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Cramer: Circle back to this stock

(Click for video linked to a searchable transcript of this Mad Money segment)

Jim Cramer thinks it's time to make a list of stocks you want to circle back to, after the dust has settled and momentum stocks start to stabilize.

And one of the stocks Cramer thinks belongs on your radar is Concur Technologies.

"It's one of the world's largest pure play software as a service vendors," Cramer explained. "It provides businesses with cost-saving corporate travel and expense management software. It has a $12 billion total addressable market and its revenues are growing like a weed."

Over the long-term, Cramer thinks Concur will be among those standing triumphant, even as others are sacrificed on the stock market battlefield.

But, not yet; the momentum ambush isn't over.

Frender | E+ | Getty Images

"I've said it before, and I will keep saying it until the cows come home: this market is showing no mercy for momentem stocks, especially the cloud-based software as a service plays," Cramer said.

And although Concur reported a solid quarter, Cramer says, in this environment, it won't be enough to prevent further weakness.

"Cloud based stocks have simply fallen out of favor," Cramer said.

"You have to understand, this momentum sell-off is not about the companies themselves, it's about a group of stocks that got ahead of themselves and have gone from being loved by the market to being hated."

And it's entirely possible Concur will remain way ahead of itself, for a while. "Even after these declines, Concur is still trading at 79 times next year's earnings estimates."

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Therefore Cramer thinks this is the kind of stock that belongs on your radar, but not yet in your portfolio.

"Some of the cloud stocks will be worth circling back to. I think Concur could be ultimately be one of them, but we aren't there yet."


Call Cramer: 1-800-743-CNBC

Questions for Cramer? madmoney@cnbc.com

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