Cramer Calls On Oversold & Overlooked Tech Stocks (IBM, EMC, VMW, INTC, MSFT, HPQ, GLW, AAPL, RIMM, GOOG)

On tonight’s MAD MONEY on CNBC, Jim Cramer said that after IBM (NYSE: IBM) raised its numbers that was just the excuse to rally tech as it was and oversold.  he noted, "Nothing was really wrong with tech in the first place" and he noted that the good had been sold off with the bad. This week he is going to feature overlooked tech stocks that he still likes that have been hit too hard.

In honor of IBM, Cramer is going with the cheapest of the bunch based on its hidden assets.  His pick tonight is EMC Corp. (NYSE: EMC) for several reasons, and we threw in a few things of our own here: 

• This is the one he said he got the most questions about this weekend at a book signing.
• We noted recently what Whitney Tilson called "The EMC Stub" when you could buy the stock for under $5.00
• Cramer said he is a long-term and long-time bull on it.  If you watch Cramer, he’s been puzzled on this one many times.
• He likes that EMC has the same sort of international clients that IBM has.
• The new product line announcement today is integration of solid-state flash that uses less energy and has faster performance than traditional flash, and it is a sooner rather than later add to its business.
• The absurdly low valuation on VMware (NYSE: VMW) is currently worth $26 Billion and it can start selling this later.  After lock-up shares come out it may start to move.  Cramer compared this one to the Cypress Semiconductor (NYSE: CY) spin-off of SunPower (NASDAQ: SPWR).
• The market value is currently under $5.00 if you back out the VMware value now, hence THE EMC STUB.

His conclusion is that the first tech comeback play for the week is EMC. 

Cramer is going to be featuring overlooked and/or oversold tech stocks each night this week.  If you want to see some of his potential other picks for Tuesday through Friday, here were other lead-in comments he was making on tech stock activity immediately before going positive on EMC tonight:

• He said we already have Corning (NYSE: GLW) that gave guidance and he noted Hewlett-Packard (NYSE: HPQ) said last week it was in good shape.
• He likes Intel (NASDAQ:INTC) down here after the sell-off and expects an upside from Microsoft (NASDAQ:MSFT) with earnings. 
• Cramer noted that Research-in-Motion (RIMM) is down too much as one of his Horsemen of Tech.
• He still likes Apple (NASDAQ:AAPL) ahead of Macworld, and this was one of his top picks before.
• He said he has never backed away from Google (NASDAQ:GOOG) as a great stock and still says it is going to $750 per share as one of the Horsemen of Tech.

Here is the full feature with many backgrounder items that shows the pertinent 2007 calls that he is still active in for the start of 2008.  This is an extensive list and will give you a great summary of his ongoing calls.

Jon C. Ogg
January 14, 2008