FINDWHAT.COM - worse than GRU - go to YHOO stick with best of breed
FRK - FLORIDA ROCK IND - Like FRK - great play on potholes aggregates - the one I want to be in
NXL - NEW PLAN EXCEL RL - yields 6.5%, dividend is safe, like it good place to put money
AGI - ALLIANCE GAMING C - too risky for me - NO, IGT is better company and lower than this - don't like that either though - get BYD
CMGI - CMGI INC - fundamentals tell me the stock should be higher - big big revenues there
TSY - TRUSTREET PROP IN - yields 8.8%, safe bet to me, unexciting
KKD - KRISPY KREME DOUG - BEAR - horrible, don't know what there financials are
LRY - LIBERTY PROPERTIE - 6.25% yield, like that group, property management is smart place to be in REIT
AES - AES CP INC - Ring the register
LZB - LA Z BOY INC - Own Ethan Allen if you are going to own furniture
CBH - COMMERCE BANCORP - BULL - Own it personally, tremendous opportunity - waiting for jury to come out in philadelphia - think its going to be positive for them
LECO - LINCOLN ELEC HLDG - Why not be in BDK?
AEE - AMEREN CP - BULL - like it
TASR - TASER INTL INC - BEAR - I don't want you near TASR
SRZ - SUNRISE SENIOR LV - BULL - great aging baby boomer stock
IDCC - INTERDIGITAL COMM - always in litigation - SELL IT - BEAR
NYB - NEW YORK CMMTY BN - Swap out and buy CBH - one of the few companies that if the fed doesn't go on vacation could get hurt here
MO - ALTRIA GROUP INC - BULL - owns it - sells down to 63 buy some more
DUK - DUKE ENERGY CP - favorite utility - run by a guy who is only going to get paid if the stock goes higher
MDT - MEDTRONIC INC - Like it at 47, thinks BSX is the cheaper of the two
ESI - I T T EDUCATION S - Industry always seem to be in trouble, ring the register - stay away from that industry
STA - ST PAUL TRAVELERS - BULL - cheap stock, don't understand why everyone hates it
TEVA - TEVA PHARM INDS A - Best of generic breed - still think PFE is a better buy
HYDL - HYDRIL - this one is for me
XEL - XCEL ENERGY INC - A. OK. I like it
HCBK - HUDSON CITY BNCP - Not a buy - PNC, JPM, CBH are better get into one of those three
USNA - USANA HEALTH SCIE - Don't like direct selling marketing nutritional supplement companies - interviewed them about two years ago - BEAR
SHRP - SHARPER IMAGE CP - BEAR - sell it
CPN - CALPINE CP - Pigs get slaughtered
GLW - CORNING INC - Bless it because see a tech rally comingmortgage calculator