Jim Cramer came on CNBC’s MAD MONEY with a call that many will agree with and many will be upset about because he has been positive on the mobile internet sector. Cramer said Apple Inc. (NASDAQ: AAPL) is the only smartphone stock you should have in your portfolio. He went on further and said it is time to unload Palm Inc. (NASDAQ: PALM), though he had been positive on the stock before.
He is throwing Palm off the cart despite his high hopes for the mobile web. Cramer noted that the stock has run way too much and it is truly a one-hit wonder with its Palm Pre. To add more insult to the obvious, Cramer noted that he keeps reading about high returns possibly as high as 40% along with heavy complaints on software issues.
As far as prices of the stocks, Cramer said he hopes Apple pulls back tomorrow against Microsoft and Amazon weakness because he thinks you can buy it on pullbacks. On that, he believes it is heading to $200.00. As far as the price of Palm’s stock, he noted that it should have never gone down to $1.00 and change, but he argues it should not be up this high either.
After the rest, it doesn’t really matter. We have had a hard time wondering how there has been no real pullback in Palm, and we’d attribute this strength only to the strong market. Shares closed down 1.5% at $14.16 today, and shares are down 3.5% at $13.66 after the Palm-diss’.
JON C. OGG
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