This was an ouch day, a lot of things didn’t work right.

Rumors came out that we’re gonna see some incredibly weak macro data which sent all the stocks down. Among the stocks that went down were the casino stocks.

Donald Trump, Trump Entertainment Resorts, Chairman and CEO on the phone:

Cramer’s Summary: If you believe as I do that this company is worth more than the $350 million dollar market cap, now I understand there is also debt, then I think what you do is wait for the bondholders to blow out of the common stock. Trump said the bondholders are happy, but they got stock and they don’t usually own a lot of stock so what happens is they just throw it away. That is your opportunity to buy down on the scale. Do I come right in here and start buying this? No. It’s not trading well enough. I do believe that if you can buy a Trump property on the cheap then well… BULL. Be careful though please as these after bankruptcy stocks do trade down.

Q: Can Atlantic City become an actual destination potentially competing with Las Vegas over time?

A: This is a question that has bedeviled those who have bought the stocks of the Atlantic City casinos over the years. I think the problem with Trump’s Casino’s is that they need renovation. The bottom line is that I’m not concerned about the Atlantic City component. I am concerned about the bond holders that took the stock for DJTE will kick the stock out and as they do you can buy.

Q: Do you think this is a good entry point to get into gaming stocks with the drop offs in WYNN and LVS?

A: I have not felt that. LVS goes down every day. What I’d lpook at in this group is the soon to be closed deal of Harrah’s and Caesar’s. To me the real bell ringer in this group is Caesar’s when it merges with Harrah’s because then you got the best of Vegas with the best of Jersey.

Q: What are the prospects for international growth for domestic gaming stocks?

A: This is what burned people so badly with LVS everyone is focused on Macau. The problem with that is that those people like to fly here, they like Vegas, they don’t like their area. International is grossly overdone.

Personal foul on those of you who are buying the DJTE stock right now when I said to wait. You who are taking the stock after I said they could be a good opportunity on the downside…

EBAY is back to most favored nation status. There are a couple of good things happening at EBAY. One, I believe the quarter is better than expected. BULL. Two, I think we’ve got accelerated revenue growth. What ever happened to those people that were complaining about the fee increases? The stock has been in the penalty box long enough that they are hungry for something new. They want to be in the ebay. Enough time has now passed that we traders have forgotten that Meg Whitman was thinking about leaving to DIS. Bottom line: I still want you in EBAY even after the big Goldman conference.

When I talk about trading $270 stocks on this show maybe (PERSONAL FOUL SOUND) is meant for me. It’s too hard in this environment. If you want to own Google (GOOG) you have to own it, not trade it. If you want to take some off the table because of the big run it’s had that’s great. Bulls make money, bears make money, pigs get slaughtered. That’s my takeaway though from the brutal rally, sell off and then rally again after the internet conference last week. I think the next time I tell you to try and thread the needle, send me an email to stop dropping bombs on us. The bottom line is: You like Google, you should have stuck with it and that my friends is right.

Q: How much upside do we have in EBAY when you factor in Paypal and the emerging financial services component?

A: The bull case on EBAY does not rest on Paypal. Everyone and his brother is trying to take them down and they can’t. It’s still the only auction house in town, including China and Europe. You own it for the core business which has accelerated apparently and throw in Paypal for free.

Q: Where do you really come up with numbers on what you want to own these stocks at? GOOG and EBAY?

A: I am using traditional earnings logic here. I am saying that Google (GOOG) is going to earn $7 / share next year. When we turn the page tomorrow and go to June 1, people are going to be looking at 2006 earnings. You look at what is that $7 worth? If Yahoo (YHOO) sells at 86 times this years earnings and 64 times next years earnings and EBAY sells at 48 times next years, if you are willing to use the relative matrix you have to come up with something between 50 and 60. Let’s take the low end, 50. 50 times 7 you get $350 bucks. The bell should be going off in your head if you think this isn’t real because you are wrong.

Never liked Amerindo because it chased momentum. Wouldn’t it be ironic if tech lead the way now. He’d be buying INTC, EBAY, MRVL, BRCM, GOOG here. Bottom line, this time I would buy high multiple tech. Also TIBX which I think bottomed today. This company down from 15 all the way to 6 and I like it here, if you pay 7 I disavow any knowledge of the trade!

Joseph Nocera, New York Times columnist joins Cramer: Talking about Hedge Funds and momentum Mutual Funds

Nocera: Janus was terrible in the boom. They had a fund that owned only 20 stocks. If they were a hedge fund they’d be out of business. Hedge funds are down about 2% and people are saying they are in trouble and they are right as some of them are in trouble because their investors won’t accept losses. They were so narrowly focused with too many managers in the same stocks. People need to have a better understanding of the importance of diversification.

Cramer: The bottom line is, listen up. Don’t be in these high flying money managing firms because they can go down and crush you if they’re all in the same stocks.

PICK OF THE WEEK: Remember my rules from my book, Jim Cramer’s Real Money: Sane Investing in an Insane World. I don’t like you speculating when it turns out that the fundamentals are declining. That’s what’s happening with MBNA (KRB). How about MXT instead? Here the fundamentals are improving. A $13 stock with business getting better. Don’t pay $14, use limit orders. I believe that MXT could get a takeover bid but if it doesn’t you won’t get hurt by the fundies.

DJTE - DJTE - See Cramer's comments earlier in today's show
GOOG - Google Inc. - See Cramer's comments earlier in today's show
EBAY - eBay Inc. - See Cramer's comments earlier in today's show

Disclaimer: I AM NOT JIM CRAMER. I sometimes write the summary in first person because my brain doesn't quite move fast enough to process and type at the same time, so please excuse that. This blog has no affiliation with Jim Cramer, CNBC, or Mad Money. This is done for me and you to be able to better follow and track 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.

Lightning Round:

ZQK - Quiksilver, Inc. - No. Bear. You should have said the oil one.
JILL - The J. Jill Group, Inc. - Bear sell dive.
FRO - Frontline Ltd. (USA) - Ring the register. I didn't like that quarter. This is the last good quarter for FRO and I want to share that with all my other tanker friends.
BRCM - Broadcom Corporation - Real 1999 feel. I want you to be in that stock, I think its gonna have a great quarter.
CONN - Conn's Inc. - Ring the register - they are in the same game as Best Buy. I want you in the best of breed.
MDTL - Medis Technologies Ltd. - I can't figure out what it does, and if I can't after studying it 9 ways to Sunday you should sell sell sell
PSSI - PSS World Medical, Inc. - This is good, bull. This type of stock has tended to be able to get a takeover bid too - I throw that in only because I like the fundamentals.
T - AT&T Corp. - We aren't arbitrageurs - SELL SELL SELL
CMGI - CMGI Inc. - Stock has been sneaking back up. BULL. This company has a billion in revenues and is profitable.
SRX - SRA International, Inc. - Hard to understand. Pass. Seems interesting.
SSL - Sasol Limited (ADR) - Too late in the game for that. BEAR. I think many of the other alternative energy plays should be sold here.
AACC - Asset Acceptance Capital Corp. - SELL SELL SELL SELL SELL SELL SELL SELL SELL
WWY - William Wrigley Jr. Co. - BULL - now you are talking.
K - Kellogg Company - I like gum and I like cereal
GIS - General Mills, Inc. - I like gum and I like cereal
GM - General Motors Corporation - I'm not gonna abandon it as long as Krekorian is out there. BULL. Maybe we're blind and he's got one eye seeing things we can't see.
BBY - Best Buy Co., Inc. - BULL - best of breed that's gonna be a persistent bull
RNT - Aaron Rents, Inc. - Not a big guy in that rent game BEAR - don't like the way they make the money
CTXS - Citrix Systems, Inc. - I happen to like gotomypc use it and no one pays me to say it. I think CTXS is a winner BULL
MSFT - Microsoft Corporation - BEAR!
CELG - Celgene Corporation - CFO talking bullish about new product. I think CELG has now become one of the best of breed when it comes to biotech. BULL
LMT - Lockheed Martin Corporation - Nice place to be - BULL - LMT is for me.
SYY - SYSCO Corporation - BULL - that's for me - the business is en fuego
DNA - Genentech, Inc. - 52 week high, I like the stock. Do not chase it though wait for a pull back BULL
EYET - Eyetech Pharmaceuticals, Inc. - The idea was to buy at 12 and change when it goes to 15 ring the register, I can't sanction the trade now. It came and it went. Ring the register.
SONS - Sonus Networks, Inc. - SELL SELL SELL SELL SELL SELL SELL SELL SELL
JDSU - JDS Uniphase Corporation - SELL SELL SELL SELL SELL SELL SELL SELL SELL
TPX - Tempur-Pedic International Inc. - High risk here. BEAR. Not gonna embrace until it goes below 20
RL - Polo Ralph Lauren Corp. - BULL - like the stock in this environment.
COH - Coach, Inc. - like it too BULL
ADP - Automatic Data Processing - ALL ABOARD. This stock is so right and is the single biggest beneficiary of the Fed raising rates because it lives off the float on all those paychecks. TWO THUMBS UP.
UNH - UnitedHealth Group Inc. - Buy it. One of the best in show. Last time it split it went of 5% within three weeks.
ISSC - Innovative Solutions & Support - BULL - like LMT, like the group like the stock here
REV - Revlon, Inc. - SELL SELL SELL, 2.60 is where I'd pull the trigger on REV
NFI - NovaStar Financial Inc. - This isn't for me. Sub prime's no good at this point in the cycle.
TMA - Thornburg Mortgage, Inc. - Don't blame you for owning it but I'd swap into NLY
NLY - Annaly Mortgage Management - Swap into this mortgage co
GERN - Geron Corporation - Ring the register - think you take the gain there. I don't regard stem cell stocks as cheap.
HON - Honeywell International - Good things come to those who wait - BULL
TMS - Thomson (ADR) - If you like that you'd love Best Buy
BOOM - Dynamic Materials Corporation - Recommend selling it last week - take your profit
BBBY - Bed Bath & Beyond Inc. - BULL - like it, when the journal likes something I like we are probably late in the game
HANS - Hansen Natural Corp. - What a winner, every since Herb Greenberg came on the show its been straight up. I still want to ring the register.

GOOG - Google Inc. - I'd be buying high multiple tech here
EBAY - eBay Inc. - I'd be buying high multiple tech here
BRCM - Broadcom Corporation - I'd be buying high multiple tech here
INTC - Intel Corporation - I'd be buying high multiple tech here
MRVL - Marvell Technology Group - I'd be buying high multiple tech here
TIBX - Tibco Software Inc. - I think bottomed today. This company down from 15 all the way to 6 and I like it here, if you pay 7 I disavow any knowledge of the trade!
IP - International Paper Company - That I'd pick up right now
CDX - Catellus Development Corp (REIT) - That stock is for me, I'd take advantage of that and start buying it now
BA - Boeing Company, The - BULL - It's gone through 2 CEO's has NO credibility when it comes to military work in terms of PR but when the cycle is good you've got to own Boeing and they cycle is great now. Boeing is midway through the move, these are multiple year moves, I don't care that they don't have anyone at the CEO level who is more than temporary. Boeing stock should be bought on any dip because all the stories don't amount to more than a hill of beans
UNH - UnitedHealth Group Inc. - 16 times earnings with a great buyback and balance sheet. You've got to own the stock. BULL
WY - Weyerhaeuser Company - I think you should buy it
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