On tonight’s MAD MONEY on CNBC, Jim Cramer did come out with an oversold pick with value in the technology sector, although he’s still talking about protecting capital and being defensive for capital preservation.
- Riverbed Technology, Inc. (NASDAQ: RVBD) is one he now likes and he’s been on it before. It has a wide area network optimization product to allow corporate networks run better and save money. In October it was crushed when it had an in-line quarter. He thinks it has washed itself out and is discounting the worst on an oversold basis. The estimates are so low that he thinks the company can beat earnings. He thinks it is undervalued based on its coming growth versus its multiple with a new product. Its market is still performing well despite a slowing economy. He does say it can still go down. He noted a "down $3, up $10 or $15" scenario that he seems more than comfortable with.
Cramer said this is a vicious overreaction to the downside on Intel. Last night on MAD MONEY Cramer also came out and said he was evaluating EMC as his oversold and overlooked tech pick. He also said he was bullish on Intel and other key tech stocks after their sell-offs and we gave hat full list of names he gave in tech-land to make previews for the other tech stocks he would make predictions in this week. Here is a consolidated list of his 2007 calls that are still pertinent to his strategies in 2008.
RVBD shares fell some 8% today to $21.16, and shares are down 0.7% in after-hours trading at $21.00. The 52-week trading band is (actually was) $21.63 to $52.81.
Jon C. Ogg
January 15, 2008
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